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    • Nichelette
    • By Nichelette 22nd Dec 18, 6:16 PM
    • 1,820Posts
    • 2,858Thanks
    Nichelette
    The first hurdle - Nichelette v the huge mortgage
    • #1
    • 22nd Dec 18, 6:16 PM
    The first hurdle - Nichelette v the huge mortgage 22nd Dec 18 at 6:16 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 283,857.07
    MFW #86 - Aiming for 15k in 2019
    Overpayments so far: 3383.72
Page 3
    • Nichelette
    • By Nichelette 15th Apr 19, 7:15 PM
    • 1,820 Posts
    • 2,858 Thanks
    Nichelette
    Thanks Bach .

    Today was payday, so I've shunted over another 1000 overpayment. Have also opened my regular saver which will have 300 deposited each month (did you spot the 200 in my last post was a typo ).

    I'm hoping I can move some more over during the month, but I'm not sure how much.

    Car tax has been paid, and most of the bills have gone now too.

    Have watched a video on tileing and now think I'm an expert . I wasn't going to attempt it, but I'm a perfectionist and think I might actually do a decent job, so I'm going to throw caution to the wind and give it a go. Worst case I'll have to pay someone to fix my mess!

    Kitchen arrives on the 27th when my husband is in Scotland visiting his family. I have the following week off work, so think that will become kitchen fitting week.

    My birthday is the 7th so if I'm lucky I might have a functioning kitchen by then.

    Am now in the 283's . Hopefully we'll be in the 27's before we know it. I'd like to set myself some targets for the shorter term so I'm going to think about my aims.
    Last edited by Nichelette; 15-04-2019 at 10:12 PM.
    Finally bought a home
    Starting mortgage 289,500 31.01.19 - Current outstanding 283,857.07
    MFW #86 - Aiming for 15k in 2019
    Overpayments so far: 3383.72
    • BachSoon
    • By BachSoon 17th Apr 19, 7:34 AM
    • 97 Posts
    • 148 Thanks
    BachSoon
    That's a stonking overpayment, well done!
    Tiling is quite fun... We refitted the bathroom in our old house before we sold and it was a lot easier than expected.
    • Nichelette
    • By Nichelette 17th Apr 19, 10:13 PM
    • 1,820 Posts
    • 2,858 Thanks
    Nichelette
    I'm really quite excited about it .

    Not much to report on money front. Did a couple of onepoll surveys so a bit closer to payout on there.

    My sister's bunny (soon to be mine if he pulls through) is unwell so I'm helping her with the vet fees. Not sure how much that will affect the budget yet, but I hope he is okay and can live out his twilight years with my oldish girl.
    Finally bought a home
    Starting mortgage 289,500 31.01.19 - Current outstanding 283,857.07
    MFW #86 - Aiming for 15k in 2019
    Overpayments so far: 3383.72
    • Nichelette
    • By Nichelette 19th Apr 19, 10:50 AM
    • 1,820 Posts
    • 2,858 Thanks
    Nichelette
    I'm having one of my very grateful days today. It's so lovely having a bit if sun, and I'm really happy I've got the washing drying in the garden for the first time in ages . I'm not a sun worshipper, but I love how a sunny day lifts my mood. Spring is my favourite time of year. In fact, I've just remembered my mum got me some daffodils yesterday I need to put in water. It took her 4 hours to come from the other side of the M25 yesterday to drop my nephew back with my sister (not envious!). No idea why they thought yesterday would be a good time to tackle the roads!.

    Bunny had his stitches loosened and is much happier and eating better so fingers crossed he is on the up. He has to go back next week to get them out. I told my sister I'd pay for his vet trips but she paid for the last one so I've told her to let me do the next as we're better placed to afford it and he has already cost a small fortune. I love the bunnies to bits but they're far harder to look after than I think a lot of people think.

    On the overpayment front I am holding off doing any more until maybe mid pay month so I can see where we are. I'm sure there will be spare money but I'm not sure how much and I don't want to leave us short.
    Finally bought a home
    Starting mortgage 289,500 31.01.19 - Current outstanding 283,857.07
    MFW #86 - Aiming for 15k in 2019
    Overpayments so far: 3383.72
    • Nichelette
    • By Nichelette 22nd Apr 19, 4:48 PM
    • 1,820 Posts
    • 2,858 Thanks
    Nichelette
    Today has been a productive day .

    On Saturday I took advantage of the cheap Easter veg and got 5kg of potatoes, a head of broccoli, 3 leeks, a bag of carrots and a bag of parsnips for 2. I also managed to pick up some cheap meat which is in my freezer now. I only really buy it when it's reduced (I often get quite lucky with it). Anyhoo, I spent the morning prepping it all so I've got 2kg of wedges and 3kg of chips in the freezer along with the carrots, parsnips, remaining leek and a celery head. I'm truly living the dream .

    I made some impromptu potato and leek soup this morning. I had some for lunch and the other 3 portions will be work lunches. It also allowed me to free some sourdough rolls which had been languishing in the freezer for a while. I've made a meal plan and and doing my best to stick to it as I really don't need to be buying food, bar fresh stuff and the odd missing ingredient to make a meal possibly.

    Curry is in the slow cooker for husband's dinner. That will be 2 or 3 portions depending on how greedy he is feeling!

    Have planted some seeds over the weekend. I have grown veg in the past and like the idea of self sufficiency, though our AstroTurf and woodchip don't really lend themselves to it. I've bought a lot of cheap planters (thank you Poundland) which fit neatly into a bit if the raised bed, and some mesh which I hope will stop neighbours cat from using them a toilet/digging before anything is established.

    Have been looking at what sort of overpayment it would take to get into 282's. Regular payment goes on the 1st but of the 1160 only reduces the capital by about 500 (boo), so I'm looking about 400. Overpayments have totalled a bit over 1500 so far this month so I think that might be a stretch but you never know.

    I have a few bits I'm going to sell which will go toward overpayments, but I don't want randoms in the house until living room is in order. I don't actually live in a tip , it's just under the stairs has some stuff that won't be living there forever, but is there until I can get my old cooker out the shed, and my sister is part way through making under the stairs a bunny enclosure for me. She's nearly done and it looks really good.

    Oh, and I've done another two lots of washing today whilst I could hang the sheets outside. I think that's me done for today!
    Finally bought a home
    Starting mortgage 289,500 31.01.19 - Current outstanding 283,857.07
    MFW #86 - Aiming for 15k in 2019
    Overpayments so far: 3383.72
    • Nichelette
    • By Nichelette 24th Apr 19, 10:22 PM
    • 1,820 Posts
    • 2,858 Thanks
    Nichelette
    Another 29 overpayment made today from cashback. Probably should have rounded to 30 but didn't think. Nevermind!
    Finally bought a home
    Starting mortgage 289,500 31.01.19 - Current outstanding 283,857.07
    MFW #86 - Aiming for 15k in 2019
    Overpayments so far: 3383.72
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