Geriatricmum vs inner voice: A monologue

KeepOnKnitting

Good to hear you are still plodding on.

Geriatricmum

Got a bit of an update, we found a house we like so we've asked a mortgage advisor to go ahead and get an AIP, we hear back Monday. But it's likely that as part of the agreement for a mortgage we'll need to pay off all our credit card debt to get our affordability on track. Will write down more of our thoughts and plans later when I'm not chasing a 15month old around the house! 

lucielle

Exciting. 

L

KeepOnKnitting

Any news @Geriatricmum? Are you getting your place ready to go on the market?

Geriatricmum

OK, so we put down the deposit on the plot and are currently waiting for missives to complete. We've pretty much got the mortgage in the bag. As we are porting part of the mortgage (we still have 14 months left of a fixed rate of just over 2% on our current house) we're sticking with our current mortgage provider. Also don't fancy the £4k in early repayment fees (!) 

I think our goals have now changed. We've decided to just pay the minimums on the credit cards and save money for moving costs such as removal company, upfront costs to solicitors and estate agent costs for getting the house on the market. 

Our estate agent says we should get the house on the market 4 months before moving in date which at the moment is a 3 month window August to October. So we're aiming to get the house on the market in June (we have a busy May) 

We're very excited and nervous.

DH and I both agreed we want a clean slate when we get into the new house so no debt. We've decided to sell the car that still has finance on it (£275/m) and buy a cheap runaround (kia ceed or a punto type car). Now I changed job I don't need it for the commute and am mainly using it for short journeys, so it just makes sense not to have a saloon. 

The saloon is worth around 9k and has £2.3k left on the finance. We pay the finance off and buy a car for around £3—4k then it'll leave us with a bit for the associated house buying costs also. 

I also need to do a bit of digging to see it it's worth holding onto credit cards after we've paid them off, my initial reaction was cancel them all! But I know I need to keep one for credit report purposes.

First thoughts are cancel the barclaycard and mbna and keep the virgin but lower the credit limit to say £2k? 

Geriatricmum

I'm sorry I've not been keeping up with my diary, I'm just tired, my brain is constantly processing moves and by the end of the day once the kids are in bed DH and I just sit on the sofa like a couple of zombies and are in bed by 10!

Also had tonsillitis this week-DH has been superman taking on the role of mum and dad/husband and wife but now DH is ill with it. The kids all have coughs and runny noses too.... Ugh.

Hope everyone reading this is well! 

enthusiasticsaver

Exciting on house move. Clearing car finance sounds sensible. Will you still have CC debt when you complete or is clearing that a mortgage condition? 

Geriatricmum

enthusiasticsaver said:

Exciting on house move. Clearing car finance sounds sensible. Will you still have CC debt when you complete or is clearing that a mortgage condition? 

Clearing the CC debt is a mortgage condition. Which I'm not upset about tbh. 

peb

Are you in Scotland?  

Tying in a sale with a new build purchase isn't always straightforward , I expect you'll have looked to see if the developer does a part exchange deal.

Geriatricmum

peb said:

Are you in Scotland?  

Tying in a sale with a new build purchase isn't always straightforward , I expect you'll have looked to see if the developer does a part exchange deal.

Yup, in Scotland. Luckily this developer offers conditional missives. We can stay in our house until the house is ready, then we exchange.