Can definitely do better!

turtlemoose

don't forget to account for the fact the money you're paying in to it has already had a bite taken out by the tax man.

new_mortgageeee

Well I've been gone for a long time, and much has changed!

My shared ownership flat has sold (I was a little worried about this given the bad press that s/o receives, but had three offers from the first three viewings), and I've had an offer accepted on a little cottage in Devon! Both transactions are with solicitors at present, so just waiting for an exchange date.

Once all that goes through (hopefully with no major hiccups...) I'll have a new mortgage of £120,000 on a £150,000 house... :eek:

I need to apologise to the MFiT group as I failed resoundingly to post/apply myself once the sale/purchase looked to be going ahead - saving became more important than repaying to cover legal/moving expenses. BUT, I'll be back on track as soon as my finances reach a more stable position and I'm no longer haemorrhaging money on legal fees... I want to clear my £120k mortgage asap!

I've updated my footer as things currently stand; my savings are looking a little sad as I've spent a lot on surveys/solicitors/valuations etc. but I'll be getting this all back through my work relocation package once the sale goes through thankfully.

An exciting month (or two knowing house sales...) coming up... hopefully next time I post I'll be starting a new mortgage free journey!! :j:j :beer:

cookie9

Congratulations on the new place.

new_mortgageeee

So three months since my last post, I'm about to complete on my sale/purchase!! Friday 7th it is. SO exciting, but I still feel like I have an enormous amount to do over the next few days! The local charity shops have done amazingly well out of me recently, and as my flat buyer is buying all my furniture (the new place is fully furnished) I'm hoping to just have two car-fulls to move this Friday. That's the plan anyway - list making skills are coming to the fore right now...

So, come Friday my little shared-ownership mortgage will be gone, and I'll have a "real" mortgage of £120,000 :eek::eek:!! That seems so scary just typing that - even though I know that overall my payments will be less than I've been paying up until now (rent/mortgage combined)... which in theory gives even more room for overpaying! I've got £120k over 30 years, which I should reasonably comfortably be able to halve to 15 years with my current overpayments level. I'm tempted to try and push myself and aim for 12 years, but this will mean overpaying c.£500 a month, and I'm not sure that I'm quite there! Will have to see how living expenses work out after a couple of months in my new place.


Eeep wish me luck! :j:j

new_mortgageeee

Blimey, that wasn't easy - completion SO nearly didn't happen on the assigned day; my buyer's solicitors sent the money, but then didn't check that it had left their account, and it had been stopped for a security check! So everyone in the chain (albeit a small one) was sat waiting for the money to transfer and nothing happened. Finally was able to hand over keys at 3.30pm and trundle off (very relieved) with all my belongings to Devon. :beer:

I'm still unpacking, and waiting for various bits of furniture to arrive to unpack into, but the move itself has been relatively painless as not much needs doing; just a good clean!

I know I need to do a new SOA, but I'm waiting to see what my new electricity usage is like - I've gone from gas/elec to electric only - so I'm anticipating it being quite a lot higher. Though I'm all for wearing jumpers rather than turning the heating on!

Will be getting back to my weekly budget asap as things have slipped somewhat due to a 1hr50 commute for the last 4 months resulting in high fuel and food (due to lack of time) bills. Very glad to have that behind me!

I squeezed in a quick OP this evening - I haven't even heard from HSBC when they'll start collecting my payments, and I didn't like the whole balance just sat there looking enormous... so, £300 down, £119,700 to go...!!

new_mortgageeee

Had a letter from my lender this morning advising me of my payments - first one not until 1st December?! It's nearly double the normal payment so presumably is for most of October and all of November. Normal payments of £479 start on the 1st Jan. Very glad I now know what/when I'm paying - feels more real now!

Madcatgirl

Congratulations on your new house! I'd love a cottage in Devon! Well done on your first overpayments as well!

giblet1979

Congrats on the new home - I hope you're really enjoying it so far x

new_mortgageeee

Thanks for the new house wishes! I love it here. Just waiting for a bookcase to be built and then that'll be the last of the boxes gone.

I've made a couple of decent overpayments over the last month totalling just over £1000 - seem to have found myself swimming in money this month. Tipped the total down below £119,000! I know council tax is still to come, but I think the biggest change must be fuel; I'm not spending £50-60 a week on that. And food is down too I guess as I'm getting home at a reasonable time to make real food.

Hopefully will have a "normal" month for November so that I can do a proper SOA and work out where I stand. Exciting!

juststuff123

You sound like like you're pretty well sorted. So I don't think you need it but Good Luck anyway!