Lulabelle's MFW Diary

lulabelle1

We've had a small breakthrough.... DH managed to spend less than £90 on this weeks shop, whoop whoop!!

Tilly_MFW_in_6_YRS

Woo hoo - that's great and he must feel pleased by that also. X

Tilly_MFW_in_6_YRS

Don't forget to chuck the £30 in the OP bucket x

lulabelle1

I've found a property for the B2L adventure but it's a repo. I've been doing some research and it seems to be a little bit of a minefield, so I'm going to do a little bit of homework now to see if I can make sense of it all.....

sweetdaisy

lulabelle1 wrote: »

Oh, and I've decided to set myself a MF date, it will be 31 December 2018 - 7 years time. Bearing in mind that when we took this mortgage 5 years ago, it was for 30 years, then if we can achieve this, I will be over the moon. Hopefully this target will allow us to have lots of fun along the way too.......
I shall add to my signature

Wow! I would love to set myself a MFW date. I'll have to get my thinking hat on and do some sums :think:.

lulabelle1

sweetdaisy wrote: »

Wow! I would love to set myself a MFW date. I'll have to get my thinking hat on and do some sums :think:.

Let me know if you need any help...... xx:)

lulabelle1

Have been to see the estate agent and mortgage advisor this morning, such a helpful lady.... Getting the AIP done as we speak and then I will hopefully be in a position to make an offer on the property.

A little bit sceptical since it is a repo. Basically, someone can come along and make a better offer any time up until I have exchanged contracts. Danger with this is that I will have to fork out certain expenses up front and could stand to lose them if I am gazzumped!

So, looking at a mortgage that pays for the survey fees and has a low booking fee. Will add the arrangement fee to the mortgage, this way if it all falls through and the mortgage doesn't complete I don't lose the arrangement fee. So the upfront forking out will be:
Advice Fee - 250, I know some mortgage advisors don't make this charge (or at least they say they don't) but its often hidden or disclosed later in the deal. Also, she's brilliant and is already helping me so much. I saw another advisor and he was useless compared to her, so fairly happy to pay this fee.
Booking Fee - 150
Survey Fee - going to get a deal where there is no cost
Solicitors - 850-1100 - some mortgages include legals but since I'm hopping to get a repo and its leasehold she is advising that I get my owen solicitors as not only will they look after my interests more, they will also move quickly if and when my offer is accepted

All a bit scary, hoping to know a bit more this afternoon in regards to the AIP and also whether the lender is going to take an offer yet. They only made it available to market yesterday so they may wait a week before they will look at offers.

Wish me luck!! Very scary but also exciting!

lulabelle1

Tilly_MFW_in_6_YRS wrote: »

Don't forget to chuck the £30 in the OP bucket x

Hmmm, maybe I need to get an overpayment bucket first, lol!

I'd just been making the max o/p of £500 per month on the 1st of each month up until now so never needed a "bucket"....

Maybe it would be a good idea to open another savings account where I can transfer all of my saved bits and pieces throughout the month and then chuck that in as an o/p too. I can do this as of Dec 1st as one of my fixed's will be finished and so I can throw a bit more at it. Assuming I can find some to throw of course...

lulabelle1

Well, i now have my AIP sorted, so thats one thing to cross off the list.
And, I've just made a formal offer on the property, unlikely to hear anything back until tomorrow morning.
No idea whether it will be accepted and even if it is, no idea whether I will end up getting the property as it may attract other buyers.....
So, just need to wait and see and in the meantime sort out my spreadsheets to that I can work everything out.....

wynnvegas

Hi Lulabelle,

Outstanding. Fingers crossed for you. I'm waiting on my first three options coming through tonight. Happy landlordying...

Cheers,

Billy