SLLM (Single Lady Large Mortgage)

Sistergold

Mortgage news ladies
Mortgage payment went out yesterday. New balance is £416106.72

Last month interest added was £492.82. Slowly moving in the right direction of three hundreds! Can not wait! 👵🏽 I am grateful though for the charge of £492.82 in the form of interest for this house(plus insurance of cause). The rental market stories and fears makes it all worthwhile. I know some are lucky with low rent and good landlords but I personally have been unlucky with rentals so glad I am out of that cycle. 

XX 💋 

slm6002

Thank you Sistergold, from what I was told by the builder the job should only take 2 to 3 days so hoping no interruptions once they get going, but you never know.  Once I know when it is definitely happening I can let the carpet man know and order furniture (currently out of stock).  So even once it has been made into 2 rooms it will be a while before the girls are back in there as I'm hoping carpet, painting etc will be done first.  Very excited to see how it turns out

LadyWithAPlan

You have a great rate 1.39%   Your mortgage payment size makes me go ouch but then mine will be  £1700-£2000 depending on the term I go for as well. Even your interest of £492 - mine I think will be the same or a little more (ouch)  I am thus quite enjoying having not bought yet - (at least my current rent which includes CT/service charge) makes me currently flatish excluding house prices.  I have had some good retal experiences often until they changed the managing agent then all bets were off..
The programme is getting finished then I will get back out and start looking in a month...

That £400k mark is just asking to be knocked off - can you see with your current payments and small OP the date? Maybe April or so??

@slm6002 how exciting and must be fun for the girls to plan to!

Sistergold

@LadyWithAPlan that £400k mark looks like it will take up to August 2022 to achieve as I am not doing much OPs at the moment. Making a dent  in these large mortgages seems to take a long time! 

Yes 1.39 is a good rate. 

@LadyWithAPlan £1700-£2000k you are estimating you will need to pay per month is huge indeed and if you are on a good rent it’s tempting to try and keep paying that for now! Is your rent as low as £492 though? For me the interest and insurance policies  (£492+£400=£900) is the component I consider to be my “rent” that’s what pushed me towards home ownership. So I pay ££900(mortgage expenses) for a four bed house. The capital repayment I will get back when I sell plus any gains. 

It’s good that you are making good progress with your program! Not too long to go before you are flat hunting again! I have a good feeling that you will get a nice befitting place! Remember getting the longest term you can get is worth considering as you can then reduce this as your funds permit without being committed to huge payments right from start incase circumstances change. With a large mortgage at our age the payments are already big anyway without committing to short mortgage term right from start! At start my repayment was over £2200 but with OPs I have managed to reduce it to £2k, I will always readjust monthly payments and leave term long. Hope to get to repayments of less than £1k with time. Xx

Sistergold

@slm6002, 2/3 days is not too long so you are right they are just delaying until they just get the right time to slot your job in! Yes patience is the name of the game with any order at the moment but at least you know once the rooms are there it will be easier to wait for carpeting and painting even if that takes a bit of time! Xx

curlywurly82

Hello all. I've been following for a while and have only now plucked up the courage to post.

I had a one bed flat for 15 yr, had the mortgage down to 40k and £260 per month which i was able to overpay considerably.

I managed to sell it earlier this year and found a lovely 3 bed semi in a local market town. It's affordable but also frightening. My salary multiple this time was the same as the first time i brought however then it was classed as stretching and i had to extend the mortgage to 35yrs. This time it was the lower end of what they would lend and and the multiple they were prepared to offer was eye-watering.

Having just moved there is lot of demand on money so i haven't managed to overpay yet, but i am planning too. 

Sistergold

Hello @curlywurly82 and well-come to SLLM. Congratulations on your 3 bed semi! Making a house a home after buying does take money! “House in a market town” sounds romantic! I think it took me well over a year to start OPs. For now just enjoy the process of getting everything just the way you want it! Xx

Sistergold

Oh hello @PinkFairyDust2, welcome to SLLM! Of cause you qualify to join us here! Sorry to hear about the separation but thank goodness you are in the fortunate position of being able to buy out your  to be Mr X. 

Being single has its challenges and it’s advantages and knowing that you own the property on your own is the best thing that can bring tremendous peace of mind! It’s good that you are aiming for 20yr mortgage as I think it’s best to stretch the term to absolute max and then pay it down quickly through overpayments. As a single there is always the worry of one income and so knowing you have taken the maximum term gives you leeway to pay the minimum when circumstances force you to. What will be terrible is get a long term then you let it stretch with no OP. My term was given to when I will be 70yrs old! 

Tell us how you get on with the remortgage and decorations! XX 

Queen_of_the_Hive

@Sistergold - Well done on your updates so far, your making wonderful progress towards your goals. Inspiring to read. 

Sistergold

@PinkFairyDust2, you are lucky that you are buying a house you already know. Buying seems to be a bumpy ride for many with the “race for space” post covid. How are you your with DIY? Are you quite hands on?