📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Steph does debt

Options
123578

Comments

  • rdchick
    rdchick Posts: 1,815 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Today we put an offer on a house. 

    I'm scared! I'm excited! And I'm scared again! 

    We have spoken to a few mortgage peoples and they all say we can borrow over £300k, we obviously haven't tried to get a mortgage in principle just yet because of my CCJ but it feels like maybe we can start slowly putting things in place to get a mortgage... But I'm scared! 

    The house we've put an offer on we would need a mortgage of £235k so hopefully we will be ok...

    Hopefully.
    Life is too short not to love what you do.
  • Exciting! Hope it works out for you!
    Debt free November 2022 


  • savingholmes
    savingholmes Posts: 28,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Well done on your speedy debt clearance. Good luck with the house offer.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £2.6K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.8K updated 29/7/25
  • rdchick
    rdchick Posts: 1,815 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    So another update! 

    House offer accepted, ID checks done, all being well the house will be off the market now and under offer! 

    Now the fun part of the mortgage application! 


    Our lovely broker has managed to get us a decision in Principle with Nationwide but we're a bit scared as I have debt repayments to Lowell etc on my bank statements... So we're hoping this doesn't scare them off! 

    Why is everything such a minefield?!
    Life is too short not to love what you do.
  • savingholmes
    savingholmes Posts: 28,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Good luck with it. As long as you told your broker it should be fine
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £2.6K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.8K updated 29/7/25
  • rdchick
    rdchick Posts: 1,815 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Thanks! Yeah our broker knows, he said it'll just be a matter of the opinion of who underwrites it so 🤞🤞🤞 
    Life is too short not to love what you do.
  • rdchick
    rdchick Posts: 1,815 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    It’s been a long weekend 😅 each hour that passes is not a no though so that’s good 😅

    We’ve sent all the paperwork to the broker now so only thing we need is the details for our joint account we applied for on Thursday. 

    I did a bank shift yesterday for some extra funds… I should be on course to have paid off £7000 this year by the end of this month…that’s the plan anyway! 

    Happy Monday everyone!
    Life is too short not to love what you do.
  • rdchick
    rdchick Posts: 1,815 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Today I was grown up and instructed solicitors for the house 🙈 

    PLEASE BE OK!! 

    Also totally cash flowed the payment they needed... No credit used here! 
    Life is too short not to love what you do.
  • Eekk!
    Just had a cuppa and a read of your diary.
    You are just steamrolling the debt and doing amazingly.

    I have everything crossed for you

    Total Debt May 21 £20,490.44  DEBT FREE DATE 29/7/22 

    Mortgage balance May 21 £177,096.19. Now £143,588.36
    Mortgage free date. At start of sole mortgage = July 2042

    2024 SAVINGS FOCUS - get rid of the car finance. £12,706.25  PAID OFF 
    2025 Savings Focus - 33.3/33.3/33.3 split; savings for house renovations (bathrooms/garden/kitchen; whichever collapses first), save for a family holiday (probably our last one!) and paydown/offset the mortgage. Total pot = £3275.88
  • rdchick
    rdchick Posts: 1,815 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Eekk!
    Just had a cuppa and a read of your diary.
    You are just steamrolling the debt and doing amazingly.

    I have everything crossed for you
    Ahh that's kind, I'm surprised it didn't bore you to tears 😅 thanks so much!
    Life is too short not to love what you do.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.