New House, New Mortgage!

A question about : New House, New Mortgage!

I will start off by telling you a little about me! Just over three years ago my lovely husband and I bought our first home, we love our house but it no longer suits our needs! In this time we have changed jobs and got pay rises which has meant we can afford to move a big step closer to our dream home! So not only have we changed jobs and had promotions, we adopted two rescue dogs (my babies), got engaged and married, went on an amazing honeymoon and are just waiting to exchange contracts and complete on the next phase!

This comes in the form of a recently renovated semi detached house with just under an acre of land. It is as close to the dream house we are going to get and we are so damn excited! Now this lovely property is going to set us back Ј930 a month on the mortgage alone, as we have done it under the help to buy scheme with 5% deposit. As it will be our long term home we feel its worth the risks involved and with our most recent wage increases it should be manageable with a little wriggle room!

Anyhow, we are looking at possibly moving in next weekend (though its been a horribly stressful and painful experience so far!), we need to add some secure fencing to part of the property so we can have the doggies somewhere safe, and it is heated using gas bottles so we are hoping that we can get a decent fire installed with a flue, not in a smokeless zone. This will all cost moolah we aren't sure we will have. Theoretically we are hoping to have about 1.5k left after the move and will need double that for the fencing (top estimate). Both planning on overtime from now till whenever to try to avoid getting a loan, but this is the other option. Get a nice low percent loan and get these bits sorted then work on paying that off quicker instead of the mortgage... Or overpay more loan and less mortgage...Hmmm decisions!

Would like to make these changes to the house in the hope it will add a little extra value when remortgaging comes around, and would really like to have at least another 5% paid off in two years time to make a 10% deposit therefore hopefully meaning we will have better options available!

Anyway have wittered on, off to dream about my garden!

Jodles

Best answers:

• Learn to save and spend in cash. You'll find that the money goes far further. Far more satisfying too. Borrowing money can become addictive with credit so easy to obtain and no shortage of lenders offering it.
• Thanks Thrugelmir, we are pretty good savers and paid our wedding and honeymoon etc off in full, but that was on a lower mortgage etc! Its hard to weigh up instant with waiting sometimes but can understand what you mean! We have 0% debt of Ј1200 but thats all so feel quite proud of us overall, everyone is so gung ho about borrowing and getting credit but it does scare me! Ah well we shall see!
  Jodles
• Hi jodles,
  Just found your diary (after seeing you post elsewhere). DH and I also bought our 'dream' house in Nov, although it needs lots done to make it live up to its potential. We've had damp proofing, full rewire, new windows and doors, new kitchen and bathroom and a fair bit of replastering already. We did take out a loan (and a 0% offer which we are currently saving for to pay off in full) just because it made sense to do the very big jobs before we moved in, but much of it is 'as we can' and there is still lots to do which we will save in cash for. Doesn't make sitting here in our lovely place any less awesome tho! We are overpaying the loan first, then moving on to the mortgage but I think any way can work
  Looking forward to following your journey and good luck! x
• Thanks Giblet1979! Its such an exciting journey isn't it! Good to hear off someone else who needs to spend a little/lot and its working out well!
  Jodles
• Well I do love love love pay day! My favourite bit (so so sad!) is moving my money around...
  A large chuck of 1k goes into our 'house fund', this is an account all our bills go out of and we got rid of the bank card for so its purely accessed over the tinterweb to reduce compulsive spending! Its also there as savings for any house emergencies and currently paying solicitors and moving! Its looking healthy at 4.5k, this will soon change as hoping to complete on Friday! Also new mortgage and higher bills (more council tax, more expensive fuel etc) will mean a big reduction in savings but my new job allows me to pay more than I could have otherwise!
  I then moved Ј200 with a little round up into my own savings, this is also looking healthy at the moment at 1.7k, a couple of hundred of this is budgeted for birthdays and the magical approaching holiday! The rest will be used for emergencies/building up fence fund!!
  Ah I do love a good sort out, makes me feel a little in control! Looking forward to working out all the new bills and funds for the new house!
  Jodles
• Sounds great jodles - you've reminded me that I need to get moving money following payday the best time of the month! x
• For a few minutes you feel almost rich!
  Waiting around to hear if we have exchanged and completed on the new house... don't know what to do with myself so excited/worried that I can't concentrate!! Hubby is in work, and the doggies are fast asleep!
  Don't want to focus on house stuff to much as if it doesn't go through will be so so disappointed!!
  Heres to Friday playing a waiting game!
  Jodles
• Hello coffeecup! Unfortunately it didn't. I believe it was our solicitors who fudged up and tried to blame others solicitors! I got very emotional and we STILL don't know if we even exchanged! Blummin people! Ah well, two days longer to pack and have the internet!!
  Will do more packing today and as the solictors are open this weekend will get hubby to ring them to find out, seemed yesterday they were just covering their butts! And hope it will all happen on Monday! The whole process has been going on since April and just feels like a farce! There I go being emotional again, need to detach!haha.
  We are doing better money wise than I thought so that's really good hopefully will be able to get nice secure fencing done asap, my dad's friend will do ground work ad posts for a good price then just need to finish it off, oh and actually buy the posts etc! Never had to fence an area for my mad dogs before!
  T make myself feel better Im buying some birthday and christmas presents for friends and family! Its a good way to use retail therapy as they are budgeted for and I dont have to use my regular cash!
  Its the weekend!
  Jodles
• Hey,
  Sorry to hear it didn't go to plan yesterday but hope that it works out on Monday (and like you said, it gives you a couple more days to get organised!)
  Enjoy retail therapy x
• Hi Jodles
  Just wanted to wish you well with your journey
  I'm another one who loves the payday money shuffles. Love the rich for a moment feeling
  Sorry to hear the exchange hasn't gone smoothly. I'm sure you will get it all sorted on Monday.
  BW
• Thanks Giblet! I had attempted to buy some beers for my dad and best friedns birthday but it didnt go through, went back on today and they have free postage now! Bonus! So have now saved Ј7 on delivery and have a box of mystery beers for my dads 50th and Terry Pratchett Discworld Ales for my bestie! Feeling much more organised and better now!
  Thanks for stopping by Bookworm, love your name as I am a big book lover! Its the best bit about payday, have savings and bills altogether at the moment as using s@ntander 123 account it makes sense! Though makes me a little uneasy as its shoved together! Got all my fingers crossed for Monday, will be speaking to the manager on Monday as it was escalated on my behalf as it should have happened!
  In other non MSE news we bought some new sofas, put down a nice deposit down and took the rest out on finance, it scares me how easy it is to get finance! Think I was naive! Only reason we went for 0% was to make sure we aren't shooting ourselves in the foot as we need fencing first! Once thats sorted can pay off as much as we want with no early repayment fees, can overpay as much as we want as well so seems win win! And they are a lovely set of furniture in a fab red colour!
  Last day on internet today unless it can be connected via her broadband when we move, getting withdrawals already!
  Jodles
• Hi - where did you get your sofas from, we are looking and starting to go round in circles - too much choice! Nearly ordered from NЈxt last week but now going to look at J0hn L2wis today - I'm not good with too many options. Yours sound good - I want to pay a good price but want quality and I think this is doing my head in.
  Good luck with the move - we nearly moved this year so I can relate to some of the stress you are feeling.
• Thanks for popping in Pushkin, we went with D*S as there is one close by, went with a nice traditional set, got a large sofa, normal size sofa, armchair and footstool with teflon feet (probably well ripped off but helps it move easier!) and it all sprayed so it wont stain (again might have been ripped off here!) and all for Ј1,355 including delivery! You automatically get 10years cover on the springs etc which is good. I was tempted by Ne*t as well, thought they would be really good quality but just slightly to much money for us, perhaps next time! Loved the ginger colours and the sherlock chair there! I definately found going into store much more helpful as online I was just totally stuck! And its good to have a good trial of sitting on it!
  Good luck finding the right sofa, its important!
  Jodles
• So it all happened on Monday and I am sat in my fab new home typing! Im in shock and am so happy to be here! So starts my official mortgage free wannabe journey with the new house! We have agreed to always pay Ј70 a month extra taking it up to a nice (and expensive!) Ј1000 mortgage payment. I will aim to try and pay any extra bits as and when as we are unsure of all the bill costs of the new house, especially as it is gas bottle heated which isn't cheap! We are fully paid up on our move, should get mortgage payment this month back as we completed on the day it went out as well as the council tax etc. Will need to get on that, but on annual leave next week so it may need to wait another day!
  My doggies are still in kennels, they will be coming home tomorrow which I am so so excited about! Have missed them so much! There are no secure areas for them currently sot hey will be on their leads until its sorted but thats a small compromise to make!
  Have picked eating apples from my two apple trees and also have a pear tree full of pears as well as a tree full of baking apples! I was so excited to eat an apple straight from the tree, one of the trees tastes a lot like royal gala! The other has a bright red skin with a pink tint throughout the actual apple, looks like your teeth are bleeding!
  Anyways enjoying a nice cider, meant to be watching TV but mostly keep looking out of the window in disbelief its ours!!
  Jodles
• Well my doggies are home and fast asleep on my feet. They have been out playing in the new garden (still a field really) all day and are pooped! My feet are aching but its all so good, blumming love this house! Have bought a plum, peach and Alba tree today to add to my mini woodland, also had a cherry tree bought for us by our very good friend! They have all been planted and look great! Given them a good soak so hopefully all sorted.
  Found out we had a blocked drain yesterday which cost Ј65 for a guy to come out and sort for us, as we are new here thought we best get it done properly in case something was wrong, turns out it there are a couple of abnormalities in the pipe which may have caught stuff on and blocked.Glad that was sorted nice and quick.
  Also had the fence man round to quote for us making a very secure area for the dogs, they have been great but needed supervision when out at the moment which is fine as we are off, but really excited to have them somewhere safe to be! Not sure what the quote may be like so fingers crossed for something affordable! Also decided that reed screening may work in the field as a way to make the field more enclosed for the dogs, I measured we need 65metres of screening but this can be attached straight to the horse fencing, found a website with offers on and its Ј201.40 for the reed plus Ј40 for some staples (need to establish the quantity first as may well be overbuying them!) seems reasonable considering the area to cover!
  Have had so many lovely family and friends come to visit, has been great! They have brought wine, cake and plants! Perfect house warming gifts!
  Anyways off to check where the cows are in next doors field to see if the dogs and I can pootle down the field lead free, if they are hanging out near our fence will have to put the big girl on her lead as she fancies herself as a master hunter and chaser of anything!
  Jodles
• Ah I am so glad of annual leave this week, so much stuff to do! Have ordered the reed fencing for Ј201.40, definately the cheapest I can find it but didn't order the nail things as it didn't say how many was in a pack, got a local builders merchants down the road so will pop there. Have ordered a big skip (fingers crossed it will fit down our road!!) as the previous owner has left lots of junk in the caravan here, we have also taken down the horse fencing we dont need and have domestic waste from the move anyways, bargain price of Ј116 for a 4tonne skip!
  Forgot how much money you can spend on doing 'stuff', waiting for the fence mans quote for a secure bit of garden as well. Hoping with all my might for under 1k!! Still got some savings knocking round but they will disappear soon. Going to wait and see about getting a log fire installed.
  Need to check about council tax, assumed it would all be done for us but others have told me no, its up to us so will ring them in a bit. Also want to know when the new mortgage will go out and when we will receive any further paper work, including setting up an online account.
  Still so excited to be here!!
  Jodles
• It feels more like a money spending diary at the moment, rather than a pay off your mortgage quicker one! Bought two gas bottles for Ј110, going to keep a close eye as to how long these last bearing in mind its nice weather currently.
  Got a guy coming round tomorrow to help look at ways to make the house more eco friendly, including what the best alternative heating and electric generator may be best for us here. Long term well worth it if we can afford it!
  Have spoken to our old county council and will be getting money back for this months council tax, and should get the money back for this months mortgage as we moved on the 1st of the month. Depending on fencing costs Im hoping at least half of this can go towards an overpayment. The mortgage goes out from here on the 29th September, trying not to feel sick at the cost, as realistically our wages have increased a lot since we bought our first home, but with winter approaching I am concerned how much everything will cost, but its this worry that makes me focused with money where I can be!
  Jodles
• Hi Jodles16 - congratulations on your nearly dream house - it must be amazing to have nearly an acre of land too!
  You mentioned you moved from your flat to this house with a 5% deposit... what happened to the equity in the flat or was that eqiuilvanent to 5%... sorry if its a dump question, I was just curious...