A stay at home mummy who wants to be a mfw - Yes I can and Yes I will!

Mortgagefreeby50

Congratulations! I love your diary! I really like the fact that you save the remainder of anything left over from your individual budgets, I am going to steal that idea!
I am shortly to become a SAHM for a year at least, and have devised a detailed budget. I'm not sure of some of the amounts as we have never had to cut back before and I know our fuel bill will be a lot less as I won't be driving to work. I'm looking forward to seeing how low can we go!

Beckyy

Congratulations! Keep us posted on the move x

TwinnyD

Congratulations :T Great that it's been done up and you can move in and enjoy

QB_Wolf

Congratulations, great news for you. Looking forwards to seeing your OP plans.:)

I_want_a_baby

Thanks everyone!!

Just hoping everything goes through ok.

At the moment the 75% LTV mortgage is coming out at around £510pm and as our current rent is £600pm we will be OPing £90pm from the start. We wanted lower payments to protect us against interest rates rising (despite taking out a fixed repayment product).

I will provide accurate figures once it is all in place.

So exciting - literally years of saving for a deposit and now it is finally happening. Despite choosing a house that we *could* stay in forever we are hoping to use this as a tool to get as much equity built up and then look to move before the kids start secondary school. So overpayments will be at the forefront of our minds!

We will keep you all updated.

At the moment the 'little' things I am doing are:

• Maintaining a house purchase budget to make sure all fees are accounted for and we don't overspend.
• Compiled a meal plan for the week - we have so much in the food stores so need to start eating it all up as a) there wont be space to store at the new house and b) I want to avoid moving it all.
• Scaled back some of my weekly exercise commitments to save money whilst the purchase goes through - I will reassess once we are in the new place.
• Checked the council tax band - a saving of £18pm in the new house....extra overpayment??
• Got quotes from local solicitors - luckily the recommended one is also the cheapest!
• Decided not to 'stress' about the fact that our car has broken and is undriveable - it is going to cost alot but I cant change that so I have just accepted it!
• Been decluttering cupboard by cupboard to avoid moving things we don't need - house is alot smaller so trying to keep only needs & loves!

Think thats all for now, Going to save up all the clubcard vouchers, nectar points, boots points & pinecone luncheon vouchers to use the week we move to help reduce cash costs/give more spare cash for other things!

Stacey

savingmummy

wow congratulations!!!How exciting i am SOOOOOOOOO jealous


How much deposit had you managed to save?


I bet your over the moon and how generous of your in laws wow!

Beckyy

Just double check with your lender that you can overpay without any penalties and there's not a minimum overpayment or any other stipulation.

I'm excited for you

CathT

I_want_a_baby wrote: »

Think thats all for now, Going to save up all the clubcard vouchers, nectar points, boots points & pinecone luncheon vouchers to use the week we move to help reduce cash costs/give more spare cash for other things!

Stacey

This is SUPER organised - well done! Congratulations on buying your new home! :j

I_want_a_baby

Thanks all!

It states in the mortgage info that 'as a concession you can overpay up to 10% per year'.

We have been saving for a deposit since 2005 and had managed to save 20k which was very kindly matched. This gave us a 75% ltv deposit of 32.5k. The rest of it will go on fees and paying our first few mortgage payments (as we have a 3 month notice to give on our rented house).

Very glad I started my diary when I did and saved every penny as the quote to fix our car range from £800 - £1100!

Hoping after paying the car bill we will still be able to up our emergency account from £700 to £1k which will make us feel a little more secure.

Very emotional day today. London & Country mortgage brokers phoned to say they wouldn't submit our mortgage application as my husband had a previous IVA on his record (satisfied in 2008, 6 years since it was taken out was May 2011) and that subsequently Halifax wouldn't lend and he didn't think ANY other company would lend unless we could get into the 65% ltv bracket. I was devastated! My husband however phoned Halifax direct and they said it should be fine, we completed the application over the phone and all had apparently gone through fine with letter of intent being sent. Interest rates barely changed (only a £3pm increase from previous quote). So thankfully ended on a happy note but still so worrying!

*** Keeping all fingers & toes crossed that everything else is going to go without a hitch ***

Stacey

P.s also managed to speak to someone who lives on the same street and they have said it is a lovely place to live so really hope it all works out x

Beckyy

The mortgage companies can be such a worry when things 'go wrong'. Our mortgage was turned down because I hadn't been in my current job position for 12 months when we took it out, I was quite annoyed at the broker for not checking it out.

One more thing to think about is life insurance or loss of earning insurance, or something similar, if you haven't already. Although it's never a nice thing to think about, if something were to happen to your OH it could be a godsend.