Best put on my big girl pants! my saving for a deposit diary

mumof3.12kindebt

Mortgage amount
£123,500 over a 40 year term
2 years fixed rate

Total amount payable
£254,412.89

Fixed rate of 3.34%
Standard mortgage rate currently 4.24%


First payment £824.52
23 payments £466.65
455 payments £531.96
Final payment £538.62

mumof3.12kindebt

We will pay a massive £130,912.89p

In interest as the rates stand at the moment if we do not overpay .

I am not giving the bank anymore than we need to. As soon as we have £10k in our emergency fund we will use our spare money each month to get this bad boy paid off !

mumof3.12kindebt

We can overpay £13,500 a year before being charged.

mumof3.12kindebt

Also we will get £500 cashback within 28 days of completion. This will go streight to rebuilding our emergency fund. Which I hope to have at £10k by December so we can start 2020 with overpayments to the mortgage

mumof3.12kindebt

£10,000

In our moving fund !



That's £3700 since the 19th of Feb not including the £600 we have already spent on fees :money::j

debtaghh

mumof3.12kindebt wrote: »

£10,000

In our moving fund !



That's £3700 since the 19th of Feb not including the £600 we have already spent on fees :money::j

That's great, well done!

FIREdoc

Wow, this sounds so exciting, keeping everything crossed for May! Enjoy!

mumof3.12kindebt

£10,570 in savings.

I've been applying for jobs closer to the new house. I must get some of the applications finished tonight. Hoping to have some interviews lined up next month. Also hoping I can get a full time position so I don't have to rely on overtime or agency regularly. I've also applied for some higher positions.

Fingers crossed.

We are just paddling away to get as much in the savings by next month as possible.
When and if everything goes through I will give a break down of all our costs so people have an idea of how much we have spent.

I'm not getting excited yet. Not until we get the keys

Have a good day everyone

mumof3.12kindebt

Update

£11,300 in savings

I have a new job closer to the new house . More hours but less pay. But I have more opportunities for progression and they will pay for my level 3 children's qualification so I will then hold Lev 3 in adults and children.

Can't believe in less than a month we should have the keys. :j:j

my current jobs last shift is the 17th of may. Start my new job on the 21st of may.

It all seems so surreal

Hope everyone is well

mumof3.12kindebt

Hi everyone.
No savings update. It's still the same.

On the house front we don't have a date yet. And it may not go through. We have secured our mortgage but the seller might not accept 5% deposit. As much as I want this house. If they don't accept with our 5% deposit and 95% mortgage we won't be continuing with the purchase as we just don't have the money right now to put down 10%

We have added up our costs and we won't be left with much a couple of hundred pound if we are lucky. But it's better than being in the red. In the meantime between now and moving we are continuing to save as much as possible. At the moment it doesn't look like we will be completing in may. Which isn't a bad thing it gives us more time to get savings in the bank.

Fingers crossed it will still all go through