New House, New Mortgage!

jodles16

I will start off by telling you a little about me! Just over three years ago my lovely husband and I bought our first home, we love our house but it no longer suits our needs! In this time we have changed jobs and got pay rises which has meant we can afford to move a big step closer to our dream home! So not only have we changed jobs and had promotions, we adopted two rescue dogs (my babies), got engaged and married, went on an amazing honeymoon and are just waiting to exchange contracts and complete on the next phase!

This comes in the form of a recently renovated semi detached house with just under an acre of land. It is as close to the dream house we are going to get and we are so damn excited! Now this lovely property is going to set us back £930 a month on the mortgage alone, as we have done it under the help to buy scheme with 5% deposit. As it will be our long term home we feel its worth the risks involved and with our most recent wage increases it should be manageable with a little wriggle room!

Anyhow, we are looking at possibly moving in next weekend (though its been a horribly stressful and painful experience so far!), we need to add some secure fencing to part of the property so we can have the doggies somewhere safe, and it is heated using gas bottles so we are hoping that we can get a decent fire installed with a flue, not in a smokeless zone. This will all cost moolah we aren't sure we will have. Theoretically we are hoping to have about 1.5k left after the move and will need double that for the fencing (top estimate). Both planning on overtime from now till whenever to try to avoid getting a loan, but this is the other option. Get a nice low percent loan and get these bits sorted then work on paying that off quicker instead of the mortgage... Or overpay more loan and less mortgage...Hmmm decisions!

Would like to make these changes to the house in the hope it will add a little extra value when remortgaging comes around, and would really like to have at least another 5% paid off in two years time to make a 10% deposit therefore hopefully meaning we will have better options available!

Anyway have wittered on, off to dream about my garden!

Jodles :j

Thrugelmir

Learn to save and spend in cash. You'll find that the money goes far further. Far more satisfying too. Borrowing money can become addictive with credit so easy to obtain and no shortage of lenders offering it.

jodles16

Thanks Thrugelmir, we are pretty good savers and paid our wedding and honeymoon etc off in full, but that was on a lower mortgage etc! Its hard to weigh up instant with waiting sometimes but can understand what you mean! We have 0% debt of £1200 but thats all so feel quite proud of us overall, everyone is so gung ho about borrowing and getting credit but it does scare me! Ah well we shall see!

Jodles

giblet1979

Hi jodles,

Just found your diary (after seeing you post elsewhere). DH and I also bought our 'dream' house in Nov, although it needs lots done to make it live up to its potential. We've had damp proofing, full rewire, new windows and doors, new kitchen and bathroom and a fair bit of replastering already. We did take out a loan (and a 0% offer which we are currently saving for to pay off in full) just because it made sense to do the very big jobs before we moved in, but much of it is 'as we can' and there is still lots to do which we will save in cash for. Doesn't make sitting here in our lovely place any less awesome tho! We are overpaying the loan first, then moving on to the mortgage but I think any way can work

Looking forward to following your journey and good luck! x

jodles16

Thanks Giblet1979! Its such an exciting journey isn't it! Good to hear off someone else who needs to spend a little/lot and its working out well!

Jodles

jodles16

Well I do love love love pay day! My favourite bit (so so sad!) is moving my money around...

A large chuck of 1k goes into our 'house fund', this is an account all our bills go out of and we got rid of the bank card for so its purely accessed over the tinterweb to reduce compulsive spending! Its also there as savings for any house emergencies and currently paying solicitors and moving! Its looking healthy at 4.5k, this will soon change as hoping to complete on Friday! Also new mortgage and higher bills (more council tax, more expensive fuel etc) will mean a big reduction in savings but my new job allows me to pay more than I could have otherwise!

I then moved £200 with a little round up into my own savings, this is also looking healthy at the moment at 1.7k, a couple of hundred of this is budgeted for birthdays and the magical approaching holiday! The rest will be used for emergencies/building up fence fund!!

Ah I do love a good sort out, makes me feel a little in control! Looking forward to working out all the new bills and funds for the new house!

Jodles

giblet1979

Sounds great jodles - you've reminded me that I need to get moving money following payday the best time of the month! x

jodles16

For a few minutes you feel almost rich!

Waiting around to hear if we have exchanged and completed on the new house... don't know what to do with myself so excited/worried that I can't concentrate!! Hubby is in work, and the doggies are fast asleep!

Don't want to focus on house stuff to much as if it doesn't go through will be so so disappointed!!

Heres to Friday playing a waiting game!

Jodles

Coffee_Cup

jodles16 wrote: »

For a few minutes you feel almost rich!

Waiting around to hear if we have exchanged and completed on the new house... don't know what to do with myself so excited/worried that I can't concentrate!! Hubby is in work, and the doggies are fast asleep!

Don't want to focus on house stuff to much as if it doesn't go through will be so so disappointed!!

Heres to Friday playing a waiting game!

Jodles

Hope it all went well today. Exciting!

jodles16

Hello coffeecup! Unfortunately it didn't. I believe it was our solicitors who fudged up and tried to blame others solicitors! I got very emotional and we STILL don't know if we even exchanged! Blummin people! Ah well, two days longer to pack and have the internet!!

Will do more packing today and as the solictors are open this weekend will get hubby to ring them to find out, seemed yesterday they were just covering their butts! And hope it will all happen on Monday! The whole process has been going on since April and just feels like a farce! There I go being emotional again, need to detach!haha.

We are doing better money wise than I thought so that's really good hopefully will be able to get nice secure fencing done asap, my dad's friend will do ground work ad posts for a good price then just need to finish it off, oh and actually buy the posts etc! Never had to fence an area for my mad dogs before!

T make myself feel better Im buying some birthday and christmas presents for friends and family! Its a good way to use retail therapy as they are budgeted for and I dont have to use my regular cash!

Its the weekend!

Jodles :beer:

giblet1979

Hey,
Sorry to hear it didn't go to plan yesterday but hope that it works out on Monday (and like you said, it gives you a couple more days to get organised!)
Enjoy retail therapy x