After years of debt journey through my sensible 40s... and save a deposit for a house

lantanna

So I’m sale agreed as of this afternoon. Love it when a plan comes together. Talked to my broker this afternoon and mortgage application goes in towards the end of next month. Have decided to move out of my rental at the end March and into parents for 4/5 months to maximise savings. 

Keep on looking at the site plan and brochure, really excited and pleased I’ve got something just like what I had in mind. I truly believe it was meant to be, that was my house!

lantanna

Update, still sale agreed solicitors doing their bit. House is scheduled to be ready 19th August but imagine that will more than likely be put back. Have to exchange in 8 weeks so need to go back to the mortgage broker to ensure everything is going to tie in to be done in time for the exchange, 

So anxious that the mortgage won’t go through coz of my bad credit but trying to put that out of my mind and focus on the fact I have an AIP, Broker is reasonably confident and I’ve got a good deposit and salary.   Roll on to getting the mortgage offer in hand and a date within that agreed to complete. 

Going to find something engrossing tonight to watch, have a few gins and switch off. 

210 days to completion date, it’s going to be a stressful 6 months

lantanna

Little update, mortgage offer is in, picked the kitchen and now working my way through the other rooms. 

Off to Lanzarote at the end of the month then back home to continue saving and getting more ideas for decor. 

Feels great to be on the other side from where I started!

Buffythedebtslayer

lantanna said:

Little update, mortgage offer is in, picked the kitchen and now working my way through the other rooms. 

Off to Lanzarote at the end of the month then back home to continue saving and getting more ideas for decor. 

Feels great to be on the other side from where I started!

That is so amazing to read Lantanna, so so brilliant! XXXXX 

lantanna

Thank you so much, perfect example of a bad situation can always be turned round with a bit of hard work and patience! 

Really looking forward to starting a mortgage free wannabe diary ! 

lantanna

On the final stretch now of deposit saving, have committed to £19k. Not too shabby when my original target was £20k. The Help to Buy Isa was a good help. 

Should have my deposit finished being saved by May. Then have the £2800 of upgrades and extras I’ve picked. 

Move in date is still the end of August, currently packing up my rental to move into parents for a couple of months.  Going to be a very frugal and boring couple of months but will be worth it in the end. 

lantanna

About £500 off deposit now. Motivation for everything has really taking a kicking. Mental health is suffering again   I do feel more optimistic today after a change of seating in work. Have moved to an office with solid walls no windows to sitting beside a window. 

Thinking it was having more of an effect than I realised. 

Treated myself to a few new bits of clothing today and picked up some bits in boots.  I def need to spruce myself up! Nothing major in Bootsjust a few shower gels etc. 

hope to have a productive weekend packing wise, haven’t bothered in a while.

lantanna

Update. 

Gastric sleeve in October roughly 4 stone lost so far. 

On week 2 of having covid not good at all. 

Lying in my bed in my new house. 

Got a promotion. 

Also picked up a bit of casual work.

Now back to sort out the bit of debt I’ve acquired from moving in in sept and the loan for the sleeve. 

Need to get some savings behind me and get the debt gone. I’d say I’m in choppy water and without careful management could end up in trouble which of course I’m not going to let happen. 

Will be back to update on debt and priorities for the rest of the year now my navigation head is firmly on.

lantanna

10.01.2023 Debt Update 

Loan:  Total £6160.00 
Remaining £5688.58 
Paid back Aug 26 
Repayment £141 a month
Currently chucking money at this often as it brings down the interest and reduces the term. 

Halifax CC 
£2838.06 21% interest 
Needs gone ASAP

Halifax Cc
£1629.91 0% til September 
Pay minimum and hope to balance transfer before Sept 

Capital One 
£760
Card used for petrol and groceries.
Repaying £20 a month extra reducing balance.
Continue with this for now. 

Virgin
£4300
0% until Sept 24 
Paying minimum for now 

Creation Finance
£900 0% furniture loan 
Paying £91 a month will be cleared by September.
Do nothing for now. 

Current focus is clearing the Halifax CC. 

Total debt £16,115.

lantanna

Jan / Feb Financial Commitments 

Nieces Birthday £30 
Car Service £500
3 New Tyres £250 

I have £3000 coming to me at the end of March and I need to think about how best to use that. I want to save a lot of it for emergencies and need to pay to get my garden sorted and buy a shed and lawnmower. 

Still sitting on a bean bag from Sept but settees are way down the priority list right now. 

On a plus due to COVID I’ve only spent £15 since Tuesday and haven’t used any petrol. 

Full freezer and stocked cupboards, with gastric sleeve my grocery bill has reduced. 

Keeping heating to no more than 2 hours per day. 

Payday is 20th of Jan and need to revisit my budget due to the car bills.