£15,000 to 0

BelleOfBilboa

Amazing progress! So nice to chip away at the debt in big chunks like that when possible! Good luck with the new job application! Very intrigued about your new hobby...

Silver_Queen

BelleOfBilboa wrote: »

Amazing progress! So nice to chip away at the debt in big chunks like that when possible! Good luck with the new job application! Very intrigued about your new hobby...

Thank you Belle

I am trying not to get too panicky about having such a low current account balance...logically, I know I'll be fine, but there's 3.5 weeks until payday...:rotfl:

Silver_Queen

Wow, a lot has changed in the past two weeks!

I'm buying my own place!

Received an offer of a large family gift with the caveat that it is used to partially fund a deposit (and used straight away otherwise the offer would go away....) so I have been looking, and have found somewhere that's perfect for me. Combined with my current savings, I have enough for the deposit. My parents have agreed to let me pause repayments on the money I owe them, until after all the dust has settled.

The idea is that, once I'm in a better financial position in about 6-7 years time, I will help in turn help a family member with their deposit.

Reservation already paid and now I'm in the process of getting a mortgage in principle put in place!

It makes things a bit confusing with my finances at the moment, so I'll be sitting down to work it all out this weekend. I also have to keep on top of all the legal fees and mortgage broker fees etc, and have to consider furniture - I already have a bed and bedside tables, but have absolutely nothing else!

The good news is that the new property is closer to my work, so my commuting cost will be £50 less per month.

If things go smoothly, completion should be around November. Money will be much, much tighter so my aim for the next few months is to save as much as possible so that I have a cushion. Eeek! So exciting!

ChasingSunshine

Oh wow, exciting times. Congratulations and hopefully everything goes to plan so you can be in before the end of the year.
So generous of your family to help like that but really like the idea that you then pay if forward and help another relative with their deposit.

Homegrown0

Great news about your house plans! I love property and hearing about other peoples' house moves.

Hope the financial planning for it isn't too painful

Silver_Queen

ChasingSunshine wrote: »

Oh wow, exciting times. Congratulations and hopefully everything goes to plan so you can be in before the end of the year.
So generous of your family to help like that but really like the idea that you then pay if forward and help another relative with their deposit.

Really, really exciting! Yes, incredibly generous of them I'll take the strict stipulations if it comes with a buttload of money...

It will be lovely to pay it forward later down the line, and it makes me feel a bit better about accepting the money, knowing that I will be helping someone else in the future.

Homegrown0 wrote: »

Great news about your house plans! I love property and hearing about other peoples' house moves.

Hope the financial planning for it isn't too painful

It wasn't too bad but a bit confusing still, I need to speak to my parents about the outstanding parental loan of £7k so that I can figure out what's going on with that too. Ideally, I want to pause it for a little while so that I can get all the dust settled with this flat.

Silver_Queen

Been running around like a headless chicken trying to get all my paperwork in order for my mortgage broker meeting. The trouble with following MSE is that I have so. many. bank. accounts and they want 4 months bank statements for all of them, as well as the credit cards! I do a lot of money shuffling so that all my accounts hit their minimum pay ins, so that I can get all the bonuses, so that will need explaining. I also need to use a LISA so I need to sort that out and make sure the money can be released at the right time. I then need to get the bank statements from the gift giver, who has the money across multiple different accounts, and a deed of gift to confirm the gift, and a copy of their ID.

Then, of course there was a mix up at work a few months ago and I was paid the wrong amount, so I need a letter from my employer confirming that. I also need to get a printed out up to date payslip whereas I usually don't get paper payslips... and I need to prove my identity by getting a solicitor to certify my passport copy and I'm not sure if I can just get one of my colleagues to do it...

Plus, the estate agent told me that the selling company was offering an incentive of contributing £1k to legal fees, now that I've signed the paperwork they're saying they're not sure if it's the case so I'm trying to chase them up about that, it's like talking to a brick wall, of course!!

I don't want to instruct a solicitor until I have the mortgage offer and the legal fees situation straightened out.

And here I thought that it would be a nice simple chain-free transaction!

Homegrown0

Haha simple? I'm not sure any house purchase ever has been simple! Even those that go smoothly, per se, are always still more complicated than it needs to be. I often wonder how they can't have simplified/ smoothed the process out after all these years!

I hope you get the legal fees thing sorted, as that's quite a chunk to miss out on if they change the goal posts.

Silver_Queen

Homegrown0 wrote: »

Haha simple? I'm not sure any house purchase ever has been simple! Even those that go smoothly, per se, are always still more complicated than it needs to be. I often wonder how they can't have simplified/ smoothed the process out after all these years!

I hope you get the legal fees thing sorted, as that's quite a chunk to miss out on if they change the goal posts.

My solicitor's fee quote was £1.3k inclusive of VAT and disbursements, so it would have paid the majority of my legal fees!

If they hadn't offered the incentive, I would have just instructed my own firm to do it and would only have had to pay for the disbursements, but I thought I may as well make use of the contribution as I'd rather keep work and private life separate...:(

Homegrown0

Yeah, i know what you mean. I'd prefer to keep it all separate if possible too. Hope they come good on their offer