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Purchase on first home completed - Time to start making a dent in the mortgage!

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Well today is a pretty momentous day in our life's, after a few years of scrapping together a deposit we have been able to get our foot on the property ladder! Today we got a call at 10am to collect the keys after our offer was accepted back in late February!  

A little bit about us! We live on the south coast, I am 38 years old, Wife is 34, I work in delivery for the royal mail - and my wife is self employed selling items online along with running the home. 

Things are fairly tight, but we have tried to not overstretch ourselves too much..

We have bought a one bedroom flat. (small bedroom and bathroom, with a reasonable sized kitchen/lounge) Half a mile away from the golden sands of Bournemouth beach. It is council tax band A and has an energy efficiency of 84 (grade B) its a 15 year old building with 11 other flats. 

Purchase price - £165000

Deposit - £43000 (only saved due to moving in with parents and 60 hours a week work)

Mortgage loan of £122000 - Fixed for 10 years at 2.59% with a £500 cashback bonus (nationwide)

Monthly repayments £553 

Debts - 0

Car - 2016 car owned outright 

Savings - Roughly £10000 rainy day fund for if the worst should happen and I have to change jobs for some reason (delivery is very demanding walking approx 12 miles daily in all weathers, So I am aware that long term I may need to change jobs, So these funds will stay as liquid cash.

I Hope we will be in the position to make some overpayments, But if nothing else will be keeping a records of what happens in our move here.

Collected keys today 13/06/2022. 

Rented van and got a mate to move in bed, desk, chest of draws etc., new slim wardrobe arrived from john Lewis today, Have ikea sofa coming tomorrow and a washing machine from AO next Tuesday. Locks changed today also to be on the safe side. 

Still feeling pretty surreal at the moment, I'm sure it will feel a lot more real when the bills start coming in  :D



122k mortgage started 10th June 2022.
Mortgage overpayments in 2022 - £3515
Mortgage overpayments in 2023 - £600
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Comments

  • Nurse2047
    Nurse2047 Posts: 379 Forumite
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    Congratulations on your new home, it’s exciting isn’t it xx all the best on your MFW journey 
    Nurse striving for financial freedom
  • Cornish_mum
    Cornish_mum Posts: 639 Forumite
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    Congratulations! That’s brilliant good luck with your MFW journey CM
  • powerspowers
    powerspowers Posts: 1,141 Forumite
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    Congratulations!!! Do you have much work to do on the flat? The first 6 months can be expensive!
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £2,100 / £3,600


  • madhatter83
    madhatter83 Posts: 62 Forumite
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    Thanks everyone!  :)

    Congratulations!!! Do you have much work to do on the flat? The first 6 months can be expensive!
    Luckily no! the kitchen is looking pretty tired if I'm honest, and the window/door handles look and feel there age. At first I was set on a new kitchen - but we now intend to give this one as deep a clean as possible and just replace the handles, the trim on the sides had been poorly glued back on in places but I plan to carefully remove it and give it another go.

    The cooker is modern and it had an induction hob along with a decent extractor hood so I think we will make do with tired cupboards (did look into the cost of new fronts but still to much we feel) Must replace the extractor hood filters though, I have a nasty feeling they are extremely clogged and its going to be a messy job!)

    It might clean up ok, I will take some before and after shots! 

    Bathroom mirror tired going to replace that, new toilet seat ect, I think new door handles throughout except the front door as this would alter the exterior look and i don't want to cause any issues with the management company. The block seems well managed and so we will try to do our bit.


    Very busy today, Sofa arrived from ikea, got that built along with a slimline wardrobe and 2 x cube storage units, washed the wooden floor - must have spent a good half hour just removing carboard packaging! Had a van rental that ended today so I took masses of carboard away before the van went. 

    Still living at home with parents so no rush to move in on the same day, will be back and forth after work until ready - next job is to build the wooden bed frame:)
    122k mortgage started 10th June 2022.
    Mortgage overpayments in 2022 - £3515
    Mortgage overpayments in 2023 - £600
  • madhatter83
    madhatter83 Posts: 62 Forumite
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    Made a £25 overpayment today, seeing the daily interest accrue is somewhat frustrating, its about £8.77 a day I make it. I am going to try and overpay the interest so that the mortgage payment can come of the loan principle in total each month.
    122k mortgage started 10th June 2022.
    Mortgage overpayments in 2022 - £3515
    Mortgage overpayments in 2023 - £600
  • Brie
    Brie Posts: 11,161 Forumite
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    Well down madhatter83!!  That's a stonking good deposit!!

    Curious if you are in Boscombe or Springbourne?  Don't need to answer - there's a lot to recommend either. My only problem with Springbourne was lack of off road parking and the traffic jam on every day the Cherries played!

    Extractor filters - spread newspaper or a opened up bin bag underneath in case of drips - then a good soak in boiling hot soapy water should do the trick.  If they seem extra grotty you could do a soak with some cheap denture tablets.  Of course if you have a dishwasher that would do well too.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • madhatter83
    madhatter83 Posts: 62 Forumite
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    Hi Brie - only thanks to my parents letting me live with them at very low costs so i am very thankful for that, We are in Southbourne:) flat has allocated parking so that was a draw for us. 

    Thanks for the tips on cleaning the filters! I might just see if I can get some new ones if they are not to exspensive but will be sure to use the newspaper/binliner as i have a nasty feeling its caked with grease. 
    122k mortgage started 10th June 2022.
    Mortgage overpayments in 2022 - £3515
    Mortgage overpayments in 2023 - £600
  • madhatter83
    madhatter83 Posts: 62 Forumite
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    edited 16 June 2022 at 7:25PM
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    Moved a few more bits into the flat today, few clothes, monitor ect. Changed the toilet seat and door peephole thing as it had gone a bit green! Also made a £15 overpayment.

    45 mins overtime at work and got £7 in prolific surveys to fund the overpayment. 
    122k mortgage started 10th June 2022.
    Mortgage overpayments in 2022 - £3515
    Mortgage overpayments in 2023 - £600
  • madhatter83
    madhatter83 Posts: 62 Forumite
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    £50 overpayment today, not moved in yet but have the large goods in - now in the process of moving the smaller stuff! the kitchen handles are really dirty but seem to be solid stainless steel so giving them a good clean and as good as new! 
    122k mortgage started 10th June 2022.
    Mortgage overpayments in 2022 - £3515
    Mortgage overpayments in 2023 - £600
  • madhatter83
    madhatter83 Posts: 62 Forumite
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    £40 overpayment, did 4 hours overtime today. all adds up! Will get a nice drop in debt once monthly comes out at this rate as covering the interest and a bit more in overpayments (for now)
    122k mortgage started 10th June 2022.
    Mortgage overpayments in 2022 - £3515
    Mortgage overpayments in 2023 - £600
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