Penny by penny...brick by brick!

PennyJar

Hey all,

Quick question...any advice much appreciated...I used the how much can I borrow calculator and found that the upper limit we would be able to borrow is just outside what me and DH will be looking to secure (taking current equity in house and intended OPs for next 1-2 years) for dream home (realise the calculator is an estimate too)...but with existing payments on mortgage being £400ish per month and having the ability to OP by max of £851 per month I would anticipate that we would be more than comfortable to make payments for the amount we would need to borrow.

Any views would be gratefully received

PennyJar

P.s intend to continue MFW journey when dream home mortgage secured

Just wondering if OP makes you more favourable to lend to (beyond typical thresh holds)

juststuff123

I haven't gone through a re-mortgage myself and I took out my mortgage before the harsher rules came into effect. But I suspect that overpayments won't be considered when applying for a new mortgage. Having heard stories about people being unable to change mortgages to lower interest rates because they can't afford them??!! However, OP'ing now means you'll need to borrow less when the times comes and it certainly won't hurt you chances, you'll just have to give it a go and see what happens.

vicsmiles

Hi Pennyjar
When we moved the overpayments weren't taken into account however we had a much larger deposit because we had paid of chunks of the outstanding balance.
For us we got use to paying a higher mortgage each month as we had set our previous mortgage to the monthly payment it would be for our new house if that makes sense.

PennyJar

Thank you both, guess it's just a case of plodding on and to assess the situation when the time comes.

More LVT the better...

MissCreative

Hi Penny,
I haven't remortgaged either, but I'm trying to overpaying to increase my deposit and get my ltv to 60%, maybe even 55%, so when it comes to remortgaging it more favourable.
I doubt the new bank will look at overpayments as proof of affordability, especially since they can often be paid very randomly.

evansc1

PennyJar wrote: »

Hey all,

Just wondering if OP makes you more favourable to lend to (beyond typical thresh holds)

Hi Penny!

Just given your journey a read and loving it! We're due to complete on our first home this month and looking to OP asap after completion.

On the above...banks don't really want you to OP all that much as it means less interest (profit!) over the term for them so they definitely won't be included.

Water bill - £53 a month!? That's bonkers! We (Myself, wife and 15 month old) were paying £25 monthly but Severn Trent mailed saying it's going down to £15 a month as we are in credit!! How much do you use!? Maybe you bath an elephant every day or something that you've not specified? :rotfl:

Bupa - could you live without? Easy £720 a year saving. I know the NHS isn't perfect but...:p

Upcycling/recycling - Pallets, pallets, pallets!! If you have a bit of time - make pallet furniture. So cheap to make and it goes for such a pretty penny when you sell them. There's coffee tables on eBay which couldn't have costed more than £10-15 to make going for comfortably £50+

Carl

PennyJar

Hey Carl,

I know Dwr (Welsh) water is expensive!!! We're not on a meter though...me and DH decided not to switch to meter.

I agree with you BUPA vs NHS - I've had good experiences with both, but to be honest health is important to me - if you don't have that then you have nothing so I'm willing to pay. Lost a close friend of mine (26yrs) through poor interventions and you do get quicker and faster service I've found when you go private.

But on the positive - will look into whether there is any opportunity to reduce our water bill. So thank you for making me think about that one.

PennyJar

PennyJar

Hi all,

Quick update - drank the last of my free Taylor's tea bags today - the mint and green tea was really lovely, and also I've started doing a bit of 'comping' following the recent feed on MSE.

Would love to know if any reading this has ever won anything good? I only went for things which I was interested in - and only got to pg 10 of 200 on the comps board so will need to keep working through.

Also was looking at the 'should I buy from China' article with intrigue...made me think could I buy anything which I could sell on for a profit???? Would of course use my first OnePoll payout to buy initial stock lol I very much doubt it would ever be as easy as that...quick look on aliexpress and I was stuck on what would I buy (low value, quantity) worth more to sell on? Again any nuggets of wisdom guys would be much appreciated.

Pay day is tonight - hooray!! So will give a progress update on how much will go towards EF tomorrow.

Ooh and before I forget I had my free John Lewis coffee and cake which was amazing - I picked the Victoria sponge (£3.50) which was huge and the most expensive as you can have any cake you fancy. Again, thanks to MSE!

Hope your all having a lovely frugal Friday...

gallygirl

PennyJar wrote: »

Hi all,

Quick update - drank the last of my free Taylor's tea bags today - the mint and green tea was really lovely, and also I've started doing a bit of 'comping' following the recent feed on MSE.

Would love to know if any reading this has ever won anything good? I only went for things which I was interested in - and only got to pg 10 of 200 on the comps board so will need to keep working through.

Define 'good'. Someone I know from MSE has one a LOT of holidays - she enters comps where you have to make a video etc and puts a fair bit of effort in.

I went through a phase of entering comps and think I was reasonably 'lucky' (turned out the more I entered the 'luckier' I got - funny that :rotfl:). I won a phone I sold for over £200, a few cash prizes, lots of DVD's and books and other random stuff.

zcrat41

Hi Penny,
Just a thought with the private healthcare thing. I thought if you were diagnosed with something you can just say hang on, what's the cost of going private. My dh was diagnosed with testicular cancer on the Monday. He was quite prepared to pay and asked the consultant could he go private. The consultant said of course you can. (He also said that the op was going to be 2 days later anyway and going private would only get you an earlier appt and a nicer bed). Point being if you don't have bupa but save up you're self insuring.
Maybe worth thinking about.