It's not a lot, but it's enough

SpekySquarehead

Morning CP and thanks for the suggestion. I've been once before and I enjoyed it that much I can remember what I had - french toast. It came with strawberries and had a light dusting of icing sugar with a side of maple syrup - loved it. Very nice idea actually. I'll run it past her. I think it was redecorated lately too...

I made low-carb chicken tenders last night and they were really, really good. Plus, they were super easy to make. Parmesan, oregano, paprika, garlic salt, salt, pepper, parsley (dry ingredients). Dip the chicken in melted butter, then the above and bake for 25 mins. Really impressed. Left overs for lunch today.

I then made almonds covered in dark chocolate topped with some sea salt to satisfy my sweet tooth cravings I get. They too are delish.

I've no plans for tonight and I'd happy if it stayed that way as I'm skint! I'm sure I'll keep myself busy.

SpekySquarehead

Good morning all,

Saturday was my cheat day and I took full advantage!! Terribly unhealthy and also, unfortunately, a spendy day. Had a great day though although I paid for it with a sore head on Sunday.

NSD today and tomorrow is a must. Feel like it's been a very long month for the finances.

SpekySquarehead

Morning all,

It's payday. Not that I was particularly desperate for it but it's nice to see a healthy bank balance. Need to spread it out into the various savings accounts etc. 5 week month next month until payday.

I've seen a flat.

It's well within my budget however there's a flat diagonally upwards from it which is £20k more expensive and I can't tell why from the pictures. I've arranged a viewing on Monday. Buying now is a lot earlier than I had planned but it seems to good to be true. I'll see how it goes, no point in getting my hopes up.

I've put away £650 into savings as opposed to £750. That £100 cushion will go a lonnngggg was as February was really tight. I've my mates stag do (which I've budgeted for) so that'll take a chunk too.

Hoping for a quiet few days and a few NSD/LSD's.

crazy_cat_lady

No harm in having a look though Speky, eh?

Drawingaline

Oh, exciting!!!!

SpekySquarehead

Well CCL - the harm could be that I fall in love with the place and the finances just don't work out. Feel like I might be teasing myself.

I'll push that negative thought to one side and see what happens. Had a phone consultation with a mortgage adviser/broker and we done some number crunching. It could happen. I've 2 options

Option 1
10% deposit
Pros: This gives me an affordable monthly rate £309 p/m with lower interest over 25 years
Cons: I've now no money left to furnish the house!

Option 2
5% deposit
Pros: I'll have some cash left over to furnish the house
Cons: Monthly outgoings increase to £380 with a higher interest over 25 years

Very short sighted of me to opt for Option 2, isn't it? But if the property is a bargain and it ticks all the boxes - then what do I do?

I'm sure if Martin Lewis read this he'd tell me to hold off, save more cash and in that time another property that I like will become available. I know, I know. Maybe I'm just getting to excited.

Anyway, I've the weekend to stew it over. Meeting is on Monday morning to view the place so we'll take it form there.

Advice and thoughts are always welcome.

jvr

Hi Speky,


We just went through the remortgaging and we had taken out a 30 year mortgage to keep payments low, after the two years we are changing it and it will now be a 22 year mortgage so your not set forever on the decision you make now if that makes sense?
I totally understand the wanting to move out now and not wait for a larger deposit, don't forget there is nothing to stop you saving up and making overpayments we can make about 9,000 a year (I wish HA) We found our place at a fab price and because of that the estimated value has gone up considerably so in effect we own a much higher percentage now we want to remortgage taking us under the 75% mortgage so sometimes grabbing a great place at a great price can work out well in the long term compared to waiting, but I am no expert!
We used a mortgage advisor with WH Brown, I think we had to pay 400 but it is for life and so easy every time we remortgage they do all the work to find us a great deal and it massively reduces the stress. He went though all the options and made us realise for very little extra we could drop 5 years off our mortgage and I think the calculator said we would save 10,000 which is mental!

SpekySquarehead

Hey JVR - thanks for that post, very helpful. In fact, super helpful!

Maybe I could extend it to 30 years and when I come to look for a new deal hopefully I'll be earning more and can pay more towards it.

Reading between the lines, would you suggest taking Option 2 then?

jvr

It's tricky... would you be better with 10% deposit and using a 0% spending card for furniture? it depends how much you want to spend on furnishing....
The 30 year just gave us breathing space with a very affordable amount we 'had' to pay and could pay the extra on the months we had it.... but we never made the overpayments hence why now setting it up as higher but we know we can afford it...
I wouldn't worry what the higher interest over 25 years is I would just compare with the length of your special rate for example the 2 years or 5 years are you going to pay considerably more interest in that time or not?
Another thing I would consider is if you have more mortgage options with the 10% or 5%


I suppose what I'm saying is do the maths and whichever one works out the best cost wise/ affordability wise go for it! Option b may be more expensive but may seem more affordable for your life at the moment so would be the best option.... if your happy just grabbing furniture that will do 'for now' and want the lower monthly cost and ability to make overpayments go for option a!
Either one gets you on property ladder and you can look at overpayments etc and bringing the length of your mortgage down later so go with the one that suits you! wow I can babble.... haha

SpekySquarehead

Not babble at all. Very much appreciated.

The adviser said there was 273 lenders willing to lend if I put down 10% and only 40 for 5%. Both of the above deals are over 5 years.

It's all hypothetical just now I suppose. I might hate the place, time will tell.