VickyA's MFW diary

VickyA_2

Hi everyone :hello:

I've just signed up to the MFIT-T2 challenge and 2010 MFW challenge, so thought I'd better get one of these diary malarkies. 00:D

As you can see, I've been a member of this site for far too long, mainly living over on the Old Style board. However, the day has arrived and Mr VickyA and I are - finally - buying a house. We should complete on 4th December. DH is 34 and I am 30 and we have no children. We're buying a 3-bed house which will need some TLC, but more importantly we're borrowing £136,800. :eek:

So, the figures:

Mortgage: £136,800
Rate: fixed for 5 years at 5.99% (Natwest)
Overpayments allowed per year (without penalty): 10% of outstanding balance.

Over the first 3 years, we're endeavouring to reduce the mortgage to £110k although more would be better. DH is fully on board with this, especially after we've used various mortgage calculators to work out what we'd save in interest.

Erm, can't think of anything else to say. Just can't wait to start overpaying :j :j .

weezl74

Well done Vicky! Hope it all goes well. I'll be interested in how you balance doing up a house with overpayments. It's thrown up a few dilemmas for us: To double glaze and lose big chunk of savings vs possibly higher heating costs with the single glazing left in...

I'll be interested to read your musings on such dilemmas

All the best

Weezl x

VickyA_2

weezl74 wrote: »

Well done Vicky! Hope it all goes well. I'll be interested in how you balance doing up a house with overpayments. It's thrown up a few dilemmas for us: To double glaze and lose big chunk of savings vs possibly higher heating costs with the single glazing left in...

I'll be interested to read your musings on such dilemmas

All the best

Weezl x

Thanks. We've got some savings, which were originally going to go on the deposit, to put in a new central heating system. We figure that when we sell it, that will be quite beneficial.... and the fact that the current heating is inadequate and is the original one from 30 years ago. My dad is going to be giving us the money for the loft insulation, so that's one expense gone.

It's the sofa and the curtains that will be slightly more difficult to get my head around. What I like and what we can afford are two completely different things.

PS Congratulations on your baby!

dimbo61

Check out if you can get a grant for the loft insulation and help with a new central heating system?
Good luck in the new home but build up some savings first 3/6 months of income just in case !

SmlSave

Hello & welcome to MFW Vicky! :T

It's the sofa and the curtains that will be slightly more difficult to get my head around. What I like and what we can afford are two completely different things.

I know what you mean :rolleyes: We spent almost double what we wanted on our sofa! Still searching for curtains that both me and DH agree on :rotfl:

Look forward to hearing about your MF journey

deefadog

For Sofa's our last 2 have been from DFS, not by choice, although we have loved them, but through the payment option and interest free, yes they are overpriced, even triple the discount half price super crazy saver special offers

But Finding 2k at once is hard, or loose interest on it, so £25 a month is easier to swallow.

VickyA_2

Thanks for all the tips and pointers so far.

We're moving out of our rented house in mid-December and moving in with the in-laws whilst we get the heating sorted etc. As we're able to get it done whilst we're NOT living there, we're going to make the most of it. Our first mortgage payment will go out in January, so the money that we don't pay out on mortgage or rent in December will go towards our savings for a little more of a cushion than we've already got. This will allow us to start in January with overpayments.

In fact, I've just set up a spreadsheet using the details that FinancialBliss suggested here. Although both DH and I are fully on board with the MFW, it's depressing to see how little of the actually money borrowed is getting paid back each month. However, at least we've seen the light now and we're going to attempt to tackle it head on from day one!

setmefree2

and

VickyA_2

Well an update as it's 4th December and DH and I are now officially (with a little help from the Natwest) home owners. How scary! I was on tenterhooks all day, waiting for DH to phone me saying that I could pick up the keys... only problem was that I teach. The deputy head was fully prepared for me to have 2 hrs out of school and [STRIKE]let my class run riot[/STRIKE] teach my class for this time. As it was, my class are still with us and I left after school finished to pick up the keys.

As the in-laws live round the corner from our new house, they came round for a nosey too. Father-in-law is so keen to get painting, putting curtain rails up etc etc. Given half a chance, I think he'd still be there now!

DH and I celebrated by having fish and chips for supper!

evab_2

Congratulations, enjoy your new home I hope you'll be very happy there!

cha97michelle

Glad to hear you are sorted. The day we moved was a Friday before a bank holiday and i took the day off work thinking we would be in about midday, and ended up not getting the keys till after 5, and then the elderly woman we bought it off was still hear at nearly 9pm. Kind of took the shine off it a bit for us.


I really hope you enjoyed your fish and chips and have lots of fun doing your new place up.

Michelle x