Pay ALL your debt off by Xmas 2014!

minicooper272

I met with a mortgage advisor today to see how much mortgage I'd be eligible for and how much deposit I'd need for that. They said that I would definitely be accepted for a mortgage (go me!) and that I should really target a 15% deposit if I can, though I think it would take me around 4-5 more years to get that kind of cash together...

amr547

minicooper272 wrote: »

I met with a mortgage advisor today to see how much mortgage I'd be eligible for and how much deposit I'd need for that. They said that I would definitely be accepted for a mortgage (go me!) and that I should really target a 15% deposit if I can, though I think it would take me around 4-5 more years to get that kind of cash together...

:j good news!

we are aiming for 15% too, but i don't know how likely it woudl be with OH's black marks... we are going to approach a broker which specialises in adverse credit histories a bit nearer the time. i have a clean record but don't have enough of a salary to take on a mortgage by myself - well, i do - but what kind of house can you buy for £80k :rotfl:

rubywhatashmoo

Our house was £63,950 last year

It's a 2/3 bed terrace in an OK area - nothing special but not dodgy or dangerous or anything - there's only me & OH and I needed to move closer to where I work so we bought it - the mortgage is only £375 a month so we're over paying by £175 a month - we want to sell it and move on in a couple of years and should be a nice little deposit for the next place by then :cool:

As long as it sells for what we paid for it I'll be happy - but we've put a new kitchen in and will be updating the peach bathroom next year so should hopefully get a few quid more!

It all depends what you want from your house - if you want to stay there forever then by all means save up a bigger deposit and find the place of your dreams - if you just want something for now so you're at least on the property ladder then you're surely better off getting out of renting ASAP and getting on your way! We want our next house to be our long term house (bedrooms for kids etc!) so any extra money we can get from this one is fab - if not at least we've saved a bomb on renting from someone else!! :rotfl:

rubywhatashmoo

Love checking the mortgage overpayments calculator

Years Without overpayment With overpayment
0..................57,555..................57,555
1..................55,826..................53,709
2..................54,010..................49,668
3..................52,101..................45,423

By the time we're looking to sell we should be about £7K ahead with the mortgage - without feeling like we've had to overpay as the monthly basic rate was so cheap! _party_

minicooper272

Karb wrote: »

It all depends what you want from your house - if you want to stay there forever then by all means save up a bigger deposit and find the place of your dreams - if you just want something for now so you're at least on the property ladder then you're surely better off getting out of renting ASAP and getting on your way! We want our next house to be our long term house (bedrooms for kids etc!) so any extra money we can get from this one is fab - if not at least we've saved a bomb on renting from someone else!! :rotfl:

This is what I was discussing yesterday. At the moment I am paying rent each month and trying to save money for a deposit. If I own somewhere, at the very least all of that money goes towards making sure I have a decent deposit for the dream house. I suppose the dream is that you can sell the first place for the purchase price and enough extra to cover the fees of selling it!

amr547

I hate movingand although you can buy a house on this street for under 80k I wouldn't want to buy here. Renting is ok but yeah terraces aren't my cup of tea. I want to move up near mum so looking at 120k ish for a 3 bed!

GunWharf

#174 Reporting for duty from the South Coast

£8774 / £27,890

I have broken through the 20k mark, I now owe less than £20,000 for the first time in 10 years.

Invoice pay day next week for me so will update again.

Cheers! :T

amr547

If during winter I say I need to buy xyz, please tell me I don't. I have just cleaned up my wardrobe and I have loads of clothes!!! I have my winter boots, trainers, jeans, tights, dresses, and a lot of hoodies...

minicooper272

Well done Gunwharf!

amr I keep telling myself I have loads of clothes, but I can always think of something else I need. You will probably get there and remember you need thermal socks!

I told myself yesterday I didn't need anything else clothes wise before I move. Then I decided it was really warn, and I needed some new skirts from the charity shop... :rotfl:

Ruthy1604

Hi everyone :j

Its ages since I last posted and things are going really well. Firstly my car passed its MOT with no work to be done AT ALL and then I got a promotion that comes with a company car!
So, I sold my car and thats my holiday spends sorted, and I no longer need to budget for tyres or repairs. I still have to pay for fuel, and my pay will go down cos of the tax, but the uncertainty will disappear and that it a great bonus for me.


I'm still plodding on on repaying the debts - the first cards 0% deal comes to an end in September, so I'm throwing everything at that at the moment.

Number 54 £6320.59/14420.00 43.83%


I'm setting myself a target of £55% for the end of July.


Ruth