Future Proofing my life: Deposit saving then MFW journey in under 13 years

LadyWithAPlan

@Karmacat thanks for your considered thoughts on this - much appreciated.
As I am buying myself I am only really chatting to my mum who came up to see the flats with me last week so I do need other sensible opinions 

@beanielou tx - its a big decision - I am chanting about it! 

@Debsnewbudget £475k has a roof terrace - not huge with gorgeous views but crazy windy even on a non that windy day

@savingholmes @Staffordia  yes I think I will forget re the £3k h2buy uplift. I think there may be a further 5% increase in April 

LeighofMar said:

The London flat sounds lovely and you definitely are working the numbers and using cold, hard math and not just emotion, so that is very good. Doing a test run of living as if you had the 2k+ mortgage payment is so smart and something everyone should do to get a real look at their budget before buying. 

Yes the £2k payment with my current on/off regular invoice payments is actually my biggest concern

Humdinger1 said:

Sad if your plans to combine a steam hammer with a tannery have been thwarted @Cheery_Daff! Now on p86 of your diary @LadyWithAPlan and am utterly riveted. Congratulations on all your achievements...you dodged a bullet with Grossly Unsuitable Boy.  Love Humdinger xx 

The tannery / steam hammer sounds v retro industrial revolution  
'riveted' - glad you think so - it would be more if I actually filed in pics of my business trips - lots of exotic travel going on!

Yes grossly unsuitable boy masquerading as a 56  year old man with 17 + 19 year old daughters who professes to be a great example to them! I dont care about him anymore  but I still get angry thinking about my text dumping

@themadvix
My friend looked and they bought it £480 2/3 years ago - basically at top of market - another estate agent said prices had come down 10% over the last year or so as it got crazy in that area ,... so £475k is a small reduction already - but maybe I should not worry about what they paid as they paid top of the market and have already completed apparently elsewhere - oR are about to
I do think its a buyers market at present but its also about me stepping up

I got my mum to come and have a look at 3 again plus 2 more - I love the £375k cute one with v lovely small garden - but lounge is dark as its lower basement and kitchen and second bedroom (more like a study) is off that into garden so cant really make it lighter - I love the price and mortgage be easier £1544 pm plus only £245k or so to borrow..



I am still thinking on the £475k - as  issues on reflection are
-there are loads of stairs - as in twisty ones as the flat is a roof extension (on 2 floors) I travel a lot - I have just came back from a European trip last night at midnight and I do not travel light - so that is  at least monthly lugging of big luggage up and down - I currently have a lift  so this really could be an issue
-Mum also mentioned if I want a dog - the stairs will be an issue
-Plus the roof terrace was super windy when I looked last week on a day that didnt feel windy (unlike today!) - as in difficult to have tall plants - maybe I can build the walls higher?
- cost (i like idea of only having a £250 mortgage (on £375k FLAT and I loved the little garden - just its a bit too dark in the lounge

Affordability - I am also concerned as the company who owe me loads are being v slow in paying back and I have work to do and they are not sending me what I need to do it in its entirety so I may need to get another consultancy job anyway..

beanielou

Is there any bright sparks around on your thread who can come up with ideas on how to brighten up the living space of the flat with the wee garden. 

I personally would prefer to have the lower financial commitment. 

Also good points on stairs with luggage and especially a wee dog 🐶. 

Keep chanting 😊🌻

LadyWithAPlan

Sistergold said:

Oh @LadyWithAPlan, nice to see that you have started looking. Hope you will find something you like soon. 

The danger in all this is once you are used to having over £100k in a fund can be “nice to know it’s there” and so you might just find you are tempted to keep saving and hold onto it. The larger the deposit you have the harder it might be to let go. 

I was down for a bit after I bought as I paid over £100k deposit and also spent around £60k on renovations before moving in. Still depressing to think about it even now as one day you are “rich” then just like that it’s all gone! 

...

So much easier if you can just buy and start a plan to bring it down to the monthly payment which you like. Maybe keep looking you might fall in love with a particular must buy property? Xx

yes the £100k is a big safety blanket especially as I am self employed  and i am getting 12% on half my deposit so.. I do need a plan to get payment down - this sounds like a fun plan
I do know I need to bite this bullet - argh -  I am pushing to get my invoices paid as without it i cant move anyway 

I had a nightmare  I was planning a wedding and the rehearsals went well but actually  doing it - it kept going very wrong ... (note it was my wedding  there was no SO) so definitely my mind is processing this solo flat buying and responsibility

Saving £450k looks unlikely as rent will continue to pop up... but it is the dream I did wonder about the £375k place as the mortgage would feel easier to get down and less stress borrowing and easier to pay down £245k v £350k etc (less SD £2.5k and the help to buy £3k)  as well) 

Watty1 said:

Exciting times on here.  The test run is a great idea, better than my just give it a go and muddle through.

£2k + CT  + service charge - going to be more like £2250-£2300 before bills .. Its tight for me with current days and payment schedule - I need to step up and get more work  or get a new company
Good thing though about if I did indeed do a Watty and give it a go is I would be forced to get more work and be focused to do that - I am too comfortable  - I am much better under pressure. but its a big ask.

CURRENT VIEW
I am thinking of a £450k offer  - love the light and it could really work but the stairs argh .. but I need the one company to pay me up to date and I need to get my mortgage in principal (MIP)  - should be having a chat today with the company so then I can think as  a low offer w/out MIP will probably be rejected.
I LOVE where I live now - and I love the light, the location (a 2 bed by me with outdoor or patio is nearer £650=£700k!) , the building, the affordability  - but its a rental so I am also going to keep looking - I want to look east london as well but North I think is more value
I need to work on the MIP, my taxes filed, paye, get invoices paid, sort the one issue with the electric company and maybe keep looking ..
My mum thinks I should wait and find the right place as those stairs are a nightmare 

Minimalism Game 18/18  - I took all my receipts on my business trip and could be seen whilst waiting for my delayed flight home sorting and adding therm to accountancy software ! So I got rid of 100s so 18/18 - 19 things today 

Grocery - hard as I was away so I will get a pre diem for food so will leave as is.

Course - I have my classes today (I flew bacK early at personal business cost of £49) so I could do classes and work stuff this morning for another client ... 

NSD - hmm not doing well - I was in Europe and bought from my fav charity shop there a brilliant Balma** jacket for 30 euros! (it was missing the belt but they do lots of v expensive labels there) Plus I shopped and bought a new wool full length coat  (only £130) and work clothes from Zar* there - cheaper in Europe, better range I find in this one city and better quality I think as well.

Friends birthday tonight so will pop after class so..

themadvix

It sounds like you are not completely sold on the 475k one and like the appeal of the cheaper commitment - so maybe you need to keep looking? There must be more in that bracket that might tick both boxes. I couldn't live in a dark home, so completely understand your concerns about the 2-bed. North London is nice - whereabouts are you looking?

Karmacat

You're calling the nice flat with the stairs "a nightmare" - you need to listen to *yourself*, not us.  Buying somewhere you describe as a nightmare just sounds like a non-starter to me.

As far as brightening things up - I don't go to many new places, but earlier in the year I visited a potential new friend in this town and she had a fascinating living room.  She'd put at least half a dozen mirrors in there - and they were all bevelled.  The difference the bevel makes has to be seen to be believed, there was a sparkliness about the quality of the light that was lovely.  Paint colours, and several light sources, of course, are classics, but the bevel thing is amazing 😊

South_coast

I don't want to be Mrs Party Pooper again, but I wouldn't take things like being allowed a dog or to make external alterations (ie raising walls on the terrace) for granted (or internal structural alterations either, for that matter). You need to check the lease really carefully

savingholmes

On the dark property you can add things to funnel light down and made everywhere much brighter. Perhaps look up things like solar tubes, light wells etc good mirror placement can also work wonders

SuperSecretSquirrel

Have to agree with the others, the downsides of the more expensive property should probably see it taken off the menu. The cheaper property has just the one issue that you've pointed out, and it may be possible to work around it. If not, you have the luxury of time and can keep looking until you find the right place for you. You have a huge amount of flexibility being single and moving from a rented place too, the next move probably won't be as simple, so try to get it as right as possible first time.

As for the irregular income, I would absolutely not be looking to pay the maximum deposit possible in your shoes (or anyone's shoes really, but especially yours). A solid savings balance can help you meet many months of mortgage payments without income. It might not be the absolute optimal path in terms of pounds and pence (the norm would see savings interest below mortgage interest, - your 12% sounds interesting but possibly risky?) but can be a price worth paying to limit stress and risk. I think we held back about 2 years worth of mortgage payments when we bought, and that was as a couple, both with regular monthly salary jobs. We we're a little over cautious, but have no regrets. Worked towards mortgage neutral, paid off lumps when we felt like it, and paid off in full very early, so the increased interest costs of a smaller deposit didn't actually materialise - we paid a bit more early on but a lot less later on!

I'd be seriously considering the cheaper place. If it can work for you, you'll be able to start off with a much smaller mortgage and a much higher savings balance. It would make the finances so much easier to deal with, you would be far better placed to deal with any shocks that might be heading our way.

LeighofMar

I love the beveled glass and mirrors idea. Could you put decorative interior glass/windows anywhere that would allow light in from the other rooms? 



If you look on the left the black decorative window, Mr. LoM put that in for me so that the dining would have a bit more light as the main window you can see is all the way against the wall for some reason, lol. It feels open and airy and not closed in just with a 30.00 window found at an antique store and of course Mr. LoM's carpentry but might be an option? 

Watty1

LeighofMar said:

I love the beveled glass and mirrors idea. Could you put decorative interior glass/windows anywhere that would allow light in from the other rooms? 



If you look on the left the black decorative window, Mr. LoM put that in for me so that the dining would have a bit more light as the main window you can see is all the way against the wall for some reason, lol. It feels open and airy and not closed in just with a 30.00 window found at an antique store and of course Mr. LoM's carpentry but might be an option? 

That is very clever.  I'm now going to experiment with my charity shop mirror to see if increases light in living room