Cost of running a house!

[steve_earwig]

Congrats indeed, I hope it works out well for you both. To be fair there's lots of members here with DIY skillz so if you ever need any advice you're more than welcome to ask steve_earwig

Siks munfs ago i corren evin spewl "enjinere" an now I ar wun...

[Bailes1992]

Cheers guys!
Just had my mortgage in principle through.
5 years fixed at 4.9%.
£530 per month.

[Captain Jack]

Speaking from personal experience, I wouldn't want to be tied in for that long. I think 3 years would be the maximum. You never know what will happen to put you in a situation where you would need to sell - relationship breakdown etc...

[DaiRees]

Congrats Sam, so where is it?

Good positive input there CJ

[Captain Jack]

[Bailes1992]

Understand what your saying CJ but I'm also worried that if I go for a 2 year mortgage interest rates will be higher and il have issues affording the monthly payments.
At least with a 5 year mortgage it gives me more time to weigh up my options and see where things are going.
Also if for any reason we did split up (which I highly doubt) I could probably afford to live by myself. Maybe if have to get a lodger in!

Staying in Bridgend Dai.
Im waiting till I've signed on the dotted line before I let loose! Il invite you and your sheep posse down once we've moved in!

[scotty73]

Im waiting till I've signed on the dotted line before I let loose! Il invite you and your sheep posse down once we've moved in!

Once ewe've moved in.

I can see where Cj is coming from and also your point about a sudden rise in bills due to interest rates... You both seem in a good position to do this and i wish you well especially your health (mine ruined our lives when i had to give up work due to illness and we've struggled ever since)

Good luck matey hope it never happens to either of you.

Right: Don't let the above put you on a downer enjoy the buzz I was always a problem child and still am.

[Captain Jack]

Having your own house is great! You can do whatever you want in it - demolish or do it up... the house is your oyster. I just never seem to personally be able to stay in the same spot for longer than a couple of years at most...

But good luck! It will certainly be fun!

[Bailes1992]

Im waiting till I've signed on the dotted line before I let loose! Il invite you and your sheep posse down once we've moved in!

Once ewe've moved in.

EWE should know it's not funny to RAM sheep jokes down everyones throats!

[GingerMagic]

Hi Sam, I had my first mortgage when I was 20, much better than renting.
5 years is a good term, mortgages go up and down all the time and there will always be some sort of deal when your term is up.
I too have an offset mortgage now - its a very good option for me and I chose it because my savings weren't worth a wank anymore so I put them to better use...

Congratulations btw, ignore the people talking about you splitting up with your missus - she must love you or she wouldn't be seen dead in a Brown Mondeo....

[Captain Jack]

Congratulations btw, ignore the people talking about you splitting up with your missus - she must love you or she wouldn't be seen dead in a Brown Mondeo....

Sorry... not meant to offend anyone. Just my own personal, bitter experience that lives with me to this day still. Because the house is still tied in its mortgage deal and we can't sell it

[rwb]

Congratulations

[teamster1975]

Good on you Sam, congratulations mate!
I wish I were in the position to buy but that won't happen until I've got shot of my credit card debt

[mjb]

she must love you or she wouldn't be seen dead in a Brown Mondeo....

That's a very good point. Definitely a keeper

Good on you Sam, congratulations mate!
I wish I were in the position to buy but that won't happen until I've got shot of my credit card debt

Urgh I know that feeling, but we're really going to try to cheap out for the next 2 years paying off debts and then saving a deposit - with the gov's help-to-buy mortgage guarantee scheme (applicable to OLD houses, not just horrible new builds) ending 2016, we've got a firm target to work to which won't require vast amounts of savings. It's such a good thing for us that we'll be putting nearly £5k of card debt on ice (thankfully under 10% apr so not too expensive to do this) so we can get into a house.

Nice cheap place, substantially cheaper than the maximum I could take a mortgage out on, on a long (25-30 year) basis so the repayments are substantially lower than what I'm currently paying in rent. Get the remaining card paid off pronto then go nuts with overpayments. Will be looking at having it paid off in under 10 years with ease if we're disciplined.

Always wanted my own place (being able to hang things on walls, paying into an investment instead of rent money into someone else's pockets) but thought it'd take ~6 years to save up. I've always been slack on paying off debts and then buying STUFF so the 6 years has never actually started. Going for somewhere cheaper and with the 95% mortgages available at a not-criminal rate now makes it actually achievable, but the biggest thing to get us going down this track now has been this talk of overpayments. I always baulked at the thought of being tied into something for 30 years, but being able to pay extra and get out early without actually committing to paying a ridiculous amount each month? Game changer. And all thanks to this thread! Thanks Bailes

[Bailes1992]

Cheers for the congratulations guys'

Had my mortgage in principle through yesterday.
Phoned up my solicitor this morning and told them about the house.

Sent my mortgage in principle to the estate agents and given them my solicitors details.

As soon as I have another look Wednesday I will tell them to proceed and get the ball rolling.