SLLM (Single Lady Large Mortgage)

curlywurly82

@PinkFairyDust2 how long have you had the house? Did you do a survey at the time? 

Have you done much decorating before, i have done very little so am having someone in to paint the downstairs and study.

I am going to attack the bathroom. The bathroom was only fitted the other year and the tiles and suite are great and similar to what i would have chosen. The painted walls are lilac and you can see where the mirror hung. I like lilac but not taken to it in the bathroom so will be looking  for something different. 

Sistergold

@PinkFairyDust2, having an emergency fund takes the stress of being on single income away. It’s the prudent thing to do. If taking £105k will leave you with best cushion of money then that might be best? But if £100k will still leave you with a good amount of savings then that reduces repayments and interest too. For me I do tend to take the maximum(should be avoided I know) as I like to be in the house with a good amount still in the bank to make sure I can get to resolve any house issues quickly. Once you settle you can always overpay if you don’t use the money elsewhere. Xx

badmemory

No-one seems to mention this much but I do think that as a single you need a larger emergency fund than you do as part of a couple.  It helps to avoid some of that stress of "it is all down to me",  & I think even more important if you have children.

Me_v_The_Mortgage_Mountain

PinkFairyDust2 said:

Hi, been lurking this forum for a while and thought I would post. Hi all! So I am currently going through a separation and am buying my partner out so I can remain in the property. Luckily we only had £3k left on the mortgage so we paid that off today. Whilst that should be a celebratory moment, I am taking a remortgage out to buy him out. So I’ll be taking out a mortgage of £100/105k and using some savings as well to pay him off. My plan is to pay this off within 10 Years but am going to take term out over 20 and overpay so I have some security being sole income coming in. I have a 12 year old as well. It is so scary the thought of doing everything myself as for years I have left him to do finances and transferred him money each month. Very daunting. Also I plan to redecorate and make the house so nice as we haven’t done much to it since we bought it all those years ago. I need something to stop me feeling lonely in an evening once he moves out and not thinking about him. Not sure if I qualify for this forum but I am a single lady!! X

Hi all

Just discovered this diary so hope you don't mind me popping in!

PinkFairyDust2, have you considered an Interest Only Mortgage as you appear to have a LTV.  I found myself in a similar position last year, suddenly single and wanted to buy out my Ex so that DD could remain in the home she loves.  I went for a fixed rate Interest Only over 19 years to keep the mandatory repayment low with the knowledge that should the worst happen I could still keep up the mortgage payments and therefore a roof over our heads.  However I am overpaying £750pm on top of the interest payments to try and repay the mortgage as fast as possible.  

Best of luck

MvTMM

Sistergold

Hello @Me_v_The_Mortgage_Mountain, welcome to SLLM, we are so happy you popped in! XX 

slm6002

Another thing to remember is that if you will be applying for benefits you are only entitled to claim if savings are under a certain amount.  I'm not however saying get rid of savings just to get the benefit, but if you will need the help of them just be aware of the thresholds

PinkFairyDust2

badmemory said:

No-one seems to mention this much but I do think that as a single you need a larger emergency fund than you do as part of a couple.  It helps to avoid some of that stress of "it is all down to me",  & I think even more important if you have children.

I think they say to have 6 months of bills but I am trying to have more than than for that comfort blanket should I lose my job or anything emergency repair is required or I get sick. Just need to make sure can keep a roof over our heads. 

Sistergold

@PinkFairyDust2, Yes six months to start with is a good amount for emergency fund, you can then increase it with time. So you have a good plan there for your finances. Money is just a bit of a worry when you are alone as subconsciously if with someone there is backup if things go south on the work front.  XX 

Me_v_The_Mortgage_Mountain

Hi PinkFairyDust2

By December I will have paid off nearly £10k which I'm quite pleased about as I am also paying off some debts, trying to add to my Emergency Fund and improve the house and garden all at the same time.  For me the beauty of the Interest Only option is that I am only committed to pay c£150pm to keep our home, I am choosing to make the repayments to the principle at present but if my circumstances changed I could still afford the £150.

My ex actually left 4.5yrs ago now, announced out of the blue on valentines day that he was leaving but it was only last year that he finally agreed to me buying him out of the house, mind games and controling behaviour we his forte!  It was a real kick in the guts when he left as I had supported him for years through some really tough times and had kept a roof over our heads and food in the children's bellies and just as things were getting easier he walked out.  However, it turned out to be the best thing he ever did for me.  Immediately he left the atmosphere in the house changed.  I gained real control over my finances and got myself from a poor credit rating to an excellent one (999/999) in order to gain a pretty hefty mortgage at the age of 50!  DD has come through this all really well and actually thanked me for the strength I have shown and the way I coped, hopefully I've been a good role model, didn't want her thinking a man could destroy me.  I did have lonely times, I would take myself for long dog walks and enjoy the beautiful place we live in.  I pushed myself to do things I wouldn't have done before, that old mantra 'if you always do what you've always done, you'll always get what you've always got', I grew in confidence, lost weight and truly found myself for the first time in my life.  I met my new partner 3 years ago and have honestly never been happier.  Stay strong PinkFairyDust, you've got this!!

MvTMM

Sistergold

@Me_v_The_Mortgage_Mountain, very exemplary show of strength of character you have shown in gaining control over your life and finances! You are also handling the interest only mortgage with focus and you will surely smash through it! £150 as a minimum is a good reassuring figure which you can always find! A good alternative approach to a hefty mortgage. Xx