Buying a house without a mortgage

pavlovs_dog

we've only gone and had an offer accepted on a house :j

so much for my dreams of a big renovation project - oh got his way and the house is virtually immaculate. all our efforts with the savings have given us a LTV of 75%, and we've just had an agreement in priniciple for a 5 yr fix at 4.19%.

am now researching the joys of being a MFW-er, as there is no way it will take us the 25years to repay this mortage if i can help it!

Frugaldom

WELL DONE, PAVLOV'S!

You must be so excited! That's great news and I really hope everything goes to plan. even I know it won't take you the 25 years to clear a mortgage, you're too dedicated to the cause.

setmefree2

Hope you have a very happy moving day :j

Frugaldom

Savings here going very, very slowly, indeed - I've been spending a little bit making this place a bit more like 'home' despite it being rented. Landlords seem quite happy to let us stay for as long as we want and I've managed to get an agreement from them for a tiny bit extra garden, so less pressure of worrying about moving again.

Interest rates are so low that the monthly interest payments are hardly worth mentioning. Work is the minimum hours needed to get by and all other time spent trying to develop a business model that I'm happy to dedicate all my time & energy to with a view to relying on that entirely.

House prices don't seem to be falling anywhere near here. I'd even discussed possibility of buying a flat that DS could live in for now but I haven't seen any great bargains for a while, other than the council hall with clock tower, which sold really quickly at o/o £15,000! I'm just waiting to see what 'offers over' they got.

I still have a few Premium Bonds!

Hope the house purchase is going smoothly, Pavlov's, and that you'll be very happy in your new home.

Frugaldom

Another month creeps past and the interest is really mounting up on the savings - a whole £32 (ish) this month - wooppee woo - NOT! :rotfl: The prospect of saving for a house is drifting further and further from view and I sometimes feel like just blowing the savings in a spendthrift sort of way. :eek:

Improving the current rental with as little outlay as possible seems to be about all I can do right now. The logburner has been installed, chimney wall bricked & plastered back up and now it's time to start moving units around and then get the painting done. Landlords have said they will reimburse costs when we move out the house, so it isn't really money lost, it's money saved over the longterm, as the cost of electricity means heating during winter on storage heaters is astronomical.

On a positive note, I've managed to cover all of the major spends over the past 5 years, including two house moves, two 21st birthday parties (DD then DS this year), an engagement party in 2008 (DD) and a wedding 2009 (DD) without having to touch the main savings. After all of that, I'm now expecting a Christmas grandchild , so surplus pennies for the savings pot have been very thin on the ground. Frugaldom is a complete lifestyle choice, earning (and baking) my crust from home. I just hope the interest rates start climbing again soon or my logterm, mortgage free home may turn out to be nothing more than a motorhome! :rotfl:

pavlovs_dog

Frugaldom wrote: »

I'm now expecting a Christmas grandchild

congratulations Nanna :T

i think that biding your time will pay off eventually. although much of the noise has quietened down on the recession/depresion front i think that the housing market has a period of re-adjustment to come. locally very little seems to be shifting, although there is a steady stream of new properties to the market each week.

we are due to complete and exchange on friday :j then the real work of shifting the mortgage begins

Frugaldom

GOOD LUCK, PAVLOV'S! I hope the completion and exchange goes without a hitch. I'm sure you'll shift the mortgage in no time, as you're very dedicated to the cause. Hmm... new house - any plans for future family? Maybe best keep your options open with a few 'on the off chance' Premium Bonds.

pavlovs_dog

well its a4 bed house so plenty of room for the family to grow in due course.

cha97michelle

Congratulations Nyk on your new grandchild. Exciting times for you. I haven't read the £4k thread for a while as we have been super busy having work done at home, but i often think of you all and try to implement your ideas. Hows your garden done this year? Mine has really struggled as the weather has been so miserable. Potatoes are about all we have managed so far.



Pavlovs - if i have any reliable advice, if your house needs any major work (kitchen/bathroom) then do that before kids. I now know from personal experience how hard it is to do it with kids underfoot, although my 2 loved bathing in the kitchen sink.

pavlovs_dog

thankfully chelle other than sorting out the garden and deciding what we want to do with the basement the house doesn't need any kind of work doing to it as it has been fully renovated to a high standard. i did want a fixy upper but we fell for this one and the price was right