Our attempt at being MF!!

Tilly_MFW_in_6_YRS

Hi CathT, on the home front, I believe it is better these days not to put home improvements on the mortgage. However, is it the home you intend to stay in for years, whilst the kids grow up? If it is and if your LTV is in a good place, then it may be worth considering getting the work done and enjoying the space.

It's a tricky one - your approach to financials is great so whichever decision you make will be well considered.

Best wishes Tilly x

CathT

Thanks for your input. The proposed works really could make this our forever home. It is difficult as I really want to OP and also am keen to save for the extension.

I certainly can't save this money in the short term but can definitely do a few things to help!

• We have two 8% regular savers accounts so I am going to see if we have enough to pay in the maximum each month.
• Still continue to OP £100-150 a month as reducing mortgage will help us negotiate better deals at renewal and keep more money in our pockets! Also, I am addicted to it! :rotfl:
• Spend less and think twice before making a purchase.
• Be realistic and not get disheartened!

Always feels good to have a plan doesn't it!

greent

We put the majority of out loft conversion onto the mortgage (as a separate sub acct) (cost £35k, added £30K to mtge) 3.5 years ago and have just paid it off. It was a much lower rate than we'd have had if we taken out a loan so made sense. Mind you, our LTV even when we took it out was <40%, I think, so we were considered a fair risk on that basis. Personally, I probably would still put major works like loft conversions or extensions on the mortgage - but not things new windows (our neighbours used to out their cars on the mortgage!!) - but I would take into account cuurent and proposed LTV and any expected increase in value

CathT

greent wrote: »

We put the majority of out loft conversion onto the mortgage (as a separate sub acct) (cost £35k, added £30K to mtge) 3.5 years ago and have just paid it off. It was a much lower rate than we'd have had if we taken out a loan so made sense. Mind you, our LTV even when we took it out was <40%, I think, so we were considered a fair risk on that basis. Personally, I probably would still put major works like loft conversions or extensions on the mortgage - but not things new windows (our neighbours used to out their cars on the mortgage!!) - but I would take into account cuurent and proposed LTV and any expected increase in value

I think when repaid in a short period like you did there isn't that much interest to pay anyway is there so it's feasable.

Sold a couple of baby items but also bought him clothes (second hand) so this was pretty much money neutral. I can sell on the clothes though when he is done! Should also have someone collecting some clothes later so that money will go into savings!

Am really tired today after working 43.5 hours in 4 days so am going to take advantage of baby napping and catch up on diaries on here with a coffee.

CathT

I have increased the SO for both of our savings account. Max is 300 a month but I've increased them both from £50 to £200 a month for now. Target is to have £5000 in savings by end of this financial year which will give us home improvement options. I think if we could see a realistic time frame for having the work done I would feel better.

We tried moving the bedrooms around etc recently but neither of the children's new beds will fit in the box room! One is a little tykes character bed and the other is a cabin bed (that is how small the room is!!!) :eek:

newgirly

Hi cath, its so hard to decide what to do for the best with the improvements isn't it. We were also thinking about a loft room and knocking through for a kitchen diner a while ago.

In the end we bought some new worktops and a sink etc. to tart up what we have, whether it ever gets done is another matter.:o

With your box room could you pinch a bit of the bedroom the other side, thats what we did with dd's bedroom as we could'nt fit a bed in when we moved in, took 2x builders 2 days to put up a stud wall and plaster it. Its still a tiny room but she is happy in there (at 15 she spends most of her time in there!) I try to re-decorate often and make sure it is as well organised as possible.

CathT

newgirly wrote: »

With your box room could you pinch a bit of the bedroom the other side, thats what we did with dd's bedroom as we could'nt fit a bed in when we moved in, took 2x builders 2 days to put up a stud wall and plaster it. Its still a tiny room but she is happy in there (at 15 she spends most of her time in there!) I try to re-decorate often and make sure it is as well organised as possible.

I have considered that but we have a huge window in our room and bringing the wall forward would overlap the window. I think others on the estate have pulled the wall forward over the stairs if that makes sense? That sounds like a lot of work for the space that provides though.

It is hard to know what to, so much so I ended up on rightmove!!!! :rotfl:

CathT

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CathT

I am alone in my house!!! DD is in school and DS is in nursery as I am off this week and he still has to fulfill his sessions!

I have popped to the supermarket, hung the washing out (blue skies here despite the forecast), had cake and coffee and done a few jobs!!

To do list:

• [STRIKE]book blood donation session for DH[/STRIKE]
• [STRIKE]Contact union about subscriptions whilst on mat leave[/STRIKE]
• Do banking
• Arrange home insurance renewal
• Check meter readings gone through (think my phone lacked internet signal when I did it)
• Prepare tonight's dinner
• Put washing away
• Clean bathrooms

Considering there are no children here I have no excuses not to do everything on my list!!

Mortgage_Reduction_Novice

CathT wrote: »

Considering there are no children here I have no excuses not to do everything on my list!!

But sometimes it's just nice to enjoy the peace!