SLLM (Single Lady Large Mortgage)

lantanna

Welcome fantasy, your in good company here. 

Sistergold

Hello @fantasyvsreality and welcome! Happy you joined us here. You are among many who have gone through the mills and come out ontop on the other side. Very scary initially but it will be very exciting once you have completed on your house. Once you settle to being single you will realise it’s more secure as there is now no one to let you down! 

At what stage are you in your house buying process? Good luck and glad you have managed to pick up some useful tips. X

SuseOrm

I desperately want your dishwasher @Sistergold but they’re out of stock everywhere where did you manage to find one please ? 

I found out this week that I am going to get a bonus that I wasn’t expecting I do have to work quite hard to deliver on something in order to get it but it’s not impossible if that makes sense so I’m gonna work really hard I’m very motivated right now.  

Unfortunately the bonus is going to go on a holiday to Disney which I promised the children by hook or by crook we were gonna go on they’ve just had a rotten year.  They’ve actually not had a holiday together since 2015 for various reasons.  

fantasyvsreality

@Sistergold and @lantanna Thank you.

I am currently at the stage of mortgage application and have been actively looking. I have a large deposit which I worked my socks off to build from overpaying on our last house for years, we had become mortgage free when we decided to separate. 

I am currently living in the house he bought when we sold our joint home. Due to the pandemic we had a nightmare finding anywhere, eventually he bought a gorgeous house in Devon and I am able to live here with him as it is an amicable split. We still care about each other but it is not a romantic relationship. I am really excited to own my own place for lots of reasons but it also terrifies me. I tend to doubt myself, despite running a successful business on my own, self employed. I want a chance to grow and see how much strength I really do have. 

I am particularly interested in reading about peoples decisions on how much to borrow. The industry I work in was badly affected by covid so I am a little concerned about the bounce back. I am doing well so far but I don't want to overstretch myself, I am aware my age and menopause makes work more fatiguing. Thanks ladies! Love this thread. 

Me_v_The_Mortgage_Mountain

Hi @fantasyvsreality, I follow this diary avidly but don't comment very much. 

I took on the largest mortgage of my life about 18 months ago at the age of 50 to buy ex out of the marital home.  I decided on a 5 year, fixed rate, interest only mortgage, originally borrowing £131k against a £325k property, now down to £117,423 against a £400k property due to the rising market.  The reason I chose this path is that I wanted to ensure that whatever the future held I could afford the repayments and keep a roof over myself and DDs heads, my repayments stand at £141 per month but I overpay by £750 each month, obviously if the worst happened and I lost my job I would only be committed to covering the £141, it also means I have  bit of a cushion with the way costs are rising at the moment.  I was lucky that I had a large amount of equity which gave me the option of Interest Only, I'm now aiming to get the mortgage down to £85k before the fixed rate expires.

Interest only could be a good option for you, at least to start with, whilst you gauge how business is recovering, as I said you can always make voluntary overpayments, usually up to 10% of the loan per annum.

Good luck, I look forward to seeing how things progress for you, it is scary going alone but at the same time exciting and empowering!

MvTMM

fantasyvsreality

@Me_v_The_Mortgage_Mountain Gosh that is really helpful. I never considered this! So my plan is to overpay while work is plenty, therefore what you have suggested makes a lot of sense. I am probably looking at a mortgage of around £75k because I only need a 2 bed or even one bed property for me alone (no kids sadly but I have a lurcher who I adore). I really want a garden over indoor space. I am buying in Devon but oh my goodness the prices here are madness now. It kills me having lived here over 20 years that houses that were well within my reach even 2 years ago are now out of reach. Hey ho, got to try and keep positive. I have equity of £185k but will probably hold a bit of this back as an emergency fund. I know if I clean myself out of money I won't sleep at night, I have enough trouble sleeping with the menopause.

Sistergold

SuseOrm said:

I desperately want your dishwasher @Sistergold but they’re out of stock everywhere where did you manage to find one please ? 

I found out this week that I am going to get a bonus that I wasn’t expecting I do have to work quite hard to deliver on something in order to get it but it’s not impossible if that makes sense so I’m gonna work really hard I’m very motivated right now.  

Unfortunately the bonus is going to go on a holiday to Disney which I promised the children by hook or by crook we were gonna go on they’ve just had a rotten year.  They’ve actually not had a holiday together since 2015 for various reasons.  

Fisher & Paykel Double DishDrawer 

Dd60ddfhx9

I was just lucky to get the dishwasher on eBay AO-outlet. So it was the only one in stock maybe a return as has cosmetic damage. The one I got was reduced price as has lots of dents. As you see from original post I had budgeted £1500 as they can cost that much depending, but got the battered one for £800. AO does not have any in stock but I called “glotech” and they have above model in stock 

Just found them online but I have not bought from them before. 

lantanna

Been to the site today, bricks are in up to the windowsill. Exciting. 

Feeling a bit spooked about all the talk of recession. My target for my 5 year fixed is to pay as much off as possible whilst living the best life that I can. I’m going to start low and make an extra £50 payment per month raising this in 2023 when I’m properly in and settled.

Me_v_The_Mortgage_Mountain

fantasyvsreality said:

@Me_v_The_Mortgage_Mountain Gosh that is really helpful. I never considered this! So my plan is to overpay while work is plenty, therefore what you have suggested makes a lot of sense. I am probably looking at a mortgage of around £75k because I only need a 2 bed or even one bed property for me alone (no kids sadly but I have a lurcher who I adore). I really want a garden over indoor space. I am buying in Devon but oh my goodness the prices here are madness now. It kills me having lived here over 20 years that houses that were well within my reach even 2 years ago are now out of reach. Hey ho, got to try and keep positive. I have equity of £185k but will probably hold a bit of this back as an emergency fund. I know if I clean myself out of money I won't sleep at night, I have enough trouble sleeping with the menopause.

I used to live in Devon, over the boarder in Somerset now, so know exactly what you mean.  DS1 would love to buy somewhere but the prices are just ridiculous.

Glad I have given you food for thought.  Best of luck!

Sistergold

@fantasyvsreality & @lantanna, yes the talk of recession is really worrying but we just have to stay positive I think. This crisis might go on for a while but we still need a roof over our heads and so you are doing the right thing to just carry on with the purchase. Overpayments are a good way to go. Some think there are better places to put your money like stocks and shares but for me overpayments have helped me feel more confident about being able to pay my mortgage. 

After a breakup buying a house can provide you with the psychological boost that Infact you can stand on your own. Being in your house is the best feeling after the sad feelings of a failed relationship. 

@fantasyvsreality that’s a good deposit you have managed to save there. With overpayments your mortgage will soon be paid off.