First time buyer want to be mortgage free 4 May 2020 at 4:41AM in Mortgage-free wannabe 5 replies 171 views

Sncjw

Hi guys and gals 

I bought a house with my partner for 83,500 and a mortgage of 75,150. The mortgage is showing on my accounts page on nationwide and interest is accruing everyday but I have no letter yet informing me how much and when payment will be. 

My partner is furlonged and his pay will be drastically cut as his previous pay was based on the previous 12 weeks pay but his hours were going down in that 12 weeks due to management choices. Anyways his next pay will be lower again. 

I am working at the moment and on full pay. I also get pip payments in the middle of the month. 

Now we selected payment of £396 a month as I would be able to cover his half if he is struggling. He does have some money in his account saved up but keeps going on about his service for his car. I’m like the garages aren’t open and you haven’t had any word about it so leave that for now and we will cross it when we come to it. 

The sitting room need work doing and we needed a new cooker and fridge in the kitchen. The cooker was really old and growing wildlife. 

We have got a gas man to take an old gas fire out and the old cooker. We need to get the plasterer in to plaster the rooms too. Then we will be good to paint which we have already. 

Now just wanting to know how much and when the first payment will be as I’ve ready nationwide will write to us in about 7 days but I want to plan the money instead of spending it. 

We got the funds released on the 29/04/2020 and moved in the next day. I’m sure we selected the first of the month for payments. The advisor did show us the max we would pay is like £550 sorry I haven’t got my paperwork with me as I’m in bed atm. 

Any idea how much the first payment would be please. The account is getting £5 a day added onto it. 

dark^knight

 Hi Sncjw, welcome to the board.

If you feel you may struggle to make the mortgage payment, you need to contact the mortgage provider and ask for a payment holiday. Even you have just started your mortgage, they should do this no questions asked.

regularsaver

Good evening @Sncjw, welcome to the board. First of all good luck with your journey and goal to become mortgage free. 

As Dark Knight said above, if you are worried you may struggle you can speak with your mortgage provider and ask for a payment holiday which I think from memory could be around 3 months or so. In terms of understanding what you will be paying and when the first payment will go out I would again speak to your provider and ask them to give you the information over the phone and ask them to send it out to you in writing as well so you have a hard copy. Its normally all detailed in your mortgage paperwork. 

Hope that helps

Sncjw

Hi 

I used their webchat service and I have come to an agreement with my parents that they will loan us the money for the works that need doing but we will pay for the appliances we need. Then we should be ok for the mortgage.

mortgage illustration stated 396.03 a month. The first payment will be £414 so that’s doable as we completed near the end of the month. She couldn’t say when the payment will be taken though. 

Then next months payment will be taken June 1st. We are going to do the works down stairs first as if needs doing. Then when we have some money we will pay parents back and do the upstairs. 

We already have the paints so that’s good. We are also expecting £1500 cashback in the first 30 days so that will help. 

Sncjw

I put notice into my flat today. This means I only need to pay probably half the rent to cover up to end of the tenancy. This also means I can save a bit of money and get my deposit back also. I can also move the council tax over to the new place. 

I do need to contact the fire service in hope they will come to the property to get the fire alarm. I am deaf and I have special flashing fire alarm that needs moved to the new address. 

Also sorted with most of the billl set ups now. 

We are getting there

Sncjw

Sorry for boring peoples 

We got the letter from the lender to confirm first payment. First payment is £414 then two weeks later our June payment which will be able to manage. Partner has been paid more than he thought so some breathing space there. 

I have put in a budget book our income and what we have spent. Also fixed spending amounts too.

we are going to half the bills and then any bills that we hav of our own we pay ourselves. Then we have spare money to buy anything we needs but I am keeping track what is being spent and a running total. Probably would be easier to do seperare budgets but I don’t think he would keep track as much as he panics when it come to money.