SLLM (Single Lady Large Mortgage)

Sistergold

Afternoon ladies. 

I finally got the letter with the figures after the mortgage recalculation which was necessitated by the OP of £1000 last week. I asked them to keep the term the same. So now my monthly mortgage payment has gone down from £2098.02 to £2076.83(difference of £21.19) Will now add the £21.19 to my Overpayments. 

Want to still push it down to lower payment of about £1500 still adding the difference back into OP. 
£21.19 extra in the OP payments per month is not bad. 

🤩🥳

Sistergold

I am off today and just going through my letters. Got a tax refund of over £4K! Well I did my usual dance! I am soooooo happy! 🤪

HelloB

@Sistergold WOOHOO! What a wonderful Friday. Tax refund and an over £20 a month decrease in monthly mortgage payments!  It's so satisfying to know that you're saving £5,594 of interest over the term (£21.19 x 12 months x 22 years).  

@clarissa62 Thanks for your kind words. Re: your BTL, doesn't matter where it is.  You've got a property. This thread is brilliant (thanks Sistergold), I'm learning so much from others sharing their experience.  But little steps forward = still moving forward. 

Sistergold

@HelloB
Thank you! I am so happy. I love the way you are so good with figures! Did not realise I was saving that much £5,594 by this one act?!
🤓🤪🤩

Sandyra

SG, well done on OP and tax refund, you are becoming a dab hand at this! 👍🏽 I got £96.18 not quite £4k for professional subscriptions, I think I've rung out the money tree from HMRC now. Although when I finish off paying my student loan in 2 years, I will have another £300 a month!!!

I'm sorted on the excel front thanks to HB and FB. 👌🏾

Welcome @clarissa62. As HB and SG said, SO is an option. I bought a 2 bed SO flat in SE London in 2015. It suited my needs at the time, if I had the money to buy outright I would, but I didn't so I opted for this. I had £18k deposit but it wasn't enough for full ownership alas. As @HelloB said some are aimed for keyworkers, they weren't as popular as they are now. I know for some people it has been a nightmare and for others it has been great. I fall into the latter category. I staircased twice in very short succession, thinking back I should have waited a little bit before my first staircase from 30 to 75% as my property went up really high in value due to the boom in 2016, but swings and roundabouts when my property was downvalued not significantly in 2019 it made it easier/cheaper to buy the last 25%.  HAs are a nightmare, I have had problems with mine, but it has been resolved eventually. It,s not my forever home but it has made me good enough equity to buy somewhere later. The main thing was my income increasing substantially so I could buy more share. Also I had to leave Barclays pay £2.5k ERC as they wouldn't give me enough to get 75% whereas Nationwide did, after that I opted for tracker and I've been lucky in that respects that my rate has gone down.

HB - sorry about your loss 

Sistergold

@Sandyra everything we can get from HMRC we should try to get so welldone on the £96.18. Also the £300 in two years well that’s not a figure to be frowned upon, it will surely boost your budget! 

@clarissa62 and @HelloB I really feel for you concerning the miscarriages, it’s hard when you are looking forward to a normal pregnancy then that happens. On my fourth I started bleeding and the doctors were like well if you lose it you lose it and could not be bothered to arrange a scan? I was gutted but after sometime the bleeding stoped and I went for a private scan and baby was still alive and managed to carry it to full term. I was not going to be surprised if I had lost the baby as I was going through a very rough time with Mr Ex. Life is full of twist and turns. 

Love, hugs and kisses to you @HelloB and @clarissa62

@clarissa also warm thoughts for you and best wishes on sorting out another job soon. 

Xx

slm6002

As I seem to be struggling to get a mortgage at the moment due to most of my income being benefits, is the part buy part rent scheme mainly positive from you all (those of you that have had them)?  I'm not even sure if i could get one this way either but might be worth looking at them.  I always thought they were no good, but maybe that was because I didn't really know much about them.  Would it be easy to get to 100% ownership or do they try really hard to keep hold of some of it? Thanks in advance

Accountant_Kerry

Morning all, hope you are well and had a good weekend. 
You inspired me to check my tax code etc and sort out a few bits with HMRC, knowing my luck I will end up owing them!

Sistergold

Accountant_Kerry said:

Morning all, hope you are well and had a good weekend. 
You inspired me to check my tax code etc and sort out a few bits with HMRC, knowing my luck I will end up owing them!

Lol
I have my fingers crossed for you so that you don’t owe them anything! Good you are checking as we all need all the money we can get! 

😇

Sandyra

slm6002 said:

As I seem to be struggling to get a mortgage at the moment due to most of my income being benefits, is the part buy part rent scheme mainly positive from you all (those of you that have had them)?  I'm not even sure if i could get one this way either but might be worth looking at them.  I always thought they were no good, but maybe that was because I didn't really know much about them.  Would it be easy to get to 100% ownership or do they try really hard to keep hold of some of it? Thanks in advance

Morning @slm6002
I guess you have nothing to loose, they do affordability checks to make sure you can afford it. It is easy to get 100% ownership if you have the funds/ money and inclination. They don't stop it, that's part of the ownership process, but some HAs are better organised it than others. Mine at one point were doing free fees to staircase a few years back. You also need to weigh up if you sell, who would buy your share, some might snap your hands of at 35% share unlike 75%, but my neighbour sold hers at 100%. One thing to point out if you do elect pay your stamp duty in parts and not the whole thing at the beginning* you only pay once you reach 80%.
*might be better if FTB to do it at beginning for the relief.