Real life adulting by a near 44 year old single female!

salduck

I have spent the last few days reading and reading and reading all these fabulous diaries and decided to bite the bullet and start my own! A little history
I am a 43 3/4 year old female and never been married, no dependents, work in a fabulous career that allows me the freedom to do my hobby as my job and i am very grateful for that!. Been living here for 2 years and renting a beautiful apartment overlooking the marina, and paying someone elses mortgage to the tune of £850 per month! decided I do want to settle here and put down some roots! 
So got a mortgage quotation and started looking- 1st flat i saw i fell in love with Heart and head say its right and my offer was accepted last Monday! 

So the here and now 

Mortgage £132,525 Barclays 2 year fixed Payments per month £612 

Deposit and solicitor fees will wipe my savings, I pay off one low APR loan of £7000 and thats my only debt, so my plan is as follows

Regular savings currently are around the £300 mark in various pots- Add to this £200 saved on mortgage V Rent means that my savings pots can build up again very quickly. 
So First 6 months pay regular mortgage payment and pay £500 into savings, Once the savings pots are back up above the £3000 start to slowly overpay the mortgage with a few to clearing it sooner rather than later or reduce the term of it at the least. 

For the time being Im waiting exchange and completion and then will be able to move forward with clearing things!

powerspowers

Good luck Salduck! Do you think you’ll have long until you move? Is there a chain?

draiggoch

Have you looked to see if it would benefit you to fix for 3 or 5 years rather than just 2? With interest rates rising it may be better to fix for a little longer rather than being caught out in 2 years time when rates may be quite a bit higher.

savingholmes

I too would fix for longer if poss as rates are increasing rapidly.

Congrats on finding a flat and on the costs being less moving forwards than rent

salduck

powerspowers said:

Good luck Salduck! Do you think you’ll have long until you move? Is there a chain?

Thanks for dropping by! No chain as buyer moved in with boyfriend already so hopefully be quite quick, but won’t hold my breathe yet!, 

salduck

Thanks folks, I did wonder about fixing for longer however I’m always a bit wary in case my circumstances change and I need to sell or move etc. I am gonna stick with 2 years at present and see where it gets me to 
thanks though and appreciate the comments and welcomes. 

Bargainhunter30

I wouldn't put too much pressure on to save in first year, moving into a property can be expensive - finding jobs that need doing and any decoration you want to do. Good luck x

salduck

Bargainhunter30 said:

I wouldn't put too much pressure on to save in first year, moving into a property can be expensive - finding jobs that need doing and any decoration you want to do. Good luck x

Thanks, Im defo not putting myself under pressure but will keep the regular savings going and empty the bank account into savings on day before payday Im really lucky that the place i am moving to is in immaculate condition and the lady who has sold it has looked afte rit so well  

killerpeaty

Oooh so exciting! Definitely will following your adulting!

South_coast

Me too - I may learn a thing or two 🤣!

gwynlas

You have not mentionned service charge and ground rent which would have been paid by your landlord to date. Good luck going forward. Have you thought about critical illness insurance in case anything should happen before mortgage paid off?