Starry skies and butterflies - beginning the MFW journey as a solo buyer

Hi everyone,
Super excited to be able to start a proper diary here with you all. 
Today I received my mortgage offer. I currently rent and the house I have reserved is ready... it is just a case of the legalities :smiley: - so yes, I am an early bird to this forum, but I am a 39yr old singleton that is determined to get ahead on my first ever mortgage.... the sooner I am mortgage free, the sooner I can retire.

I plan to overpay my mortgage, and I plan to reduce my living costs as much as possible once I have moved in and I am settled. Honestly, I am haemorrhaging money at the moment and I think that might continue for a little while.

But my goodness, I cannot wait to be in my own little home  <3 


  • Poppycat1
    Poppycat1 Posts: 376
    Photogenic Name Dropper First Post First Anniversary
    Good luck with the house purchase.  Looking forward to your updates.
    Without overpayments: 15 years, 1 monthsBecause of overpayments: 10 years, 10 months left until paid off
  • Good luck with your new house and plans, don't forget to live a little and spoil yourself.  All the pennies add up, even if it is the odd 50p it all helps.   

    I loved those first few years in my own little place. X 
    MFW -  01 10 21. £63761 01.10.22 £50962 01.10.23 £39979

  • South_coast
    South_coast Posts: 4,786
    First Anniversary First Post Name Dropper Photogenic
    How exciting! Good luck with making your plans a reality 😀
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • powerspowers
    powerspowers Posts: 1,100
    First Anniversary First Post Name Dropper
    Welcome Penny! When are you expecting to move in? 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £500/ £3,600

  • penny*pincher_2
    penny*pincher_2 Posts: 69
    Name Dropper First Post First Anniversary
    edited 6 June 2021 at 9:12AM
    Good morning everyone. 
    Thank you so much @powerspowers, @South_coast, @jennystarpepper and @Poppycat1 :smile: 
    So I am still awaiting exchange but hoping to complete towards the end of this month (June). Things are obviously quicker with no chains.. but it is still slower than first thought and expected from a buyer and the sellers point of view... but I will get there. 

    Already starting to wonder about the OP option on the mortgage when I get there. I will be with Halifax and they state I can OP by 10% per year but currently I am confused about how the years work - ie is it per calendar year or as per your own mortgage anniversary? My paperwork states as the mortgage stands on 1st Jan.. but where the mortgage is not in place on the 1st Jan would this mean I have until 31st Dec to make the annual 10% OP before a new period starts?? - secondly, the OP doesn't seem to reduce the term, apparently it may reduce my payments (which is not ideal as I feel this may then reduce what I could pay per year as the 10% would be a specific amount on a certain date and then normal payments reducing would then result in a reduced annual payment?... but then it also says if you overpay a lumpsum it will come off the amount owed and will not reduce the monthly payments unless you ask for it to be. But there is no indication of what a lumpsum is classed as. This is like a whole new world haha! - I will give them a call once it is in place. 

    Ideally, I wanted to transfer what I could when I could as an OP sticking to the 10% per year rule to reduce the term... but maybe that wont be as easy as first thought. I have taken H2B loan out to assist with the purchase and to make my mortgage payments manageable and to allow me to have a house that I will not want to move out of in 5 - 10years. I am hoping this will be my happy home for at least 20yrs.. this is my plan.

    My first 5 year goal is to pay enough off the mortgage to incorporate the H2B and keep what will be my starting LTV - which is 75% (mortgage 75%, H2B 20% and deposit 5%) - I am aware that the 20% repayable will likely increase during this 5 year period and there are hoops to jump through when paying this back, but I am hopeful. I am very sad I have been in a silly bubble for years renting thinking it was the right option for me. But at the time it was right and what I wanted so I shouldn't be so hard on myself. 

    I have big goals and year 1 is going to be pretty tight if I have a 1yr 10% OP window which may end on 31st December.... good job I like jacket potatoes and beans :smiley:
    My SOA will be posted once I have moved in. I need new providers etc so there is not much point in doing this until I know where I stand. 
    Thank you everyone :) 
  • jimjames
    jimjames Posts: 17,489
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    I think you need to check the paperwork for Halifax as each bank is different. Nationwide payment year is from the month you took out the mortgage so can be at any point in the year. Also with Nationwide the 10% overpayment is based on original mortgage balance not current balance which is brilliant for reducing the balance nearer the end of the mortgage term.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Hi @jimjames - thank you. My paperwork says what I said above. I find it unclear overall regarding the 12 month period and I think they do theirs from 1st Jan - 31st Dec, and the OP process of what the lump sum is classed as. I will contact them once everything is set up as whilst it would not be ideal for me, I could do an annual lump sum opposed to smaller weekly/monthly payments etc. - I wish mine was always 10% of the original amount - maybe I will work myself over to Nationwide in the future as I would love to pay up to 10% of original balance towards the end! - Thank you.

    So, just a little update for the diary so it doesn't get too behind. I am hoping to exchange this coming week - just waiting to receive some final forms, the deposit is with my my solicitor and report is back. Fingers crossed I will complete by the end of June and hopefully my removal company will be available to move me :smile:

    New start... I just hope it is all for the best..... some nerves are kicking in. 
  • I exchanged this week  :) completion is next week and I move the following week!! I feel pretty overwhelmed at how quickly things now seem to be moving... but also somewhat proud to be in a position whereby I am doing this on my own. 

    I have so much to sort out... everything from curtain poles to a washing machine. I am super excited but still very nervous. I am hoping to start some lists this weekend regarding utilities and setting up of services. - I even need to order some wheelie bins! I have been pretty lax up until now, and this has been because I have not wanted to get my hopes up too high that everything would go ahead without issues. So far so good!!

  • South_coast
    South_coast Posts: 4,786
    First Anniversary First Post Name Dropper Photogenic
    Good luck with the move 🍀 Soon you'll be in and OP'ing and wondering what on earth the fuss was all about 😀!
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • Misslayed
    Misslayed Posts: 13,982
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    Senior Ambassador
    Love the name of your thread! It's a great feeling being mortgage free, you'll get there one day. 🤞for a happy moving in day. 
    I’m a Senior Forum Ambassador and I support the Forum Team on the Competition Time, Site Feedback and Marriage, Relationships and Families boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of Money Saving Expert.
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