Need some reassurance on my new house

feralspecies

dimbo61 wrote: »

With £105,000 in savings I would consider an offset mortgage.
Maybe a bit late now ?
Are you paying enough into your pensions ?
Overpay the mortgage each month if your savings are earning less than mortgage rate !
Nothing wrong with being careful and enjoy your new home.
Buy quality items for it.

I've never heard of an offset Mortgage? I'll have a look. In regards to pension I put in 4% and the company put in 8.5%, so its 12.5% of my salary. I could probably look to up this but 8.5% is the max my company will add.

feralspecies

dimbo61 wrote: »

What is the interest rate on the car loan ?
Could you save by paying it off early ?

I got the car using a 2% Tesco loan because PCP was super expensive (they offered me 11% interest!!). I will look to put all my bonus payments into clearing this I think perhaps.

feralspecies

LRmortgage wrote: »

It looks like you’re in a decent position to me.

Have you considered the various insurance options available in the market such as income protection, redundancy cover, life and critical illness insurance. Get some expert advice, these should give you some further comfort.

I have life insurance, but I will take your advice and look at some income protection. I am using the recommended mortgage broker from the developer who seems to be really good, so I'll ask the question. Thanks for your suggestions.

feralspecies

davidmcn wrote: »

It seems a vast amount. Do you mean you've exchanged contracts, and handed over 28% of the price as a contractual deposit, rather than the more usual 10%, and are now waiting for the house to be built? Who advised you to do that? Are solicitors safely holding the money, or are the builders now spending it, and have just used you as an interest-free lender rather than getting the money from their bank?

No the house is already built, its basically the last plot they've used as a show-home. So I reserved it with everything in it (furniture etc). I haven't exchanged yet, but I need to complete by 20th December. I have had a mortgage in principle agreed based on a 120k deposit, which is based on the 129k of equity I have in my current home (I part exchanged with the developer). I will keep the 9k for moving fees etc. I am just waiting for final approval having sent all my documents off to my mortgage broker and Ive just instructed a solicitor which the developer has paid for plus my stamp duty.

davidmcn

feralspecies wrote: »

No the house is already built, its basically the last plot they've used as a show-home. So I reserved it with everything in it (furniture etc). I haven't exchanged yet, but I need to complete by 20th December. I have had a mortgage in principle agreed based on a 120k deposit, which is based on the 129k of equity I have in my current home (I part exchanged with the developer). I will keep the 9k for moving fees etc. I am just waiting for final approval having sent all my documents off to my mortgage broker and Ive just instructed a solicitor which the developer has paid for plus my stamp duty.

Right, so at the moment you haven't "put a deposit" on anything. And can still walk away if you change your mind. Rather different from what your OP implied.

dimbo61

With £120K in savings why has your mortgage broker not mentioned offset mortgages ?
Our offset savings help me sleep at night.
Counting sheep �� ��

fullofcold

feralspecies wrote: »

I have life insurance, but I will take your advice and look at some income protection. I am using the recommended mortgage broker from the developer who seems to be really good, so I'll ask the question. Thanks for your suggestions.

You should have a full review of your insurances at this stage to ensure that everything in place is still suitable for your new circumstances.

fronty

It's not a Persimmon house is it? I'd be more worried about the build quality than anything else, although as it's the show home one would hope it's built to a decent standard!

newbuildbuyer

You earn more in a year than most do in four.

Chill, you're fine, more than fine actually.

penners324

Trying to work out why you've got £16k in unsecured debt and vastly more than that in savings.

I'd also be putting vastly more into that pension plan. You're allowed to upto £40k a year each into it.