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  • FIRST POST
    • pinknsparkly
    • By pinknsparkly 15th May 17, 5:08 PM
    • 350Posts
    • 824Thanks
    pinknsparkly
    PinknSparkly's Mortgage Wannabe savings dairy
    • #1
    • 15th May 17, 5:08 PM
    PinknSparkly's Mortgage Wannabe savings dairy 15th May 17 at 5:08 PM
    So this is a savings diary with the intention of getting my husband and I into debt (i.e. a mortgage) as soon as possible

    I am currently finishing up a PhD and as such we won't be in a position to apply for a mortgage until I have been employed for at least 6 months. In addition, I am now at the fun stage of my PhD where I have no income (my bursary/stipend finished in March this year). This puts us in a position where our outgoings are more than our income. We knew this would happen and have pre-planned for it by building up a pot of savings to get us through this.

    My aim therefore, is to use up the minimum possible amount of savings to get us through until I am employed and to then save as much as possible towards a house deposit.

    I estimate that each month we will need to use around 250 - 300 from our savings to cover the short-full in our income.

    Current savings: .................................................. ............38,000

    Property value: .................................................. ............275,000
    Stamp duty: .................................................. .....................3,750
    Other house purchasing expenses: ......................................2,250
    (assuming 1000 legal fees and 1,250 for everything else)

    House deposit:.................................................. ................32,000
    (total savings minus house purchase costs)
    LTV:.................................................. ....................................88%

    As you can see, we're already in the excellent position of having a 10% deposit. However, since we will have a minimum of 6 months of two full time incomes before we can get a mortgage, I hope to be able to get us up to a minimum of a 15% deposit by the time we apply. This is a very ambitious target of saving 10,000 in six months (plus whatever we've spent from our savings in the meantime), but what's the point in aiming low, right??

    What do you guys think of the plan? Do my estimates for house purchasing-related costs seem reasonable?

    In the meantime, I'm doing my best to get back to meal planning and making lunches to reduce our expenses as much as possible. The car is also being used as infrequently as possible to save on petrol (I'm mostly working from home at the moment). We've minimised how much we spend out and about (though my husband still ends up getting food out of the house probably once a week or so). We've also planned for no "proper" holidays this year (other than a week camping in South Wales). I'm going to a conference abroad which will be paid for, so that will satisfy my inner travel bug and my husband is quite happy spending his time off at home.
Page 3
    • pinknsparkly
    • By pinknsparkly 3rd Aug 18, 5:47 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Hi Savingwannabe! To be completely honest, I would really rather not fight it and if it were only about money then I wouldn't be (I had actually decided to give up fighting and trying to get BG to sort out their mess when I got the letter saying they'd sold my account to a debt collection agency in order to avoid having to deal with me!). However, since it is now on my credit file, I feel I have to at least try and get it removed... Otherwise, if that fails, I'll get a note put on my file to explain it. But I'd much rather it was removed entirely

    Hope you have some nice plans for the gorgeous weather this weekend. Our main plan is taking our cat to the vet. I think I might be rather scratched up by Sunday!!
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • savingwannabe
    • By savingwannabe 3rd Aug 18, 9:23 PM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    Good luck with the cat. Hope vet can help. I'm taking a tour party to Bath
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • pinknsparkly
    • By pinknsparkly 21st Oct 18, 5:07 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Wow, it's been a while since I last posted on here, mostly because I keep feeling I need to have a "reason" to post. In the last couple of weeks I've been reading through the Mortgage Free Wannabe and Debt Free Wannabe diaries and think that the act of reporting in on a more regular basis will help keep me focused and also celebrate the tiny wins that are easy to lose sight of in the generally day to day!

    Having now been employed for six months post PhD, we approached a mortgage broker to see what our options were. Long story short.... We need to wait until I've been employed for a year so that's on hold until 2019. We're still intending to buy the house we're currently in from my y parents so nothing has changed on that front and fortunately they are happy and able to wait a little longer than we originally thought! And actually it works out quite well time wise as it means we would (hopefully) be buying shortly AFTER the deadline for submitting my PhD corrections rather than before

    In sad news, my grandmother passed away a couple of months ago and I am now without any grandparents Our plans in terms of houses, PhD and trying for babies were that we would buy the house (and decimate our savings!) then immediately start trying for a baby and rebuild our savings in the (at least) 9 months of both of us in full time employment. However, we've been left quite a few thousands in Grandma's will and so we're going to use that as our baby fund. I'd like to use the money for something she'd like, and I can't think of anything she'd approve of more!! That also means that we'll be able to start doing some of the cheaper bits we want to do to the house as soon as we've saved up the pennies rather than needing to save up a baby fund first!

    I'm also attempting to follow the Blood Sugar Diet (800 calories per day for 8 weeks) though I'm being a bit pragmatic and am aiming for at least four days per week to be 800 and just remain sensible on the rest! I'm also aiming for three exercise classes per week (gym membership paid in full for 12 months last January so is basically free!)

    Please feel free to ignore my regular ramblings - my intention is to check in on here as a personal accountability thing and it probably won't be the most entertaining!

    After this, I'll tootle off to calculate and update my signature.

    Checking in for the day:

    MSE behaviour: decided against spending an extra 5 to get free P&P on a gift. The P&P was 2 and there is nothing else I need so it would have been a waste of 3. It's just so ingrained in me to not want to pay P&P

    Meal planning: have made a meal plan for the next week until Friday. We're away this weekend and food is provided (we're all taking some with us to share)

    Healthy eating and exercise: been to BodyBalance this morning and rudely reminded of just how inflexible I am (1/3)! On track to eat less than 800 calories today (1/4 - hopefully!!).
    Last edited by pinknsparkly; 21-10-2018 at 5:13 PM.
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • pinknsparkly
    • By pinknsparkly 21st Oct 18, 5:16 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Just updated my signature. It looks like we may have a 20% deposit by point we're ready to buy the house as my husband is due an annual bonus at the end of November!! I'm quite dumbfounded to be perfectly honest, at the start of this journey I thought a 15% deposit was an almost completely unattainable goal :-) :-)
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • pinknsparkly
    • By pinknsparkly 22nd Oct 18, 6:31 AM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    So my plan for the day is as follows:

    1. Long day at work to catch up on work that needs to finished off this week in preparation for meeting tomorrow
    2. Go to Post Office on my lunchbreak to send a travel claim for European trains to Germany
    3. Stick to 800 calories for the day
    4. BodyBalance gym class at 8pm
    5. Eat to meal plan (have got breakfast and lunch with me, and made my husband's lunch last night so only dinner to go!)

    Let's get at it!
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • savingwannabe
    • By savingwannabe 22nd Oct 18, 12:59 PM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    Nothing wrong with your ramblings missus! You are facing life with a real joie de vie! It is infectious - we enjoy your posts!

    On a serious note though, I am so sorry about losing your grandmother. It must be difficult. I think your decision to spend the inheritance on your future family was a wise one and very fitting. Your family will be so happy and so proud of you.


    Keep saving and please do keep posting. You always leave me with a smile on my face.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • pinknsparkly
    • By pinknsparkly 23rd Oct 18, 11:21 AM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Hi savingwannabe! Thanks so much for your lovely lovely post, it made me all smiley inside. I have to very embarrassedly (is that a word??) admit to having only just realised what your username means.... I hadn't twigged the "wannabe" part of your username until I'd been reading through all the Mortgage-free wannabe and debt-free wannabe diaries. I am definitely with you on the savings-wannabe front!! It's a funny thing with Grandma - on one hand it was a relief all round when she passed away as she's been in so much pain and completely unable to understand what's going on or recognise people for so long that it's wonderful that she's now at peace. But on the other hand, no matter how much you prepare for it - it always comes as a huge body blow when it happens! I was so grateful to my wonderful work colleagues though who just took over my work and sent me home (I got the call at 9am on a Monday morning) as I was in no shape to do anything!

    I didn't make it to the post office yesterday - will pop over there in a few minutes. I also didn't make it to the gym as I had a cracking headache by the end of the day, but I did donate some blood this morning (to a research company near my work who are developing new blood tests and so need a fairly continuous supply of fresh blood) - I'm sure replenishing that must count as some form of exercise, right??

    Meeting went well today. Still have a to do list as long as my arm, but (for once!) nothing has been added to it, so that's quite a major win Onwards and upwards!
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • pinknsparkly
    • By pinknsparkly 24th Oct 18, 9:10 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    So I'm still in a bit of a daze over this, but I've managed to apply for a mortgage and not get turned down!

    After our mortgage broker said that we didn't have a chance of getting a mortgage until I'd been employed for 12 months (i.e. Feb 2019) I started looking into the mortgages a little more deeply and discovered that the lender offering the mortgage we were hoping to get wouldn't lend on houses of this structure. He had also suggested that when we re-look at mortgages we start with Halifax as they are the most lenient high street lender in terms of employment history, building structure and credit score requirements and also only do a soft credit check at the agreement in principle stage. Since the original lender was no longer an option I started looking into Halifax mortgages and discovered that they would lend to me with less than a year's employment and would lend on a house of this structure, so I popped in my details to get an agreement in principle. The online system was unable to process my application so I had to call them today and was told that the system had been unable to perform the credit check. She told me to call back later and speak to a mortgage adviser instead who possibly be able to tweak the details to make the credit check work, or alternatively, send it to the underwriters to look at. Long story short...... The mortgage adviser managed to get the credit check to run and we are partway through the process of applying for a mortgage We have to speak to another mortgage adviser on Friday to decide on what mortgage we want (we already know, but I guess it's a formal requirement) and provide our payslips.

    So yeah.... looks like we may be buying a house in the much nearer future than anticipated!!! I'm completely torn between insane levels of excitement and an inner monologue of swear words as I process what I've done Fingers crossed my signature will need updating soon as our savings get completely wiped out! How can the thought of "losing" savings that you've spent so many years accumulating be so exciting???
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • savingwannabe
    • By savingwannabe 25th Oct 18, 7:14 AM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    Marvellous news. It's a good job you did research and didn't believe the person.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Skint yet Again
    • By Skint yet Again 27th Oct 18, 6:11 AM
    • 3,584 Posts
    • 19,238 Thanks
    Skint yet Again
    Wow Pink how exciting !!! I am sure your gran would be really pleased that her gift to you would be put to such good use. Buying houses is a real rollercoaster ride so good luck and keep us updated.
    Balance 0% credit card to pay 1360 898
    Emergency fund 0/500
    • atrixa
    • By atrixa 28th Oct 18, 1:05 PM
    • 84 Posts
    • 89 Thanks
    atrixa
    How exciting! I'm looking forward to seeing your journey progress
    I work in Pensions and I'm currently saving for my first house deposit
    • pinknsparkly
    • By pinknsparkly 28th Oct 18, 5:45 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Thanks guys!! It still seems like a bit of a dream really, but so far I've not woken up yet.....

    We had our telephone / video appointment on Friday evening (you can do the entire application that way, without actually needing to see a real person face-to-face) and are now waiting on the valuation. I must admit I felt like a geriatric when I was told that we could do the entire application online as I just assumed it would require us at least meeting someone from the bank in person

    Hopefully, the valuation will be done by the mid-to-end of this week and we'll know if it's going to happen or not! I already have a list as long as my arm of things I want to do to the house with - ignoring the fact that we'll need some time to save up the money to pay for the work!

    We had a lovely weekend with my family for my brother's 30th. Though the amount of food and booze consumed was less lovely for my weightloss plans. I lost 0.8kg in the two weeks to Friday so I'm planning on staying well clear of the scales for a week or so until the damage from this weekend is hopefully undone
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • gallygirl
    • By gallygirl 28th Oct 18, 7:26 PM
    • 16,778 Posts
    • 110,555 Thanks
    gallygirl
    You know what they say - be careful what you wish for . Exciting times ahead
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = 0
    "Do what others won't early in life so you can do what others can't later in life"
    • pinknsparkly
    • By pinknsparkly 29th Oct 18, 2:10 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Ha, Gally - it wasn't so much a "what we wished for" as much as a "I'll just have a look cos I'm nosey" swiftly followed by "ooooops, what have I done?" I love your signature by the way ("A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort") - I feel like some people who know me in real life may feel that way about me!!!

    Valuation is booked for tomorrow, they're going to text me a one hour time slot this evening so I'll be a whirlwind of house cleaning and tidying this evening followed by working from home tomorrow. I still need to find a conveyancer / solicitor - I had a look online and there are just so many of them! I can't seem to find a simple website that has a good number of reviews from customers that have used them. But I'll see how tomorrow goes, after all - if they decide not to lend on our property (it has a flying freehold [one bedroom] and Halifax say that any flying freehold can only be "part" of the property without stipulating how much "part" is) then I won't need a conveyencer/solicitor anyway!
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • gallygirl
    • By gallygirl 29th Oct 18, 6:53 PM
    • 16,778 Posts
    • 110,555 Thanks
    gallygirl
    ("A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort") - I feel like some people who know me in real life may feel that way about me!!!
    Originally posted by pinknsparkly
    Yup, me too, when I was working. Which made it even easier to have a positive attitude .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = 0
    "Do what others won't early in life so you can do what others can't later in life"
    • pinknsparkly
    • By pinknsparkly 31st Oct 18, 3:55 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    So we passed the valuation! Even with my cat following the valuer (is that what they're called?) round the house like a shadow trying to work out what he was up to They've valued the house at 20,000 more than I estimated it was worth (and I thought I was pushing it a bit with my estimate!).

    However, they can't accept my husband's payslips as evidence as pay because apparently they say that he is paid by cheque on them - I don't think he's ever been given a cheque by ANYONE in the entire 10 years we've been together! But they're asking for a bank statement instead so we'll sort that when he gets home tonight.

    My other fun has been attempting to find a solicitor to act on our behalf and it is amazingly hard to find lists of local solicitors with customer reviews. All I mostly managed to find was comparison sites that required you to give them you email and phone number. I'm prepared to ignore the spam emails but can't be bothered with all the phone calls. However, I've found a fairly local company who have good reviews and have fired an email off to them so I'll see what they say.

    Once Halifax are happy with the evidence of my husband's pay, then I'll ring them up to pay the mortgage fee and get the ball rolling! I'm a little reluctant to stump up 1000 for them to then turn round and not give us the mortgage and have to go through the process of getting it refunded....
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • pinknsparkly
    • By pinknsparkly 2nd Nov 18, 9:27 PM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Woop woop - Halifax have confirmed that our mortgage has been approved and we've appointed a solicitor. Though this process is starting to feel like all I'm doing is handing out hundreds of pounds per day for one reason or another!

    Have to arrange to visit the solicitors one day next week with our identification documents (and have had to order a paper bank statement each as we don't get any paper documents from our banks or utilities anymore, does anyone?!) and then I guess it's all systems go! I've got the paperwork that needs to be completed in order for my husband to use his LifeTime ISA savings for the house purchase so will take that with me when I take the identification documentation to the solicitors (one form has to be filled out by him and one by them). I definitely feel like I'm winging this entire process with no idea what to do next (or even what to expect next!)
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • pinknsparkly
    • By pinknsparkly 14th Nov 18, 11:21 AM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Gah! Just lost a big update that I'd typed up and then wandered away to get some coffee. Came back to find it timed out....

    Short version: took our ID and proof of address to our solicitors yesterday so hopefully things will start moving again. It's gone quiet on that front since the start of last week and I assume they're waiting for our proof of ID before doing anything else.

    Also got a 50 refund for a train journey in Germany last month that arrived 4 hours late due to a train breakdown. The tickets were paid for by my company so it's basically free money, totally worth the 20 mins I spent filling in the documentation and the 3 to post it to Germany
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • savingwannabe
    • By savingwannabe 17th Nov 18, 5:06 PM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    How wonderful about the house!!!! It's great that you managed to get money for the delay too. Yay, very MSE.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Poppycat1
    • By Poppycat1 21st Nov 18, 3:14 PM
    • 168 Posts
    • 633 Thanks
    Poppycat1
    I found your diary and have caught up. You have done so well. I was told I could apply for a mortgage as soon as I started work. Just needed a letter from employer to state the work was permanent. In the end it took nearly a year to go though. That was because of other problems though.

    Look forward to you starting your MFW/FIRE diary.
    MFW #25 - 2019 - Aim to get mortgage to 100,000, Start - 108,460.35. Current - 106,958.64
    MFIT-5 #25 - Aim to get mortgage to 70,000 (or have savings to get to this amount)
    Save 12,000 in 2019 #38 - 2350.00
    Make/Save 2,019 in 2019 - 298.39
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