72k to be repaired in 6 years! Oh my gawddd!!

Missmay100

Hi everyone!

Thought I better start a diary as I have been a lurker for a while now.
I need to get organised and get straight to hopefully achieve my goal!

My story! I have just bought a house with my boyfriend which we are really excited about however to get the house we had to borrow a lot of money.

My boyfriend has a close family friend who over the years has been ever so good to us. Due to us having a not so perfect credit report we couldn't get the mortgage we wanted without having a good sized deposit.

The facts and figures now - the house was worth £199,950 we could only get a mortgage for £150,000. The house is a dream house for us really, in the area we have always wanted to live in (can see OH mums house from our window) has land that we needed for OH workshop, he does private jobs in the evenings. The only downside was it had no kitchen no bathroom needed re wiring, has asbestos etc.. The work would come to around £20k this included us buying a workshop for OH (this makes up to 25% of our income)

We do have savings but unfortunately conditions of the mortgage was to clear my loan and any cc balances. Also had solicitors fee's, stamp duty and my OH broke his back last year and was out of work for 3 months so we only had one income.

So this lovely family friend stepped in and offered to lend us the £72k shortfall. No strings attached, no interest just wanted to help us.. After along discussion with my OH we have decided that we will repay him £1k per month by standing order into his account to clear it as quickly as possible. No pressure on us as he has said he will have sleepless nights worrying if we where struggling.

This was such a lovely offer that we mulled it over for a very long time but we desperately wanted out of our rented place (3 break in a space of 6months) we want to pay his money back as quickly as possible as well as interest.

Our mortgage is £750 so along with the £1000 that equals my OHs monthly wage. I earn £1300 a month so that will be used for bills.

I hope to god we can do this! Keeping this diary to make sure I make that £1k payment.

Thanks for reading x

Buffythedebtslayer

sounds like an excellent plan, what a lovely friend! Welcome to the dairies, best place to get out of debt


keep posting


XX

Shelbi

Morning Missmay100,

That sounds great, congratulations on your new home & your new journey, just wanted to wish you luck...happy shiny new diary x

Missmay100

Thanks guys

Completely torn what to do now, looking at starting to purchase the bits for the new house! I have a £22k budget which sounds loads to me but after writing a list it soon goes!

£7000 for our new wren kitchen
£1800 for televisions and fridge freezer
£330 what's left to pay for OHs workshop
£500 for the concrete base
£400 for the butler sink and taps
£2200 for bedroom and living furniture
£1000 for dining room table and plates etc.. For kitchen
£1200 oak flooring
£500 to brick up the door ways
£4000 to get the house re wired
£1000 new fireplace and log burner
£700 bathroom tiling and splash backs
£400 carpet

Which comes to £21,032!!!!

The dilemma is.. Do I buy the stuff now while majority of its in the bank holiday sales? Or do I get the labour and the repairs done first and see what's left over? I'm so stuck what to do because I do have to get these bits and If I wait till after I could be paying double?? But if they discover any major problems then I don't have any money left in the pot!

Set my standing order up to make my first payment and I've got my pay aside waiting! I was thinking that I would set up two HSBC reg savers one for £250pcm and the other for £50pcm that would earn me 6%. I would pay the payment for £700 to the loan and the additional £300 will go into these reg saver once they have matured I can pay that to the loan with the interest.

Writing down exactly what I spend... The issue is me really. I am a spendaholic and my poor OH has really no idea what I spend. I'm hoping my diary will shock me into changing my ways.

I will change!! X

patman99

Do you need to spend £7k on a kitchen from Wren ?.

When I needed to replace my kitchen due to water damage, I shopped around and found that the multi-store companies are much more expensive than the independents. Also, most of the majors get their unit carcasses from one of the 3 main suppliers and pay around £25 for a single base unit rising to £35 for a double.

My kitchen was custom-built to fit by a local indie and at around 60% of the cost of the cheapest large multi (and it was better-made to boot).

£400 is a bit low for a butler sink unless you are buying 2nd-hand.

ampersand

Lovely news as this truly is for you, I'm astounded by some of your sums

£7000 for our new wren kitchen - :eek:
£1800 for televisions and fridge freezer :eek:
£330 what's left to pay for OHs workshop
£500 for the concrete base - can't you lay this yourselves? DIY together is part of nest-building, surely and OH sounds as if he has tfrble skills. You'll learn as builder's mate:)
£400 for the butler sink and taps - again seems high
£2200 for bedroom and living furniture:eek:
£1000 for dining room table and plates etc.. For kitchen:eek:
£1200 oak flooring - what sq metrage?, reclaimed or new? seasoned? tanalised? Have you really researched subject as well as price online?
£500 to brick up the door ways - :eek: Why? Not DIY?
£4000 to get the house re wired
£1000 new fireplace and log burner - again, research online, be careful
£700 bathroom tiling and splash backs - more research?
£400 carpet
#
I must come across as a killjoy - not so, just very concerned, when you have had money mgmnt problems previously and this £1k mthly repayment aim is a Big Ask, also a mental millstone.

' my OH broke his back last year and was out of work for 3 months so we only had one income. '
- op, this really concerns me. No-one's fault, just the kicks of Life and this was such a big injury. After-effects cannot be ruled out.
Now you are young and excited and it's wonderful news, but why not acquire the extras gently, as and when.
Haunt local auctions in the meantime, even bay of e:D
As house becomes 'home', your tastes and its own sense of being grown into will tune your choices differently. You might be surprised and think, Thank Goodness we did't hurl all that money at such-and-such straight away.

Also, if your wonderful friend gives you the lump sum in toto, any unspent remainder will be gaining a bit of interest nicely for you.

This is written caringly for you, I promise.

giblet1979

Hi Miss...I agree with ampersand. With some research, and the right tradesmen, you can cut costs a lot more than you think. We've been working with our plasterer to do most of the prep and demolition work (he has showed us how and even used DH as a co-worker to board our ceiling). Also, you can get bargains all through the year, and if you take the first 'on sale' price you might miss out. Maybe do things a bit at a time (room at a time?) and gain interest on the money in the meantime?

Wishing you lots of luck on your journey x

Missmay100

Hi everyone!

Thanks for your comments. I should of mentioned that these are ruff guesses on my part. I have no DIY knowledge and I'm pretty sure I'm not that great with a paint brush either.

However my OH and his dad are, they will along with a friend/labourer be completing majority of the work apart from the re wiring. I do know our kitchen will cost £7k, we looked at wren, howdens magnet, B&Q along with diykitchens. Wren really stood out for us, we wanted a oak kitchen that would have a 20yr warranty and the design was just want I wanted.

Thank you for the advice, I will be making sure that we do majority of the work and research a lot. I am terrible for wanting it done now. My OH is forever telling me to calm down and take our time. I need to stop rushing and do my research first and not to go for the easiest option.

When my OH broke his back we had quite a tough time, he split his liver, and was in hospital for a good while. Luckily he is on the mend but we did pay for privately to get him better. This is why I know that the 1k challenge is tough but doable for us as just one of his treatments he was having was nearly £400 and he did that every week. However he will never fully recover and we have accepted this. His accident/claim is currently going through the courts as we speak and although it's not a definite he should receive a decent enough payout to help with his long term care.

Thanks x

giblet1979

Hey missmay,
Gosh it sounds like you and your OH went through a really difficult time! Really sorry to hear that. I'm sure that you will be able to get everything done how you want it and maybe when you get started, it'll be easier to feel like things are progressing. It can feel a bit like 'it all has to be done at once' when you first start but if you're lazy like me, then it does calm down a bit on it's own, lol

Sending loads of luck x

chevalier

Comments are in blue. Welcome to the boards

Missmay100 wrote: »

Thanks guys

Completely torn what to do now, looking at starting to purchase the bits for the new house! I have a £22k budget which sounds loads to me but after writing a list it soon goes!

£7000 for our new wren kitchen
£1800 for televisions and fridge freezer Do you have to buy new?
£330 what's left to pay for OHs workshop
£500 for the concrete base Surely if your OH and his dad are good at DIY you could do this for the price of the cement?
£400 for the butler sink and taps
£2200 for bedroom and living furniture Do you have to have new NOW? Haunt the second hand shops for stuff to do up?
£1000 for dining room table and plates etc.. For kitchen
£1200 oak flooring Do you really need this? I would have thought having this in the kitchen would be a right pain as you would be forever cleaning and polishing spills etc off it. I would be worried about damaging it too ie scratching chairs across it etc.
£500 to brick up the door ways
£4000 to get the house re wired this is the priority for me as it is a safety issue
£1000 new fireplace and log burner can you get a grant for this
£700 bathroom tiling and splash backs
£400 carpet
Is the fabric of the house sound? Ie has decent windows (double glazed eg), and what about insulation. No point having a great fireplace/log burner, if heat is leaking out of uninsulated walls/ ceiling.

I agree with your OH take it slower and save money that way. You could put in the kitchen units yourselves for example
Good luck
chev

Which comes to £21,032!!!!

The dilemma is.. Do I buy the stuff now while majority of its in the bank holiday sales? Or do I get the labour and the repairs done first and see what's left over? I'm so stuck what to do because I do have to get these bits and If I wait till after I could be paying double?? But if they discover any major problems then I don't have any money left in the pot!

Set my standing order up to make my first payment and I've got my pay aside waiting! I was thinking that I would set up two HSBC reg savers one for £250pcm and the other for £50pcm that would earn me 6%. I would pay the payment for £700 to the loan and the additional £300 will go into these reg saver once they have matured I can pay that to the loan with the interest.

Writing down exactly what I spend... The issue is me really. I am a spendaholic and my poor OH has really no idea what I spend. I'm hoping my diary will shock me into changing my ways.

I will change!! X

Missmay100

We decided to buy a new tele because we have scrapped having sky as it was £80+ per month. We really enjoy watching movies so we felt having a smart TV that has Netflix, nowtv etc.. Would be good as this means my OH can watch bt sport on it without having a big monthly bill.

OH and pops will be mixing the concrete them selves and they will be removing the asbestos and putting that in the footing hence why we think it will be around £500.

The house has good insulation and has new double glazing already. We also believe that the re wiring will be a lot less as OHs best friend is a sparky!

Been looking on eBay for a log burner but haven't found a great deal.

Currently in the Isle of Man as OH is racing in the classic Grand Prix and I am trying to watch the pennies but it's tough when everyone seems to always be on the beers. Luckily we are staying in a motor home which has a fridge/cooker so I am making dinners instead of eating out every night!

X