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beanielou

Would you not consider moving before the mortgage is paid off? I seem to have missed that. Sorry. 

South_coast

Awww, don't hate your home! It's not the house's fault you're ready for the next chapter. It's served you well while you've been there, soon you will be able to thank it for its service and say goodbye 🩷

Epic work on the cleaning earnings. Make sure you're not overdoing it though, I know burning the candle at both ends always makes me grumpy x

newgirly

Gosh that’s a shame about the pet insurance ☹️ sounds like a rough week and the heat doesn’t help when you have no garden and are having to manage getting them outside all the time for the toilet! as beanie says would you consider moving sooner? I can see why not if you have set your mind to this challenge of being mf first, even if you do wait hopefully it’s not too long now, do you know what sort of timeframe you are looking at to be mf? 

Jessy103

Thanks all ❤️

I wanted to pay off this mortgage first because it was on the market a long time before I bought it and so was being rented out and therefore, I think we would struggle to sell it too. I also don't want to have what's left on this mortgage affect what companies are willing to offer us for a new place, so that we can get the home we really want. My plan is to have this place paid off in full by this time next year and have the rest of the year to put all the money I've been spending on the mortgage and overpayments into savings, so combined with DH's savings we have a nice deposit and the fees to cover moving and we can start looking at moving at the beginning of 2027. I think because it's getting so close now, I'm getting more impatient, when in the grand scheme of things 18 months is nothing really. Also, if I have this place paid off, if we do struggle to sell it, we could look at renting it instead and I wouldn't have to mess around changing to a buy to let mortgage. Does that make sense? Am I possibly being too over cautious? 

You're right SC, I shouldn't hate my little bungalow, it has served us well the past 6 years and I hope someone in a similar situation will buy it and it will serve them well getting onto the ladder too. Don't worry I won't overdo the cleaning, I'm not taking on any new customers at the moment as I have enough to fill my week 🙂

It's my mum's birthday today, so we're going over to theirs for afternoon tea later, so this morning will be spent getting some chores done. The weather is a bit miserable but I am going to enjoy it being cool before heating back up again next week! 

Have a lovely Sunday x

beanielou

I think that you might be over cautious. My DS’s property took a long time to sell when he bought it and he has just had it on the market & it sold in 3 days with 3 offers. You just never know. 

daisy_1571

It seems mathematically the right way to do it.  The downside of course is staying 2 more winters and one whole summer.  Which is emotional rather than mathematical. 

I'm also not 100% certain you'd get a buy to let mortgage on as little as your mortgage currently is.  Of course that could be overcome by juggling round of other money/loans just so it got paid off and you owned it outright albeit with other unsecured borrowing. 

It might be time for an old fashioned sit down with a list prioritising what you want, what he wants and what you jointly want.  Maybe having your own place isn't as important now you are much further into this relationship?   Maybe it still is.  That would give keeping the house in your name only a greater or lesser weighting.  

If you are comfortable with owning it jointly, does he have enough in savings now to clear the mortgage?   (That of course leaves him exposed should you keep the house in your own name and not have an agreement for him to get his money back if you ever split up.)  If you could, you'd both be saving straight away.  Maybe though the savings are gaining more in interest than you are paying?  Again, mathematical decision against emotional decision. 

If you carry on as you are and buy a house jointly with your joint savings, would renting it out only in your name cause tax implications that would be better handled by splitting the rent and costs jointly, that would indicate if you need house in your name or joint.  Similarly if you come to sell it once you've bought another and its no longer your main residence how would capital gains tax be better handled.   In Scotland we would each get a capital gains tax allowance so it helped us keep more of the profit when we sold a jointly owned second property. 

If you can hang into it, I would generally say keep it.   Prices do go up and the likelihood of you ever being able to afford to buy another property once you get your bigger property probably go down.  Having bought something you could afford on your own then having the benefit of a second salary helps greatly just now so try to capitalise on that while you can. 

Sorry, I don't think I've helped at all there, just thrown more questions in

Daisy xxx 

daisy_1571

beanielou is right, you might find it takes ages or sells really quickly,  can't tell until its on the market.

If you could get mortgage gone with the savings, got it ready for rental, could find somewhere else to stay temporarily, (think outside box - friends, parents, cheap caravan on someone's driveway, park home etc etc) you'd then be in a fantastic position to buy towards autumn and winter when generally speaking houses take longer to sell and you'd be a chain free buyer.  And you'd be getting rent in as well as not paying the mortgage?

This may not be feasible for all sorts of reasons but gypsy caravans had mum, dad, kids and dogs so maybe you could manage it for a couple of months for a longer term gain?  😆 

Dxx

Bargainhunter30

Have you considered stamp duty and extra costs for owning a second home - which you would. I think the costs are surprising these days.

Jessy103

Thanks everyone, I appreciate the advice and it's definitely food for thought. ❤️

What I do know for definite is that we're not in the right position to move now. DH has £13k saved up towards a deposit but for the sort of house we want, it's not enough. We do also have to consider stamp duty, which could be up to £15k and then all the fees that go with moving. However, what I do think I will do after the advice from you lovely people, is pay off my mortgage in full which will be done by this time next year at the least and then put our little bungalow on the market straight away instead of waiting a further 6 months. I can be saving while it's on the market and I have been told by family that we could borrow some money if we wanted to, which I have been reluctant to do but maybe we should take the opportunity to do that if we need to.

Again thank you for the comments, it's why I love being a part of this forum, lots of lovely, wise people x

Jessy103

daisy_1571 said:

beanielou is right, you might find it takes ages or sells really quickly,  can't tell until its on the market.

If you could get mortgage gone with the savings, got it ready for rental, could find somewhere else to stay temporarily, (think outside box - friends, parents, cheap caravan on someone's driveway, park home etc etc) you'd then be in a fantastic position to buy towards autumn and winter when generally speaking houses take longer to sell and you'd be a chain free buyer.  And you'd be getting rent in as well as not paying the mortgage?

This may not be feasible for all sorts of reasons but gypsy caravans had mum, dad, kids and dogs so maybe you could manage it for a couple of months for a longer term gain?  😆 

Dxx

I have said to DH a few times about just selling and buying a motor home and travelling around the country in it with the dogs, he just rolls his eyes at me, but to me it sounds wonderful! 🤣