30 years! :-S

Chesty_LaRue

Hello, I'm not new to the site, but I have a new name as my old name no longer applies.

I've just completed, :j received my keys today :j:j and started my 30 year rent agreement.

The good news is that at the end of the 30 years I no longer pay rent until I die. The even better news is that I'm now going to start the process of reducing that 30 years down as much as possible. :j


First things first though, I have to move in and try to furnish the place (using second hand shops and charity shops of course, along with the odd trip to wilkinson and b&m). It's going to be a very hectic weekend and coming months.

Luckily my house doesn't need any major work doing to it. Although it was a reposession so who knows what i"ll find in the cold light of tomorrow when the boiler, water, gas and electric are turned on.

I have already worked out that I need to overpay my mortgage by just under £150 pcm to get my LTV down to 85% in time for my renewal.

So once I'm moved and have been there a few weeks I'll be able to calculate my bills etc correctly and start my overpaying fund. I have over budgeted a little for all of the bills I can think of but I'm sure things will change when reality starts to take over.

I am so relieved the stress of buying is now over, that I wasn't gazumped, and the estate agent didn't try anything on, they just let the sale float through. And now I can get on with living my life away from my parents house.

Well this night is over now, I have a very long day tomorrow and unfortunately a lot of shopping to do. I will subscribe to a few diaries in the coming weeks to keep me motivated.

Chesty.

YoungBusinessman

I will follow on, i am looking to get on the ladder as soon as i possibly can.

coldcazzie

Congratulations on your completion and welcome to the mfw board

Don't underestimate how many things you will end up doing to the house Even a "it needs nothing doing to it" house will spit out surprises as you say, and there's usually decorating costs etc as well. We said we wouldn't do anything... turns out there isn't a single room that we aren't messing with somehow. :rotfl:

Check out your local Freegle group, gumtree (be careful for scam artists), and ask around friends for things you might need - curtains, fire surrounds, units etc - sometimes people are redecorating or have stuff just sat around that they will donate to your good cause.

Good luck!

DawnW

Have a look at local auctions too - often great quality stuff for less than Ikea prices (often MUCH less).

Don't forget to read your paperwork carefully to check if there are any penalties involved if you overpay during a specified period, or if there are any limits.

Congratulations and good luck!

gallygirl

Congratulations from me too, what an exciting time for you :j. I look forward to following your progress

newgirly

Hi , love the user name by the way! Just thought i would mention the oldstyle boards incase you have not been on them before. Lots of super frugal tips to make savings and a "shabby chic" thread for ideas on renovating old furniture, best of luck.

Chesty_LaRue

Wow, its been a long time since I logged on here.

Thanks for all of the support guys.

My first month so far hasn't been as bad as I thought it would be financially. Thanks to friends donating and selling furniture and going to the cheap shops and the generosity of my family I have the place really comfortable and nice now. I haven't done any painting or decorating as of yet, but I'm still just settling in and deciding on colours.

I haven't managed an OP yet as I've decided to build up my saving pot first, so as soon as I got paid I put £200 straight into my savings for this month and sorted out my budget spreadsheet. I hope that on next payday I can put another £100 in there, but as I'm not entirely sure what my bills will be and what I'll need to spend on food and petrol etc I am not holding out too much hope.

I think I'll max out this years Isa and then start to OP, then I'll have some savings for a rainy day fund.

The house is lovely and touch wood it hasn't thrown up any nasty surprises as of yet. It is one of those extremely rare repossessions that wasn't ripped to shreds when the previous owners departed. No one played silly games with me when buying. I put my offers in, the third was accepted and then it was just a case of filling out forms and waiting. It's decorated to quite a nice standard and I haven't had too many letters for the previous owners and "tough wood" again, no bailiffs coming around. I feel really lucky and hope that this continues.

I still need to do a full SOA to try and budget properly. I think I'll tackle that one after this weekend.

Hope everyone else is having a great start to the summer too.

Chesty.

Chesty_LaRue

oh my first mortgage payment was a part payment of around 1/4 of what a normal month will be, plus my normal month payment around a week later, so I think thats why things have seemed to go easier too.

I still have the other 3/4 of what I expected to pay in a side account for if things get a bit tighter later on. If it is still there in a few months after building up some savings then I'll put it into OPing.

Theatregal83

Im hoping one say to join this board (next decade I hope) so i'm going to follow with interest!