Only freedom will do

PrincessLou

I can't quite believe how quickly you've been able to move house...seems like yesterday you were just floating the idea :T

How much will your new mortgage be?

edinburgher

A rather hefty £180,995.

Now concluded on both sides of chain :beer:

Luckyinlife

180k ohhh thats a big sum to me ed hehe

Im sure you will get that down tho

Do you plan to OP much ?

edinburgher

It's a mind boggling amount of money to me LIL, I am not sure whether I ever realistically plan on paying it all back!

Back in the dim and distant past, Mrs E and I had a discussion about how we could get the 'house of our dreams' (for that, read 'a house in a decent area where we would feel at home, with access to good schools').

I floated the idea that we would go for an interest only mortgage over 30 years, treat it like rent and save/invest the residual money that we would have paid as capital over the term. At the end of 30 years we could either a) buy the house if we loved it or b) sell the house, walk away and live off of investment returns.

It has since transpired that IO mortgages aren't really for the likes of us (i.e. average earners), so this plan seemed like a similar idea, unfortunately more expensive than we would have liked in an ideal world. We don't live in an ideal world, just a nice one with very expensive houses

I cannot see any point in OPing until it becomes more profitable than saving/investing. Changes to the UK tax regime from 2016 (No tax on interest up to £1k, new ISA type etc.) seem to have delayed this day of reckoning.

Ask me again in 5 years :rotfl:

Secret_Saving_Squirrel

So glad everything has worked out and I wish you much fun and love in your new home!

Re premier inns, I adore them too and stay in them at every possible opportunity, preferably on my own so that I can totally lay around in pyjamas after a big fat bath. The white quilts and pillows...zzzzz And the breakfast is great. Again, better alone so nobody comments on how much you have had.

edinburgher

They should do breakfast for dinner and then we could pig out twice a day for a fixed price :rotfl:

Goldiegirl

I remember a few months ago that said you hoped to be in your new house by the end of October ..... and you will be!:j


Great timing as well, gives you a couple of months to settle yourselves in, ready for your first Christmas in your new home, and your first with your little girl, as well.


Genuinely chuffed for all three of you.

edinburgher

Goldiegirl wrote: »

I remember a few months ago that said you hoped to be in your new house by the end of October ..... and you will be!:j

*Just* Goldie, just

Very much looking forward to Christmas, first thing will be to get DD settled in. Hoping the peace and quiet and bedrooms on a different level to living spaces will help with this...

Luckyinlife

It is to me aswell ed in i guess us normal folk can just do our best and see where life takes us

Hopefully this will be your forever home tho and youll be happier than you ever thought you could be :]

I will be asking you in 5 years haha

Got 2 bids approved today to on FC im going to aim to get Above 6% return after fees ect before tax that kills anything i can get on the market anything more will be a bonus :]

edinburgher

Mrs E in a bit of a funk - seems overwhelmed by DD + packing. Anything I could do to buck her up bar providing chocolate? Currently working 10 hour days + all errands + more than my share of the packing being done already, so feeling stretched a bit thin :eek: