Building my dream home and then paying it off!

DFB35

Some bad news this week as we were declined for the offset mortgage - boooo!

The reason being is a very old 2010 default on hubbys phone contract for £10! This is the first we have heard about it and it didnt show up before when we moved house in 2012? I think it might have been recently added on or defaulted but the 6 years expire in August 2016 so only a few months to go..

Hubby has called up to try and sort it/ get it removed and we are also appealing for the mortgage to reconsider as otherwise have a good record

So next steps:
1. Wait for the mortgage appeal and if its a no - wait until September and reapply fresh OR go with our original mortgage in principle (the 10 year fix). Not sure what we are going to do yet... as I really realy want an offset mortgage now
2. Still waiting for a quote....
3. Still waiting for the updates drawings..

Its a lot of waiting :rotfl: :rotfl: :rotfl:

PurpleFairy26

Oh bu**er that's not what you wanted. At least you have a another to fall back on. Each lender appears to have their own way, so sometimes there seems no rhyme or reason.

Boo to waiting too. We got our quote today. Big gulp. May need to sit down with hubby and go through it. See what next steps are. Hope yours rocks up soon. PF.

DFB35

Arghhhhhh had a reply from my offset mortgage and it's a NO

But also due to yesterday's news I'm having major doubts if now is the best time to build and to increase our mortgage, nearly double our mortgage in fact!

Lots of thinking to do, I really don't want to be the person who panics and has a knee jerk reaction, but I'm seriously worried about my job stability now and believe the best thing might be to just wait and see what happens.

Will do lots of thinking and chatting to hubby this weekend.

DFB35

So took some time out to think everything through and we are going ahead with an extension!

Obviously its still subject to planning permission, mortgage etc.. but we are moving in the right direction. We had one quote back from the builders and it was in the ballpark we expected it to be, we have also added on extras like want to replace all windows at the same time and render the house, new front door, build a brick fence at the front, redo the garden etc.. Basically i want the house done perfect so then wont have to think about that anymore ever again (apart from some light decorating and up keep).

At the moment we are waiting for two more builders to quote and really like one of them so fingers crossed we can go with him

Mortgage is still a little bit in the air, as we not reapplied through the broker but we do still have an agreement in principle with our bank. I have called them up as wanted to change the rate and the length but they need the final quotes from the builders to proceed.

Will give you an update once we have the final quote/ applied for planning/ finalised the mortgage :beer:

And on a side note...... we are thinking once its all finalised and the build going ahead ok we will try for another baby That would make it a number 3!!! I dont know if we have completely lost our minds or what :rotfl::rotfl::rotfl: But on the other hand it does make sense as why would we have this big house and keep it empty

PurpleFairy26

Glad you took some time to move forward with such a big decision. All steam ahead now :T look forward to hearing your progress.

DFB35

Ok, teeny tiny progress made with the mortgage!

It wasnt the one we were originally hoping to get (the offset one) and its not with the current provider as they have really p**sed me off! I have called them a few times to try to change the application and each time they were very condescending and talking to me like im a child.

I was tolerating it as they do have the best rates (and we are very happy with their everyday banking service its just the people in the mortgage department!) but the latest phone call really annoyed me when they were really patronising about the builders quotes, basically i told them that we are planning of cutting costs and re-using some of our existing stuff if we need to such as kitchen cabinets and bathroom suite and maybe not doing the skylight etc.. but they really wanted the exact list of everything and quotes for literally EVERYTHING! Which we cannot provide as my main concern is to get the shell done and then cut our cloth accordingly and do what we can afford, not giving them all these quotes for kitchens and bathrooms if we might not even end up doing it all straight away.

So we went with a different provider and so far been very happy with the service (and no quotes required at all!), it was a bit more hassle as we dont bank with them and there was a slight issue with my ID check :eek: (There is a misspelling of one letter in my name which causes me problems sometimes, I really need to sort it out once and for all via deed poll!!)

So now fingers crossed this mortgage will go through, one very good thing about it is we are able to overpay up to 10% a year so once the house is done we will start on that ASAP.

Planing wise we still need to make one final decision to the drawings (whether we are having a skylight or not) and then will finally submit the plans.

Both the plans and the mortgage should take about 6 weeks (all being well).

And meanwhile we are still waiting for a few more building quotes :cool:

PurpleFairy26

Great news dfb35 I wonder if we're with the same bank I too had an advisor first time round who was awful and rejected our additional funds request even though it was £6 month extra and said we could you afford it. When we went back a month or so later the next advisor said he didn't know why and offered us the extra. We actually refused it as we have decided an alternate route but you never know.

Hope things move for you now, I do find everything takes time. We're like you and really want to do shell and then rest after. Keep us updated.

DFB35

We have the mortgage approved!!! So onto the second stage of the plan and actually building the dream home!:j:j:j:j:j:j

One feature of the mortgage is that we are able to overpay up to 10% a year off without penalty so once everything is built and furnished we will start on that asap to reduced the term! Which will be the third stage "of paying everything off" hahaha :beer:

Now will be doubling my efforts to find the right builders, they just take ages to quote!

DFB35

A little update from us.

The mortgage is going through really well and we have the completion date as of next Monday! So fingers crossed! They have already put a charge on the property on land registry, as I have signed up to free alerts and got one through - this is really worth while doing and a tip I have picked up from here....

When the mortgage comes through I will officially put it on my sig but its a mahoosive 279k and will start chipping away....

With the builders - we have 3 potential builder quotes and are now trying to find out more info on whats included in each so we can compare them like for like. The quotes range from 94k to 109k. It is just so scary picking the right one as I am terrified of being ripped off and it all ending in tears as its vast amounts of money!

But the builders were recommended to us by the architect and one of them was recommended by someone at work, so i think im just stressing for the sake of it...

Hopefully my next update will be about the builders we have finally chosen and/or the planning permission being granted. The planning permission went in a few weeks ago and we have already spoken to the both sets of neighbors who are happy for us to go ahead

Speak soon

DFB35

So it's official! I have a huge mortgage :eek:

But for some reason it doesn't feel too bad as we know that the money will be used to finally do the house how we want it. We have been talking about the extension since we bought the house over 4 years ago now! And finally it is becoming a reality! I really want to do everything and then just enjoy it and do the occasional decorating as needed. This really will be the final dream Home, hopefully for many years to come.

We have also taken out an insurance, which will provide protection for the mortgage in case the worst happens, I've had one for my old mortgage but as this one is larger the premium is higher at £30 a month (and it takes in consideration family history, health etc). We are not tied in so I will review it regularly.

So drum roll............ My new mortgage is £280,583 and 30p. It is large but this is in London area and I know there are a few other large ones on this forum so it makes me feel a bit better

Realistically though we won't be making overpayments until the house is done as every free penny will be going on that, but once the house is finished we are going to crack on reducing this monster of a mortgage!

In other news, I have been majorly decluttering and sorting out garage as it will be the first thing to go/ be demolished and I need to find a home for everything in there. I'm making a good progress between the shed, attic and bin!

And I have started sorting out both front and back gardens, trimming everything back and will need to decide whether to re-home some of the bigger bushes/plants as the extension will come out where they are, so will need to be either moved/ rehomed or destroyed which makes me a little sad! There's one bush in particular I really like and will try to re plant.

We have also took one big bush out of the front garden as it was half dead and the space looks very good! I have some proper plans of what I want done at the front and can't wait to crack on, but limited to weekends and garden waste collections as once the green bin is full I have to stop!

And another bit of news is we finally decided on the builders. Just waiting for planning permission now and to have another consultation with the chosen builders to find out everything in more details.

Speak soon