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    • Nichelette
    • By Nichelette 22nd Dec 18, 7:16 PM
    • 1,882Posts
    • 3,118Thanks
    The first hurdle - Nichelette v the huge mortgage
    • #1
    • 22nd Dec 18, 7:16 PM
    The first hurdle - Nichelette v the huge mortgage 22nd Dec 18 at 7:16 PM
    I'm starting this diary in anticipation, so that I have focus for 2019.

    It's a bit of a long story, but to give the key facts I'm 32 and married. I graduated in 2008 into recession which wasn't the best, and live in the south east where house prices are absolutely insane. When I was younger I helped both of my parents a LOT financally which hasn't done me any favours. I won't go into detail as it's a very long story, but the outcome is I'm down a lot of cash. Rampant HPI made it harder to get a house, and I have to pay stamp duty as I'm sadly not legally a first time buyer as I was temporarily on my dad's mortgage to cover affordability after he was made redundant during the crash and took a lower paying job.

    Anyway, my dream since I was about 10 was to have my own home. I had this book I would cut and stick all the houses I liked in, then I'd plan how I'd decorate and furnish them. It has always been my main aim to make sure we have some security in housing terms as the insecurity of renting has always worried me.

    We have been saving hard and managed to reach 50k which has allowed us to buy what I'd call a 2 bed starter house. We're just on the verge of exchanging (hopefully!). My plan is to overpay as much as possible for many reasons. I've never liked being in debt and the amount we will owe is huge so I want to reduce it as quickly as possible.

    House is 320k. Deposit is 32k and stamp duty is 6k. Fees and survey are probably around another 4k or so, but I've lost track to be honest.

    The arrangement fee has been added to the mortgage, so we're looking at a starting figure of 289.5k .

    We both work full time and don't have kids, so we can chuck quite a lot at it. The rate is fixed for 2 years, then the plan is to see if we can remortgage to something better.

    The diary is to keep me focused as my DFW ones helped a lot in the past.

    Whilst we have been waiting for the legal stuff to go through we have continued to save. I budget meticulously and record everything, but have been slacking since our offer was accepted as my plan is to move, see how much is left and plan from there. I think we will already have an emergency fund so we can start overpayments immediately.

    I will do a proper SOA once we have moved and I have a proper idea of what bills will be, but I anticipate we're looking at around 2k. We take home about 4k so should be able to make some decent overpayments.

    If there is anyone else out there with a humongous mortgage please feel free to join me, or anyone else for that matter. I'm sure you all have some very good advice .

    Thanks for reading if you got to the end!
    Finally bought a home
    Starting mortgage £289,500 31.01.19 - Current outstanding £274,272.15
    MFW #86 - Aiming for 15k in 2019
    Overpayments since 27.03.19: £9693.95
Page 6
    • savingholmes
    • By savingholmes 17th Oct 19, 10:13 PM
    • 9,920 Posts
    • 20,138 Thanks
    HI Nichelette - so sorry to hear about your MIL. My condolences.

    Hope your DH gets the job and your car situation has a good outcome. It's weird when life continues to happen even when we are in the midst of grieving a loved one... It's good though if you are able to stay reasonably on track... but don't be surprised if grief hits you or him in waves...
    Target DFD Mar 21 Nov 20 £38840 @ 13/7/19 £25,697@0%
    Target MFD July 2031 March 28 owe £145551 @13/7/19 £145,078 @1.7%
    • Nichelette
    • By Nichelette 20th Oct 19, 8:41 PM
    • 1,882 Posts
    • 3,118 Thanks
    Thanks all. DH interview went pretty well from what he has said. We work at the same place so I understand a lot of the questions and answers he gave. I think if he doesn't get the job it will be because someone was really good and not because his interview was bad.

    DH has some sad times but overall is coping far better than I expected he would. I wish his mum could see as I know she would have been worried about him. I've not had anyone so close to me be terminally ill before, but I think I did a lot of my grieving when she was still alive. She sent us an anniversary card (she had a brain tumour and couldn't see out of one eye) which she had started writing and SIL had to finish. That was less than a month before the end, and honestly reading that was heartbreaking.

    We've done another meal plan. Spend was £15 largely due to husband's meat, but I can't complain about that. It has been so good getting home from work and knowing what to cook rather than hoping for the best and eating junk. Am keeping on top of spending so far .

    Need to update sig but mortgage now 273 exactly so still plugging on.

    Sorry for any typos. Autocorrect on kindle is awful! Need to do proper update on pc!
    Finally bought a home
    Starting mortgage £289,500 31.01.19 - Current outstanding £274,272.15
    MFW #86 - Aiming for 15k in 2019
    Overpayments since 27.03.19: £9693.95
    • StripeyTightsSpottySocks
    • By StripeyTightsSpottySocks 21st Oct 19, 7:31 PM
    • 185 Posts
    • 723 Thanks
    Hi Nichelette

    My heart goes out to you both ((hugs)) as savings so eloquently said, life happens still.

    The thing with interviews as well is (and i'm sure you know) but they are good to do to learn from them and gain confidence in the process / get used to new types of questions being asked etc - I really hope Mr N has got the job but just going for it and making that decision is excellent too
    14/07/2019 Mortgage Balance £52,995.15 £57,850
    16/07/2019 T Credit Card Balance £1728.50 £967
    £1,500 bill paid in full oct 19
    16/07/2019 Mortgage Savings £9,525.00
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