SLLM (Single Lady Large Mortgage)

LadyWithAPlan

Sistergold said:

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.

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

Indeed ; - 75% sounds like a great and doable aim I also read that as a first time buyer if i buy above £500k i lose my 300k stamp duty benefit? Need to check it out but honestly 500k in London doesnt buy a studio with a balcony in some parts!!

LadyWithAPlan

Sistergold said:

Good morning ladies
The children are going to be with their dad for about a week. With this I decided to take a road trip by myself from London and if hotel bookings permit I hope to end up in Scotland. The idea is I want to visit Scotland in my car. I don’t want to tire myself and drive the 6plus hours in one day. All I want is a change really. So I decided rather than fly to Scotland and hire a car I will drive there. So part of trip is drive to Nottingham and will sleep there from today and checkout on Monday. It’s an excellent rated hotel, with spa and leisure facilities so will try and relax and exercise there. On Sunday I will then try and book a hotel in a town 2hrs or so from Nottingham towards Scotland and sleep there a night or two, then move on until I get to Scotland. Where I will sleep will be determined by where I can get a nice hotel booking. I will then do the same coming back and hope to be in different towns. I am hoping I will just be able to enjoy myself and let my hair down a bit. I will keep you all posted as I go on this trip. I am hoping to be back by next week Friday. Also if I don’t get to Scotland that’s also fine as when I want to come back I can or if I don’t get accommodation I like I will just drive all the way back. ALSO if I am having a good time sightseeing/relaxing in a particular town I can just stay there the whole time and come back! 

Happy adventures! Xx

Of course it is the very fabulous Edinburgh Fringe on now - but you will need to find hotels as they are scarce in August (and very expensive)
Enjoy the trip!

I travel a lot on my own across the world and love it 

Sistergold

Oh thank you ladies,

@slm6002, so far so good but in some ways it would have been easier to have everything planned out. 

@lantanna, oh you went to university in Scotland? That should have been a wonderful experience as Scotland is a place to visit I hear. Touring in your car is the in thing at present and have been watching a lot of it on YouTube. I think what I did now to travel and book randomly was a good first step. Have seen ladies sleeping in their cars and I am not sure if I can go that far. 

@LadyWithAPlan well I am wonky learning now to get on and travel by myself, lucky you for having the courage to travel all over on your own. I am trying to get used to enjoying doing things on my own. 

WittyUserName

Sistergold said:

Hello all
SLLM - single ladies with large mortgages or single ladies who have previously had large mortgages or single laddies in the process of getting a large mortgage!  So if you are a lady and own your own house then yes this is for you. 
Yes I could not resist it any longer. Ladies large mortgage is a loose term so if you are single and £50k or 100k mortgage is huge for you if you take into account what you earn then please don’t be put off by the title of this thread feel free to join in.   

Also ladies if you are single but have finished paying your mortgage please also join in as we could really use your advice on how you did it as we are all hoping to get to that point of owning the house outright. 

I have been going in and out of other threads trying to find specific company of single ladies who have a very big mortgage. After much looking I decided to start this thread. I will be writing regularly but please I want this to be our diary not just my diary! Please anyone who have found themselves in this scary yet wonderful position  that I have found myself in please give me a shout! I would like to exchange everyday things and life experiences with all you courageous single ladies who are getting, or have or have had a large mortgage. 

This platform is for us single ladies to keep our spirits up in this seemingly lonely journey. 

I hope this will help keep us motivated and help us in achieving our dreams. I hope this thread will help others know it can be done. I do read other threads but then it’s like “ me and my other half have recently bought a house and are now in the process of overpaying” or “me and my other half are now planning to renovate or extend or remortgage or buy a bigger house “. I then just feel demotivated as I am just on my own trying to manage this mortgage! 

A LITTLE ABOUT ME!
I am single (divorced) female, with children who live with me and have a huge mortgage. I particularly find it huge as I am also not that young, born in the seventies so now in my late forties! 

Went on separation into renting and after finalisation of divorce decided to now work on buying my own forever home! Was not easy renting and saving for a deposit but I was determined as I know it was going to be even more challenging if I left it until after I am 50. I knew that the sooner I bought my own house the better as house prices seem to go up in general. So anyway started renting in 2016, started looking for a place end of 2018 and purchased 2019. Saving for the deposit was tough but hey I had to do it. 

I do love my house but it does come with a big mortgage, £487500 was the initial loan amount. 

The house I bought was in London as I just love London and work in London. I had to spend that much although not such a wise idea( on looking back) but as I have young children I wanted to find a quieter neighbourhood and being in London I needed parking and having 4 children I needed space and since I am easily disturbed by noise I needed to be away from busy roads, as I have children I needed a decent garden, so ladies you can see how all those add up and increase purchase price? 

My deposit was over 20% and it’s a 23 year variable mortgage discounted for two years after which it will go to bank SVR. 

On this thread we can talk about how we are coping with our mortgages, how we are coping with  house maintanance, how you feel about your house. Yes let’s talk about the joys and tears of owning a house! Let’s talk about how you enjoy sitting in your lounge or being in your bedroom, or being in the garden or how you have been forced to learn to paint or to learn some plumbing! 

I must confess there is more to a house than getting the mortgage I soon discovered! Have you seen how builders treat you when you want them to do some work for you? Well ladies we have a lot to just laugh about and cry about don’t you think? Please join in! 🧚🏾🧚🏾‍♀️

hope to hear from you all single ladies 

Hi @Sistergold how long do you estimate it might take you to be mortgage free? (Ahead of your official end of term I mean) 

Do you have an offset mortgage? And does your lender limit you to 10% pa overpayments? 

I see you’re in London, and your starting mortgage balance is roughly in the range I had in mind when I posted yesterday, asking if anyone had managed to pay off a Londonesque mortgage.

Glad I spotted your diary, I’ll keep reading it - do you know of any others with similar sized albatrosses around their necks? Thanks 

Sistergold

Finally in Scotland, and Glasgow it is. Hotel is lovely and cocktails it is! X

Merlin's_Beard

Well done! Solo travel can be quite addictive when you get used to doing what you want, when you want!

Sistergold

@LadyWithAPlan, if I can pick the pace back to which I was going I was estimating I can pay off the mortgage at least 10years earlier. First mortgage product I chose one with no OP limits and so no penalties But when I remortgaged/switched products I was not offered any product with good OP options. My mortgage is not an offset and the lender only allows me to pay £999.99 OP per month, this is less than the 10% that most lenders allow. Having said this I find I don’t necessarily want to allocate more than a £1k anyway due to other savings I want to make. The aim is that once mortgage balance is low enough I can just choose to pay it off. 

Most “oversized” mortgages I have seen are not with singles but it’s looking like many woman are now managing to do it and there will be more of us as we go! I can not wait for you to join us in this joyfully painful process. Like I have said before it becomes a blur after some time! Lol

lantanna

Brilliant Sistergold, hope you have a great time. I love solo travel you see far more when your on your own and the people watching is great

IndiJonesi

@Sistergold good to read that you are on the west coast of scotland.  I'll be interested to see if you travel on further up the west coast.  The scenery is magnificent.  Have a fab holiday.  Indi x

jak

@Sistergold have a wonderful time. I love Scotland. My Grandpa is from Dundee. Enjoy your travels x