GreenCats bid to get a mortgage to get rid of 🤞🏻

At the moment I’m a mortgage wannabe 🤞🏻 But as soon as it’s in the bag I’m planning to overpay it and get rid of it ASAP! 

Story so far - I live in a big fixer upper house in a seaside town, it needs a lot of work but I love it. There isn’t a mortgage on the house at the moment as we bought it outright 6yrs ago. After a relationship breakdown I need to get a mortgage to buy my ex’s share of the house so our 3 children and I can continue to live here. 

I had about £15k of very old debt which I’ve been trying hard to settle, I’m down to the last £1200 which I’m hoping to get a full and final offer on in the next couple of weeks, my ex has found a house to buy, so a few days ago I contacted a mortgage broker to see if they can help me 😬🤞🏻🤞🏻🤞🏻

When my ex moves out I’ll need to replace some of the things he owns (tv, sofas, microwave etc) so I’m planning to (hopefully) borrow a bit extra to pay for a couple of items as well as some renovations in the house, but I really do want to keep this to a minimum. 

How do you juggle house renovations vs paying off the mortgage? Trying to figure out that balance is literally keeping me awake at night 😅
Debt was £15,903 😬 Now £2718.14 £0 😲🥳



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Comments

  • South_coast
    South_coast Posts: 4,916 Forumite
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    Ooh, lots of change going on here! I'm in a seaside town too, love it 😀! As for the juggling, I did it the bonkers way and paid off the mortgage completely first, so I now own outright somewhere which still needs a lot of work 🤣! It was a good option for me though, as a) the mortgage was relatively small, so I knew I could attack it reasonably quickly; and b) I live alone, so no-one else had to put up with the consequences!

    Wishing you the very best of luck with your plans and future life 🍀🍀🍀
    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!!!
  • GreenCat80
    GreenCat80 Posts: 268 Forumite
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    Ooh, lots of change going on here! I'm in a seaside town too, love it 😀! As for the juggling, I did it the bonkers way and paid off the mortgage completely first, so I now own outright somewhere which still needs a lot of work 🤣! It was a good option for me though, as a) the mortgage was relatively small, so I knew I could attack it reasonably quickly; and b) I live alone, so no-one else had to put up with the consequences!

    Wishing you the very best of luck with your plans and future life 🍀🍀🍀
    Thank you ❤️ Congratulations on being mortgage free 🥳 Are you renovating the house now? 
    Debt was £15,903 😬 Now £2718.14 £0 😲🥳



  • South_coast
    South_coast Posts: 4,916 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Thanks 😀 Yes, in theory I'm saving for it. Keep spending the money on other things though 😳!
    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!!!
  • twinklie
    twinklie Posts: 5,052 Forumite
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    Eek! House renovations are my worst nightmare after living through it pre-kids. I don't envy you. We decided to chunk the jobs that needed doing and split them into urgent, when possible and ideally. We then chunked the jobs within that and attached costs to them. Then we tackled a chunk at a time. 

    I don't know if that makes any sense, but I know what I mean. 
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • edinburgher
    edinburgher Posts: 13,461 Forumite
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    Welcome to the board and happy new diary - your avatar is adorable :)

    I look forward to reading about your efforts, you are going to be one busy lady!
  • GreenCat80
    GreenCat80 Posts: 268 Forumite
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    twinklie said:
    Eek! House renovations are my worst nightmare after living through it pre-kids. I don't envy you. We decided to chunk the jobs that needed doing and split them into urgent, when possible and ideally. We then chunked the jobs within that and attached costs to them. Then we tackled a chunk at a time. 

    I don't know if that makes any sense, but I know what I mean. 
    I kind of love doing up the house, but it’s stressful juggling the financial side of it! I’ve done quite a lot but now I’m left with the kitchen/bathrooms/driveway/and a dilapidated conservatory and no idea how or when I’ll afford it all 😱 
    Debt was £15,903 😬 Now £2718.14 £0 😲🥳



  • GreenCat80
    GreenCat80 Posts: 268 Forumite
    First Anniversary Photogenic First Post Name Dropper
    Welcome to the board and happy new diary - your avatar is adorable :)

    I look forward to reading about your efforts, you are going to be one busy lady!
    Thank you very much ☺️
    Debt was £15,903 😬 Now £2718.14 £0 😲🥳



  • GreenCat80
    GreenCat80 Posts: 268 Forumite
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    I managed to speak to a broker today and put all my details into their online portal thing. I'm really nervous, as a self employed, single mum, with not a great credit history I'm hardly an ideal candidate 😬🤞

    Talking of credit history I also agreed to a settlement deal on my final debt today, once they have written to confirm the account will be closed I'll pay it off and then hopefully never get into consumer debt ever again!

    Oh I also opened a Top Cash Back account this week, I was reading @edinburgher's diary and felt inspired to make some money for extra payments that way too :D Now I just need a mortgage to put it towards 😅
    Debt was £15,903 😬 Now £2718.14 £0 😲🥳



  • GreenCat80
    GreenCat80 Posts: 268 Forumite
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    I’ve got an appointment with a mortgage broker in the morning. I’m so scared they’ll say I’m unlikely to get a mortgage or that the house is unmortgageable 😬😬😬 
    Debt was £15,903 😬 Now £2718.14 £0 😲🥳



  • Wishing you the best of luck! As a single parent with a large mortgage (over £200k) and a house that needs lots of work doing (extension build, but needs furnishing and decorating, two bedrooms to gut and a bathroom to overhaul) it's really hard.

    I feel your pain

    MM
    x
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
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