£195,000 mortgage for a single mum!

chelseablue

Congratulations! Must be a nice feeling having the house in your name at last.


We are moving next Friday and our mortgage will go from £92,000 to £230,000 :-O

pollyanna24

Thank you! It does feel nice, but also petrifying! Little old me doing this all by myself with two sprogs.

Nothing is actually changing yet as we are all still living in the house for a couple of months until my brother's purchase goes through.

Chelseablue - That's quite a jump of a mortgage! Do you live in / near London? I'm in Hertfordshire. Do you have a diary on here? I'm going to start reading more now that I can actually join in properly!

chelseablue

pollyanna24 wrote: »

Thank you! It does feel nice, but also petrifying! Little old me doing this all by myself with two sprogs.

Nothing is actually changing yet as we are all still living in the house for a couple of months until my brother's purchase goes through.

Chelseablue - That's quite a jump of a mortgage! Do you live in / near London? I'm in Hertfordshire. Do you have a diary on here? I'm going to start reading more now that I can actually join in properly!

We live in Berkshire so yes just outside London.


I started my diary yesterday: https://forums.moneysavingexpert.com/discussion/5415368


Mortgage hasn't even started yet and I've got a diary

happydays_70

Yeh! Congratulations

RoaringTwenties

Just read through your diary, congrats on it all being in your name now! The funds for your mortgage were probably drawn down a couple of days early so the solicitor could be sure of them being available on the agreed completion date.

All the best with all of your financial aims, I'll keep checking in

new_mortgageeee

Congrats! I'm super impressed - I struggle enough on my own sometimes; and that's with no little ones to look after (well, just friend's to look after and then give back phew!)...

Good luck with your journey

pollyanna24

First overpayment as a sole mortgagee done!

£64.26 so that my total mortgage will be £200,000 exactly tomorrow (if the payment shows by then which it probably won't).

I will probably put about £5,000 (my savings) onto the first mortgage in March as my first mini goal is to get the total monthly payment down to £750 which sounds better than the (approx as I don't have the precise payment figure for the 2nd mortgage) £800 it is at the moment.

I've got a feeling this could get addictive!

pollyanna24

So I've done a calculation of how much my monthly payment will go down by if I do an overpayment of £5,000 (the last of my savings) and the answer is £20.

It is worth it, I do know that, but I do sometimes wonder if it is worth it enough, haha.

Still, if my monthly payment is £780 instead of £800, sounds better, right? And the extra £20 that I am saving each month I will just put it on the mortgage and so soon my monthly will be down to £750 (which is my first mini goal).

ourcornercottage

Don't forget with snowballing of this and additional ops this will soon drop to £750. I like to see my total monthly interest drop, I do a year on year comparison and you can see the difference it's s really motivating stay. Most months I have paid £20-30 (depends on days in the month and OP's etc) less in interest compared to the previous year. I love that stat!

pollyanna24

Right, 1st March and I have made an overpayment of £5,000. I was quite nervous about it as it’s most of my savings, but I did have the intention of this all along so that my mortgage would start at approximately £195,000.

My mortgages (as of 3rd March) when the payments actually register on my mortgage account are £194,723.96.

I still have some savings left for house renovations as they are quite necessary.

Carpets for the entire upstairs and stairs (downstairs is wood), but I will be getting that on a 0% interest deal.

Paint for the kitchen and two bedrooms.

New handles for the kitchen cupboards.

A skip cos I have so much stuff to get rid of once my brother leaves.

So far this month I’ve spent £2 on groceries. Listerine, haha. But nothing on myself or the girls yet.

I will post a new SOA probably next month as my finances are still all over the place. I haven’t even got a payment amount for my 2nd mortgage, so am guessing I will be paying a huge amount next month!

Plans for this month spending wise besides the normal groceries etc. are:-

London Aquarium on Saturday (have 50% off voucher)
Circus on 20th March (Groupon voucher already paid)