Saving for the Mortgage

Stereochild

It's been a while since I posted but I have been online - mostly of late I have just been reading posts as they pop up on my email board.
I am still debt free and I still have £1,200.00 in my Emergency Fund but I haven't added to it at all. This is because of unexpected situations that I guess we all find ourselves in but still mostly these are also choices that we make.
The father of my god-kids decided to plan a holiday for the family and that would include myself (he's a solo dad of five). Love taking holidays with my god-kids, so no sacrifice there but booking holidays means you pretty much have to pay up straight away.
This was after I had paid for a short weekend break in August, so I had to rewrite my budget for June which meant all my savings for the month went on two holidays. Grrrrrrr!!!! :mad:
July means taxes as I am self employed so my Emergency Fund will (hopefully) stay the same and savings are on hold once again until next month.
However there could be news with regards to paying for the house in New Zealand. I am waiting on an update with my fingers crossed!

Stereochild

Still Not Beating the System

Well the positive fibe I was feeling in my last post is gone - the long and the short of it is, I had applied for a loan with Zopa and was turned down. It was probably too good to be true anyway at an interest rate of only 4.6% and a loan that was not not via a bank.

I had gotten all the paper work for Zopa e.g. bank statements, tax statements etc. And thought after I had received the bad news, why waste being organized and why wait until August. So I have this very week applied for a mortgage!!!

Ahhhhhhhhh........ so much to learn!!!!!!

I am at almost the halfway point in my saving for a deposit so it's as good as any time. The mortgage is with a bank in New Zealand, so it's a joy to be calling up at midnight to talk to nice bank lady. And it's a joy to be calling with my mobile using my phonecard while my mobile keeps playing up. Why does the keypad keep fading with I am trying to dial the '%^&£!' numbers?

I am sorry I couldn't beat the system (i.e. the banking system that is) by getting a peer to peer loan but it was not to be - so the plan is to pay the mortgage off in 3 years or less. Yes pay off my mortgage fast!! Beat the system......

savingwannabe

I didn't feel well this morning and then read your post. OMG. You have done it. Well done to you and your plans for paying it off in 3 years. Gosh that will be hard work but it will be worth it. :beer:


Hooray for good people like you. :money:

Stereochild

savingwannabe wrote: »

I didn't feel well this morning and then read your post. OMG. You have done it. Well done to you and your plans for paying it off in 3 years. Gosh that will be hard work but it will be worth it. :beer:


Hooray for good people like you. :money:

Thanx Savingwannabe for your kind words!! Here's hoping that the mortgage will go through without a hitch, as the bank is currently basing it on the rental income on the property.

Stereochild

Gosh I haven't been on for ages - so much to tell!!

I didn't hear anything from the bank for about two weeks and when I called back (no response to my email) I was told that I hadn't fulled out and returned a expense form which had been sent to me in an email. Well that fact I hadn't done so in two weeks makes me wonder about the truth in that. Nothing had turned up in my mail box!

Anyway long story short - completed the form. I rang a few days later to get an update and was told that papers had been sent to my lawyer (wow I have a lawyer!!) but couldn't get any futher information from the bank. So rang my lovely lawyer who told me that the bank had approved the finance for the purchase!!! :j

Why the lady at the bank couldn't just tell me that I will never know. :huh:

Since then I have signed everything I need to sign and scanned, emailed and posted every document needed to complete my end of the mortgage and am now just waiting for the settlement date of the 28th of August for the property to become all mine!!

Guess that means I graduate to Mortgage Free Wannabe!! :rotfl:

(I have done really well this year as I completed Debt Free Wannabe and The £1,000 emergency fund challenge.)

savingwannabe

Fantastic news. Hurrah. Well done you!!!!!!!!!!!!!!!!!!!!!!
:j:beer::j:beer::j:beer::j:beer::j

Stereochild

Thanx Savingwannabe :beer:

I can't quite believe it myself, as I have been so used to being told no by banks.

I am holding off the happy dance until next Friday :j :j :j

Stereochild

In April this year I made a pledge to save £5k into my house deposit saving and I have completed that goal.

However the monies will probably go towards the expenses that entail getting a mortgage like legal fees etc.
My settlement date is this Friday (or Thursday night) and then the funds from the mortgage will be paid to the seller, and all paperwork will be finalised. This includes my house insurance payment.

House insurance turns out to be a major deal when purchasing a property in New Zealand. The bank would only agree to finance the mortgage after I had sent them the insurance certificate.

I am currently working on my new budget but really I want to keep saving as I have been since April, so I my budget will pretty much be the same.

I don't actually have a breakdown of the interest and principle for the mortgage which is to be paid in fortnightly. The amount is very low and I am able to make an extra payment of $1,000.00 per month. So as long as I budget for just over that amount I should be okay.

Stereochild

So it is now official - I have a mortgage!
There is a great big OD next to a very large number now owing on my bank account.
I am official in debt again. Mortgage is mostly considered good debt now days but is any debt really good debt?
Got an email from my lawyer with a copy of the land registration for my property with my name on it - also the banks interests.
The house is rented out and I have a very good tenant, so I am very fortunate. But there is lots of work needed to be done both on the house and to the property, starting with redoing the back fence. This will include clearing some of the planting at the back of the section where about three very large hydrangea's (or is that hydrangeai) have taking over the boundary line.
I am now going over to join all the lovely folk at Mortgage Free Wannabes and start my next thread there.
Hope you can join me over there Savingwannabe and anyone else

savingwannabe

Hurrah, hurrah, Hurrah! Well done on housey and garden. I congratulate you and wish you well. I will try to find you on MFW and this will inspire me on my journey. http://static.moneysavingexpert.com/images/forum_smilies/sport-smileyhttp://static.moneysavingexpert.com/images/forum_smilies/beerchug.gif-001.gifhttp://static.moneysavingexpert.com/images/forum_smilies/beerchug.gif

I am so sorry I can't get the cartoons I just get script!
But JOLLY WELL DONE.