MFW Diary.....before moving in!!!

misscousinitt

Just popped in to say hi and good luck with your journey - its really addictive once you get started.

MCI

LauraWxx

thank you for all your well wishes!!
I can already feel it getting addictive...i keep going through my projected monthly bills etc thinking ohh i could shave a bit of here and a bit off there!!!

Well over the weekend..in addition to the lie in i did do some more research regarding the flat long term.

I looked at my mortgage companies consent to let policies and that looks ok, as does the rent that similar properties in the area are fetching.

With regards to the interest, it will be 1.25% to start with (had the papers through from the solicitor yesterday) but need to go these with a fine tooth comb the next few days to make sure I understand them entirely.

Provisional date appointment booked with solicitors to exchange contracts on Friday but I am trying to not pin all my hopes on this.

The searches are apparently not back yet and the written mortgage offer is expected any day.....actually that has reminded me...i will go and chase up the FA!!

Continuing to watch my pennies and make cut back where I can...all in preparation....I really cannot wait!!!!!!x

Beckyy

Good luck on your new journey, and I hope you have a nice smooth move

I'm not very familiar with the schemes, but could there be a problem letting out when part of your hosue is owned by the first buyers scheme? Just wondering if they attach any stipulations to it.


ETA: Also, have you checked if there are any rules regarding overpayments from your mortgage company? Whether you can, if there's a minimum/maximum amount etc.

Best of luck and keep us posted

LauraWxx

Hiya becky, yep in order to let out the first buy part would have to be cleared, i am due to come into some money within the next few years, part of which which would put aside for that....however should anything change with that situation then I would need to sell the flat or raise the finance to clear that part of the loan in order to rent.

keep toying with the idea of not op'ing but saving to clear this first buy part, but it is almost definite that this money is coming to me and I kinda think i wouldnt get the same sense of satisfaction by saving as i would overpaying the mortgage but it is something to give serious thought to, i dont want to move in and not know what my plan is!!

£500 op's are the monthly limit which will not pose a problem to me....wish it did!!!



Been to solicitors to this afternoon and signed all the paperwork, got to send the deposit over when i get home and on to online banking and then we should exchange next week!!

soooo excited!! 7 weeks ish to moving in!!!

LauraWxx

just thought i would post here...although i no there is prob a correct board for it!
but I have a £10 off and free delivery code for Argos for orders over £100. If anyone is planning on ordering anything from Argos, please pm me and when I am home tonight i will pm you back the code!! First pm gets the code!!

Probi

Hey,

Just thought I would post as you are in exactly the same position as me!

Same scheme on new build etc although I'm not moving in quite as soon as you, but would love to overpay as much as possible.

I have the same decision to make regarding overpaying vs saving to pay back the 20% loan.

I'll subscribe and keep an eye on how your getting on.

LauraWxx

Good luck to you then aswell Probi!!!
When do you move in?
I am on the countdown now to moving in....4 weeks and 6 days!!

I have been giving the OP v Saving to clear the first buy loan some serious thought...thank you Becky for making me think a little more in depth about this.

Basically the decision I have come to is....drumrolll please!!......SAVING to clear the First Buy scheme 20% loan.

The plan is to be gifted some money within the next few years which would more than clear this loan and provide a hefty deposit for a family and long term home (whilst keeping and renting the flat out). However this money will be coming as the result of a family members house selling and whilst it is on the market and there is a certain amount of commitment to getting it sold, it is nearing the half million pound price mark and not much in that region seems to be shifting round my way.

So my plan is to save save save and save some more. Then should the house not sell for whatever reason, I will hopefully be in a position that i can make a serious dent in the first buy loan when the time comes that i want to move on. From my workings I could save in the region of £10-£15k in the next 2-3 years (depending on boyfriend moving in and splitting bills, bonuses, expected pay rises etc) so could well be less than that. This would mean then if the house hasn't sold, when we outgrow the flat (expect around 2-3 years) and want to rent it out, i will be able to clear most of the first buy 20% and have paid off a bit (although i no not a lot) of the mortgage. I would then have to juggle the figures a bit because i cant rent it out whist any first buy outstanding.

If the house does sell then great and I can start drip feeding the savings into over paying the mortgage.

So yep, that is my plan!!!

I would like to continue this diary, and I hope no one minds me doing it on the MFW boards, even though technically i am no Op'ing....but in a roundabout way i sort of am!!!


So now the countdown is on to get in there!!
I have been doing lots of reviewing and planning of how i want my bank accounts and savings accounts to work...what i want where, what to come and go in which acc's etc etc, but can not open any accounts until i have completed as I believe the mortgage company can look at this unfavourably. So am on the waiting game....exciting though...cannot wait!!!

LauraWxx

and now I think (Fingers crossed) i should of added signature to show progress!!...

LauraWxx

So solicitors have just rang me and we have 'exchanged'!

Was meant to happen the week after signing everything but there has been numerous delays and backlog with getting the authority to proceed from first buy and nationwide...but now its all in and legally now its happening!! :eek::eek::eek:

The completion date is 4 weeks today and moving in 4 weeks on Saturday. I am very impatient so hopefully the time will fly by!!!

Now i have the task of trying to sort out all my utilities etc...need to go down to the site at the weekend to find out from the sales advisors how i go about setting all this up etc and also getting the date for my new home demonstration.

MFW ways have been increasing the last few weeks. The quidco app is successfully installed on my phone and having been for a walk around the local shopping centre managed to make the total up to £3.10....a few of them may be have done from the car park but...shhhh!!!!:rotfl:

A few things on ebay but i tend to have surges of ebay energy and then loose all momentum! I do really need to have another good crack at it as I dont want to move the stuff with me and feel a bit bad leaving loads of old clothes etc at my moms house....plus the cash will do my savings account the world of good....especially considering the battering it took at Ikea at the weekend :eek:!!

hope all are well xx

LauraWxx

also....keep looking at the signature thing i have set up and cant wait to update it!!
Once moved and paid final bits and pieces to solicitors i will...should have about £1k left over....looking forward to working out the exact figure and putting it up!!!
:beer: