SLLM (Single Lady Large Mortgage)

Merlin's_Beard

Sistergold said:

badmemory said:

If it goes up to over 10% we will all be in the ************.  Although I am old enough to remember having to pay 17%.  It just kept going up & up.  Fixes were not the norm then.

Oh @badmemory if the interests rates go to 17%,  I think at that point the bankers will have decided they want to repossess as many houses as they can! House Prices have gone up so much the payments will be ridiculous! Well we just pray for the worst not to happen! I really need to ramp up my OPs in the meantime. X

You have to think that something would happen to intervene if things started going that way - so many people would lose their house, and property is such a sensitive point when it comes to voting. I'm trying to go off the principle that as long as I can withstand a higher interest rate than most people (and most people don't OP!), I should be okay.

badmemory

If things get that bad again the loaners stop repossessing because they realise that something is better than nothing.   The reason Northern Rock went was that they were loaning more than the value of the property.  Anyone should have seen the disaster due to happen, that some people are still paying for.  I am just grateful that I am what is known up here as tight.  Single mother of one & my BS was bought out by Northern Rock.  That gave me a windfall of nearly £2.5k.  So I said to myself - the first really big holiday for over a decade, a big holiday & pay the rest of the mortgage, pay it all of the morgage.  Paid £2400 off the mortgage & the rest is history, as was the mortgage just before the redundancy notices came out (it didn't happen).  But the difference between the notices we had had a few years earlier (also never happened) & this one you wouldn't believe.

LadyWithAPlan

Sistergold said:

@LadyWithAPlan, that’s really lucky that the side hustle has become another stream of income! Well done! As it’s promising to give a return and you say you enjoy it it’s good to invest in yourself to bump up your skills so that you can do even more! So getting a one to one training is a good idea as you can learn what is relevant to you and fill the knowledge gaps. I think yes you should be able to afford £400k mortgage as it’s the amount at present for which I am paying just over £2k. You have also mentioned that you don’t mind stretching the term so that should lower it even further! Being single means you need to future proof by getting the longest term and then OP as you go along. 

I think part of your delay in buying might just be that you have not “fallen too much in love” with any particular flat on sale! When it’s the right time you will be pushing to get “that flat”! 

indeed everything I want is just that bit out of reach and with this many unpaid invoices I cant consider it.
I only (ha!) want to go to 500k so I think that means I do need to go further out as I want a balcony or ideally a small garden or patio.. 
If I go above then I lose my 25% H2B isa uplift - £1900 so far and not counted in my deposit figures.
I think my next big goal is to get a 75%  LTV so I need £125k deposit plus 15k stamp duty (1st time buyer)  and fees - maybe more I think the solicitor fees.surveys  will be about 5k or am I underestimating?
So I have a £40- 50k more savings goal (after my invoices paid!) - as long as my rent  and living expenses stays super low its a huge but doable target.. will need some miracles but i can work harder and smarter 
As you say though I might see an amazing flat and have to have it!

On the side hustle might buy this online course to take my skills next level $275 and also arranged to speak to friend as he may have suggestion on who to call or pay for a 1 2 1 on this tech issue.


@badmemory well done for being 'tight'  and being so clever and clear with unexpected monies.

@Merlin's I think they have to and should more aggressively help lower income and fixed income people with more energy help payments and funding food banks before  property owners. I remember my parents struggling with 15% mortgage rates and my dad being made redundant as a kid, it was very stressful so yes OP is the way.  

HelloB

Just jumping in here to see how everyone is doing. 

Firstly @Sistergold, you're doing so well! I love seeing your renovations savings pot go up and so glad your OPs have shaved a few years off the mortgage already.

Secondly, well done to the other single ladies in actively engaging/planning home ownership. 

When Sistergold started this thread during  the first covid lockdown, it kept me motivated to overpay my mortgage and save where possible. It was tough when lockdown lifted to not go on nice luxury holidays, as a pick me up. Although I had spent a small sum on putting in triple glazing windows and a new roof. 

Here is my current position, with thanks to Sistergold's motivation and encouragement. 

Mortgage as at 1 Jan 2020 £435k 
5 years fixed rate at 1.68%
Today 1 Aug 2022 £288k (just over half way of the 5 year fixed term) 

With 10% overpayment allowed each year, I will have £200k mortgage remaining at 31 Dec 2024. I plan to have this £200k in residual savings/liquid investment, so should be in a position to pay off the entire residential mortgage by 31 Dec 2024. 🎉

jak

Hello! Can I join you all? I've Loved reading about your house buying adventures. It's just so inspiring! 
I'm a single Mum with a teenager. I've had an offer accepted on a house and it's actually feeling promising! I've had 2 houses fall through so hoping it's third time lucky! xxx

Sweetie83

HelloB said:

Just jumping in here to see how everyone is doing. 

Firstly @Sistergold, you're doing so well! I love seeing your renovations savings pot go up and so glad your OPs have shaved a few years off the mortgage already.

Secondly, well done to the other single ladies in actively engaging/planning home ownership. 

When Sistergold started this thread during  the first covid lockdown, it kept me motivated to overpay my mortgage and save where possible. It was tough when lockdown lifted to not go on nice luxury holidays, as a pick me up. Although I had spent a small sum on putting in triple glazing windows and a new roof. 

Here is my current position, with thanks to Sistergold's motivation and encouragement. 

Mortgage as at 1 Jan 2020 £435k 
5 years fixed rate at 1.68%
Today 1 Aug 2022 £288k (just over half way of the 5 year fixed term) 

With 10% overpayment allowed each year, I will have £200k mortgage remaining at 31 Dec 2024. I plan to have this £200k in residual savings/liquid investment, so should be in a position to pay off the entire residential mortgage by 31 Dec 2024. 🎉

Wow that’s insane! Well done everyone really enjoying seeing everyone’s progress 

Sistergold

Merlin's_Beard said:

Sistergold said:

badmemory said:

If it goes up to over 10% we will all be in the ************.  Although I am old enough to remember having to pay 17%.  It just kept going up & up.  Fixes were not the norm then.

Oh @badmemory if the interests rates go to 17%,  I think at that point the bankers will have decided they want to repossess as many houses as they can! House Prices have gone up so much the payments will be ridiculous! Well we just pray for the worst not to happen! I really need to ramp up my OPs in the meantime. X

You have to think that something would happen to intervene if things started going that way - so many people would lose their house, and property is such a sensitive point when it comes to voting. I'm trying to go off the principle that as long as I can withstand a higher interest rate than most people (and most people don't OP!), I should be okay.

Yes, I also am holding on to the fact that they can not just let it go out of hand, politics will kick fingers crossed! 

Sistergold

badmemory said:

If things get that bad again the loaners stop repossessing because they realise that something is better than nothing.   The reason Northern Rock went was that they were loaning more than the value of the property.  Anyone should have seen the disaster due to happen, that some people are still paying for.  I am just grateful that I am what is known up here as tight.  Single mother of one & my BS was bought out by Northern Rock.  That gave me a windfall of nearly £2.5k.  So I said to myself - the first really big holiday for over a decade, a big holiday & pay the rest of the mortgage, pay it all of the morgage.  Paid £2400 off the mortgage & the rest is history, as was the mortgage just before the redundancy notices came out (it didn't happen).  But the difference between the notices we had had a few years earlier (also never happened) & this one you wouldn't believe.

Good financial choices do pay off. Borrowing has been conducted sensibly after northern rock so hopefully most will just manage to keep going. 

Sistergold

LadyWithAPlan said:

Sistergold said:

@LadyWithAPlan, that’s really lucky that the side hustle has become another stream of income! Well done! As it’s promising to give a return and you say you enjoy it it’s good to invest in yourself to bump up your skills so that you can do even more! So getting a one to one training is a good idea as you can learn what is relevant to you and fill the knowledge gaps. I think yes you should be able to afford £400k mortgage as it’s the amount at present for which I am paying just over £2k. You have also mentioned that you don’t mind stretching the term so that should lower it even further! Being single means you need to future proof by getting the longest term and then OP as you go along. 

I think part of your delay in buying might just be that you have not “fallen too much in love” with any particular flat on sale! When it’s the right time you will be pushing to get “that flat”! 

indeed everything I want is just that bit out of reach and with this many unpaid invoices I cant consider it.
I only (ha!) want to go to 500k so I think that means I do need to go further out as I want a balcony or ideally a small garden or patio.. 
If I go above then I lose my 25% H2B isa uplift - £1900 so far and not counted in my deposit figures.
I think my next big goal is to get a 75%  LTV so I need £125k deposit plus 15k stamp duty (1st time buyer)  and fees - maybe more I think the solicitor fees.surveys  will be about 5k or am I underestimating?
So I have a £40- 50k more savings goal (after my invoices paid!) - as long as my rent  and living expenses stays super low its a huge but doable target.. will need some miracles but i can work harder and smarter 
As you say though I might see an amazing flat and have to have it!

On the side hustle might buy this online course to take my skills next level $275 and also arranged to speak to friend as he may have suggestion on who to call or pay for a 1 2 1 on this tech issue.


@badmemory well done for being 'tight'  and being so clever and clear with unexpected monies.

@Merlin's I think they have to and should more aggressively help lower income and fixed income people with more energy help payments and funding food banks before  property owners. I remember my parents struggling with 15% mortgage rates and my dad being made redundant as a kid, it was very stressful so yes OP is the way.  

75%LTV is a very good starting point! £40k-£50k is not too far to go. You are on the final stretch now!!

Sistergold

HelloB said:

Just jumping in here to see how everyone is doing. 

Firstly @Sistergold, you're doing so well! I love seeing your renovations savings pot go up and so glad your OPs have shaved a few years off the mortgage already.

Secondly, well done to the other single ladies in actively engaging/planning home ownership. 

When Sistergold started this thread during  the first covid lockdown, it kept me motivated to overpay my mortgage and save where possible. It was tough when lockdown lifted to not go on nice luxury holidays, as a pick me up. Although I had spent a small sum on putting in triple glazing windows and a new roof. 

Here is my current position, with thanks to Sistergold's motivation and encouragement. 

Mortgage as at 1 Jan 2020 £435k 
5 years fixed rate at 1.68%
Today 1 Aug 2022 £288k (just over half way of the 5 year fixed term) 

With 10% overpayment allowed each year, I will have £200k mortgage remaining at 31 Dec 2024. I plan to have this £200k in residual savings/liquid investment, so should be in a position to pay off the entire residential mortgage by 31 Dec 2024. 🎉

Oh @HelloB wow you have been quietly doing well in the background! You have brought down the mortgage so much! At this rate end of 2024 to pay off seems an achievable target! So lucky you are on a fixed mortgage with all that’s going on!