The Buffy buys a House diary.......

Buffythedebtslayer

Hello all,

I have been on the site since 2007 when I had my lightbulb moment and realised I was around 25 thousand pounds in debt. This was purely through waste uni debts and a low paid job which I stayed in for a year when really I should have looked for something better paid and not spent so heavily on the CC.

I got out of debt by staying at home, living fairly cheaply no holidays till this year, and working two jobs.

I also got into the habit of bulk buying and shopping on line to stop impluse buys, I had a lot of baskets that never got to checkout! No one in real life knew about my debts, I occasionally alluded to a CC bill but not the 20,000 loan! This meant I could not always be as MSE as I wished and it took longer to pay off the debts but it was the way I decided to do it. I am very stubborn

I made many friends here some of whom have crossed over into real life and without their support I would never have got here, I don't think even now they realise how much they have changed my life. Without them I would still be in debt, more debt and my future would be very different. This place is honestly amazing. Stay here, get debt free and stay some more!

I became debt free in June 2011 and have enjoyed about 4 months of not paying the E*G loan or any CCs. The relief was amazing, it is a very liberating feeling to not owe anyone any money. It was weird as well since the constant worry had gone and I was a bit lost. For the first time in over a decade I didn't have debts to worry about.

My life has changed in many ways over the last two years in particular, I have been on holiday! learnt to drive and go out far more then I used to a few years ago. The being debt free or nearly debt free has made life much better!

However the one problem I do have is that I STILL live with my Mum. I love her very much and we generally have a good relationship but as time goes on I realise how hard it is to live half a life, I am not really free to make decisions about what I eat or wear(depends on washing!!) and everything has to be planned, I rarely do things on a whim! I suppose it like living with anyone, it is a negiotation.....a compromise.

There were family reasons for me living at home at first but the serious need for this has passed and I now need my own place. Mum has been away visiting my sister and I have had such a relaxing time here by myself. it has been lovely. I also have a fairly difficult and frustrating relationship with my sister which is getting me down even more recently so that has been a factor in my recent decision.

I know some people have been bugging me for ages to move out, until very recently it just hasn't felt like the right thing to do to Mum. It doesn't feel massively great now but I made an effort to do as I pleased for the last six weeks and I don't want to give that up for another year. Living my life for six weeks is really not enough.

So what are my options?

1. move out and rent, not keen since I can't take my pets with me - I have investigated the local area and most places aren't pet friendly. And it seems very expensive. I like the lack of responsibilty in terms of repairs but having managed this house for a while now I do know I can look after a house.

2. Move a fair way out - which is fine now I can drive and get a mortgage,

various options......
2a - save for a deposit - long haul
2b go for a 100% mortgage - possibly expensive. will have to investigate
2c- get a loan to cover the deposit - really don't want to do this. it just seems wrong after working so hard to pay of my debts. I guess it is a method if I get desperate!

I am fairly sure that I am going for the deposit saving method, I will of course investigate 100% mortgages, just not hugely keen......

One of my very good friends said I should think about the deposit as another debt, which it is in a way, I need at least 20,000 which had I not been in debt I may have mananged to save (although without the debt experience I can't believe I would ever be a natural saver!) so I am looking at the deposit as a debt to be paid to me for my life for my future.

I am not keen on staying in my current job either but do feel with the economy and with my house buying plans I would be an idiot to quit such a well paid job(so tempting) but I shall keep looking for another job but make it work as well as I can.

The plan at the moment is to go to the high street banks and see what they say, investigate 100% mortgage- I literally know nothing about them. I also want to look at houses round here and a bit further out to get an idea of prices. I did go to the Halif*x and they said I needed 20,000 and promptly offered me a loan! er no thanks! been there done that!

Whilst I am researching I am going to aim to save money for a deposit. I have some big car bills and dentist bills coming up but after Christmas I should be able to save 1000 pounds a month.

The rest of this year will be about e baying (oh how I loathe it) and decluttering to give me more room here (I have been doing a fair bit and it is making a difference) and working out a budget for each month to see if the 1000 is realistic. I will also save money too but need to work out a target for that as both the car and dentists bills are currently unknown.......so easy to slip back to my old friend the Credit card!

There are also things here that need doing before I move out to make sure Mum is ok with no big expenses coming up.

anyhow, I haven't been gone long! obviously couldn't keep away!

Love Buffy


For any newbies reading if you want to read some really inspiring diaries that always make me think, take a look at these

https://forums.moneysavingexpert.com/discussion/3060964

https://forums.moneysavingexpert.com/discussion/3551807

https://forums.moneysavingexpert.com/discussion/3362586

https://forums.moneysavingexpert.com/discussion/3538645

https://forums.moneysavingexpert.com/discussion/3134300


there are LOADS more but they should get you started!

Emzilla

Hey Buffy - glad to see you back .

Emz xx

Buffythedebtslayer

*waves to Emz*

Crikey I can't half talk, I didn't realise I had gone on quite so much in my first post!

Tasks for tonight

look up my survey log ins and check cash back. also check the bank account situation

xxx

Chocforever

Buffy

Long time lurker popping out to say hello and good luck with the moving out plans.

I am (hopefully) selling my flat and going to buy a house and possibly renting in between. I was really surprised when I saw how expensive it was to rent at the moment. I suppose there just isn't the supply of properties on the market. I can understand why you think that it would be difficult to rent and save any money simultaneously.

I have also started to look into mortgages and went to see the W00lwich last week. Looking down their product list, it looks like the minimum deposit would be 15% of the property's value. Thought it might save you another tedious conversation with a bank/building society!

Best wishes

Northern_Lassy

:wave:Hello Buffy

I am in a similar situation in some ways. We are in rented at the moment (we do have some money for a deposit) but just can't decide whether to take the plunge and buy somewhere. Prices seem to still be falling round here but with everyone so nervous about job security and negative equity, people are still not buying. Can you still get 100% mortgages?? Ooh it's all complicated and makes my little head hurt:(

Well done on your achievements so far, the most impressive to me is the driving...took me years to get my license and I am still carp at parking!

Anyhow, I will be sneaking in and out to see how you are getting on...am sure you will be able to get a fab little Buffy pad in no time!
:dance:

hypno06

Hey there buffy

When I bought my last house (not the one I live in now, but the one before), we had to borrow the money for the deposit as a separate loan, given that due to the debt we had, we obviously had no savings.

For me, I always saw that loan as an extension of the mortgage - so not "bad" debt, although I fully accept it was not an ideal scenario.

I also made it my focus to clear off as quickly as possible - so that I had some "equity" in my house.

Borrowing is not a bad thing - as long as it is done in a sensible way. I would prefer to borrow a deposit via a loan, and have a, say, 85% mortgage, than have a 100% mortgage, personally.

Good luck - exciting times ahead xxxx

chevalier

Hi Buffy
Welcome back.

I am glad you have had a think about what you want to do next with regards money. I agree you needed that. If nothing else the 6 weeks on your own seem to have affirmed your need to move out. Have you looked on the mortgages tab at the top of the main site? It may help you work out what questions you need to ask the banks.

Also found this
http://www.moneysupermarket.com/mortgages/

This is the fixed mortgage page but I am sure there are others.

Good luck with your savings
chev

Buffythedebtslayer

ooo it is nice to be back in diary land, with an aim and a focus.

I have been reading about mortgages (thanks for the links), my brain also hurts. Essentially I need money what ever I do so it is back on the MSE wagon big style. Can't believe I just used the phrase big style in my diary but hey ho.

plans for today

1. feel better. dentist is evil and my whole jaw hurts. painkillers to the rescue.
2. take rubbish to the tip. lots of rubbish.
3. pay tax on car 215 pounds (ouch) (car owning is expensive!!)
4. get petrol. (see above re expensive car owning)
5. move furniture around (hate doing that) to create a decent place to work any from the TV......
6. clean out various small furry creatures.

xxx

Buffythedebtslayer

Buffythedebtslayer wrote: »

plans for today

1. feel better. dentist is evil and my whole jaw hurts. painkillers to the rescue.
2. take rubbish to the tip. lots of rubbish.
3.[STRIKE] pay tax on car 215 pounds (ouch) (car owning is expensive!!) [/STRIKE]
4. get petrol. (see above re expensive car owning)
5. move furniture around (hate doing that) to create a decent place to work any from the TV......
6. clean out various small furry creatures.

xxx

Day not going well, I seem to be rather ill! either a reaction to the amount of painkillers or the anti b I am on from the dentist.

so list is on hold till tomorrow......

in other news where can i get tax advice on the forums? Self employed stuff?

lionheartedgirl

hi Buffy, welcome back exciting news about the house! glad you are feeling a bit more focussed, I really felt for you when you stopped your old diary as you seemed so fed up

sorry to hear you aren't feeling great - hope you perk up soon.

re the self-employment stuff - I'm not sure what sort of things you want to know, but there is lots of useful information on the HMRC or whatever it's called now (used to be Inland Revenue!) website.

If I am right in thinking you are a teacher, have you looked into house buying schemes for key workers? There were some things where you either shared some of the equity or got lower rates on loans for deposits or similar. Could be worth thinking about if you plan to stay in your job for a little while? Forgive me if I'm barking up completely the wrong tree though

Buffythedebtslayer

Hello Lionhearted girl, tis true I was miserable as sin not really knowing what to do. I am feeling better now - about life, just not great about being ill. bloody half term as well. Still it is my own fault I went to the dentist and I never manage that well, it is always seems to knock me for six.

I shall add the key workers thing to the list of researchness and things to think about. Meanwhile I have been doing some surveys and shopping on line rather than going out and doing the oo I'll just get that type real world shopping. I literally have no spare this month or the next, dentist and getting car fixed is costing LOTS. exact figures maybe given later. However to be perfectly frank I am not sure I needed the dental work. And the car. well even the mechanic said couldn't I live with the damage. It is a very silly thing to admit but I am attached to the car and even tho it is worthless to most people it certainly isn't to me.

any how moving on, there won't be any more money news till pay day and yet another trip to the dentist on Saturday. ugh. beginning to feel rough again. going to sit still somewhere. Am so bored of being in the house!!!