Moving forward and upwards

MovingForwards

Thanks SH and SW

The heating has been on as it's freezing up here, but I wanted to be able to set the timer.

I've emailed several properties to TomBo so he can tell me what he likes / dislikes about each of them. I can use that info to find the right layout, sizes etc. If it's anything like last time he'll tell me which areas are a no, we'll view and he'll say buy it.

TomBo would be happy to stay here and spend money doing the flat how we want it, but he doesn't think about tomorrow let alone when we're older. 

I can see his point of view as we have a home, but it would take over 10 years to save the equivalent amount. My wages over the previous decade have always been around what I'm on now, aside from the last 2 roles; I'd not be happy getting priced out again and having the option to move taken away.

I'll start making a list in the New Year of all the finishing touches I have to do to the flat, I'll pick a bit off each week. 

I've tweaked my financial plans for next year as I do want to save as much as I can. I guess my hard deadline will be when the fixed rate is up in just over 3 years.

We had tomato soup and toast for tea, I had chocolate fudge cake for pudding.

savingholmes

Is your mortgage portable?

How long do you expect probate to take?

Presumably you would need to sell your mum's place - is it ready for sale or does it need work?

I imagine your head is full. I can remember how excited you were to get your own place.

I sympathise with not wanting to be priced out. Would you look for a bungalow or a house?

MovingForwards

Thanks SH

No, it's not portable, I've a subprime lender but the ERCs are under £2k.

Probate should be done by this time next year.

The house is complicated and causing me a bit of stress. Which is why I also have held back saying anything and also being a bit flexible with having a while to decide / save up more.

I'm excited, but torn, but also know it's good future planning. If I'm in too much pain, I can't get out the flat due to the stairs.

Ideally a bungalow, but some of the houses I looked at before had a downstairs bedroom and WC. Either end terrace or detached. 

savingholmes

All sounds good. Hope your work day goes well and Tombo cooks you up a treat for after work.

longway2go

It's really good to plan ahead as it will give motivation. Also by starting yo look now when you are in a position to move you will understand the market better and know what is overpriced etc 

savingwannabe

Thinking of the new house is something to look forward to for all of us. You deserve this sooo much. 

MovingForwards

Thanks SH, LW2G and SW.

Each payrise I've looked at to how much I could borrow and what properties would be in budget, I even did it when I was told the salary for my new role. 

I can potentially do a move on savings, without touching the inheritance. 
- Borrow £90k, add in £10k savings (haven't got that much but will next year), and that would buy me a 3 bed house in the area I live or a 3 bed house with a downstairs bedroom. It would cost an extra £30pm for the mortgage, compared to what I pay now contractually.
- Borrow £70k, add in £10k savings and buy the 2 bed version of the house with the downstairs bedroom. That would save me £120pm compared to what I pay now, contractually.

I've always budgeted to not receive an inheritance and if I did a move without using it, I could potentially put it to better use in the future ie saving up again and stepping up to the final retirement property or comfortably retiring early.

All I can do is see how I feel when I do have the money sitting in my account.

We had spag bol for tea, sweets for pudding.

MovingForwards

I've booked my jab, having it on the 23rd as it won't matter if I'm unable to walk as I'll have broken up for the holidays.

I'm looking forward to having a proper rest and can do some DIY while TomBo is at work; he doesn't get the bit between Christmas and New Year.

I ordered a present for TomBo, have to sort out some other things for him and I'll have to make a start wrapping gifts. 

Bedtime soon!

savingholmes

Interesting plans as always. Perhaps consider pensions in that equation too with the government uplift it could be a help. I am no expert though just another thought to add into the mix

MovingForwards

Thanks SH

Prior to my car, I always split my money three ways, property, cash and SIPP, as I'm always taking up company pensions too.

I was chasing down the mortgage, while saving, hoping the two would meet in the middle. I'd got everything worked out for my SIPP.

There's a lot of maths going on at the moment, trying to figure out the best use of wages and inheritance.