How are all you new mummies doing?

[iWitch]

Nat - bought in feb 2008 - 3 months before the crash! When people were paying a few hundred on their mortgages we were in a 2 year fixed paying 600 so I know how that feels!

We were slightly better than that I think ours was £500 a month but we had a 3 year fixes staggered rate to the variable. Before it dropped to the variable it was £600 but obviously at that point the variable flatlined! So we've been lucky enough to be paying around £400 plus whatever extra we can afford.

Thankfully we qualify for that loan business from the government - apparently! I thought it was for new buyers but Chris said they then opened it to others

 

[douglasxox]

OH bought our house before I got with him and he clearly just picked the first house he saw and I know for a fact we will lose money when we choose to sell. The only plus is our sort of house is easily rented and a good amount per month which would cover mortgage payments so I think if we did choose to move it would be a case of renting as selling my house would take an age I think!

Currently writing my dad a Ruri and Granda survival guide for their day! I think poor Ruri is going to be carted around all his friends to be shown off lol!

 

[iWitch]

We bought our first house in 2007.

We lost money when we sold but luckily cause we were buying at the bottom of the market we got more money off our new house than we lost (both have been new builds).

We didn't part ex but the developer covered our estate agent fees which was great

We'd have lost too much but I guess this is the difference in areas?

 

[iWitch]

OH bought our house before I got with him and he clearly just picked the first house he saw and I know for a fact we will lose money when we choose to sell. The only plus is our sort of house is easily rented and a good amount per month which would cover mortgage payments so I think if we did choose to move it would be a case of renting as selling my house would take an age I think!

Currently writing my dad a Ruri and Granda survival guide for their day! I think poor Ruri is going to be carted around all his friends to be shown off lol!

Ideally we'd love to be able to keep this house on a buy-to-let mortgage but after looking into it, we'd need a 25% deposit for the 2nd mortgage!

 

[douglasxox]

It's the deposits that are the killer. Our other issue is due to changing from being self employed to a limited company, on paper our income looks to have changed drastically when really it hasn't! I'm not the best when it comes to finances but luckily OH is! I deal with paperwork, he deals with numbers

 

[Mummybexee]

Yea the help to buy thing for existing home owners- we looked into that but the interest rates on the 20% equity the government own go through the roof come repayment !

We have just about broke even but the market is in a good place around here to sell up - now is an ideal time - we can sit on the cash - go rent a pretty little barn in the country and wait for a house to come up
When hubby back in work - no worries about house maintainance costs and all that, gets us away from Where we are too as schools Arnt great but abit further out and Oscar could attend lovely country/village primary schools - which Is how we both grew up

 

[Mummybexee]

OH bought our house before I got with him and he clearly just picked the first house he saw and I know for a fact we will lose money when we choose to sell. The only plus is our sort of house is easily rented and a good amount per month which would cover mortgage payments so I think if we did choose to move it would be a case of renting as selling my house would take an age I think!

Currently writing my dad a Ruri and Granda survival guide for their day! I think poor Ruri is going to be carted around all his friends to be shown off lol!

Ideally we'd love to be able to keep this house on a buy-to-let mortgage but after looking into it, we'd need a 25% deposit for the 2nd mortgage!

Yep we looked Into remortgaging on a buy to let - but we wouldn't have deposit for second home

 

[douglasxox]

Houses round here sell for so much totally due to the schools, something I've totally taken for granted because it was always a case here of you just went to that school as it was your local school lol. Now it's turning into catchment areas etc which I've never been used to!

 

[iWitch]

Yea the help to buy thing for existing home owners- we looked into that but the interest rates on the 20% equity the government own go through the roof come repayment !

We have just about broke even but the market is in a good place around here to sell up - now is an ideal time - we can sit on the cash - go rent a pretty little barn in the country and wait for a house to come up
When hubby back in work - no worries about house maintainance costs and all that, gets us away from Where we are too as schools Arnt great but abit further out and Oscar could attend lovely country/village primary schools - which Is how we both grew up

That much? We didn't look that far into it as no plans to do it yet! Stay well clear of that

 

[Mummybexee]

It's interest free for 5 years but the mortgage repayment plus the loan repayment combined over 5 years is high - then the loan has interested added at the BOE daily rate ! So if prices go up mega in the next 5 years so will interest repayments on the loan? If that makes sense? Put us right off as we would end up with a load of debt like now lol!

 

[Pumpkin9]

Stamp duty is the other killer! We had to find £10,000 when we moved and then because our house was a new build we had to have a 15% deposit! It nearly crippled us coming up with the money. If it wasn't for my parents we'd have moved in with no carpets.

We'd have loved to buy to let our old house. We sold to an investor but we just didn't have enough money for a second deposit. Annoyingly the people that bought out old house are racking it in. £1100 a month on a three bed house and they've had tenants for nearly three years now with no break!

 

[Maud]

We can't afford to rent. It's why we bought in the first place as we were priced out of the area we both work so had to move further afield. There's a huge price jump from 2 to 3 bed houses in this area though, so our mortgage would double on the current low rates and likely triple when they start to rise. Have to do some serious number crunching to work out if that's ever going to be affordable.

 

[StaceyRainbow]

My head hurts reading all this!! I'm crap with mortgages etc that is totally Chris' field of knowledge out the two of us! He dabbles in propert development but is in a bit of a sticky one at the minute which is why he is trying to se his house to buy some cheap one out right to do up and sell as he's got nice amount of equity in it.

We looked at renting a barn out in the sticks before Bex but ended up moving closer to our families as I was pregnant at the time, we plan on moving again in a about year.

 

[katherine6476]

I bought my first house in 2003 and got an interest rate +0.15 above base rate which is fab at the mo. As I've moved I've had to take out new mortgages but have to stay with woolwich to keep that rate. I've got 3 different mortgages with them at the mo. We're really lucky with house prices in the north.

 

[Pumpkin9]

I bought my first house in 2003 and got an interest rate +0.15 above base rate which is fab at the mo. As I've moved I've had to take out new mortgages but have to stay with woolwich to keep that rate. I've got 3 different mortgages with them at the mo. We're really lucky with house prices in the north.

That is fab! We're paying 2.5% which is ok but nowhere near that amazing. House prices round here are going nuts now. Most of the bigger 4 bed houses where I live are going for nearly £400k now. Not London nuts but still ridiculous. We're just out of the commuter belt so that's capped things abit. Cambridge is 30 miles away and so expensive

 

[mrssmith2011]

Morning girls. I wish we did rent then we wouldn't have the hassle of trying to sell our house. I just want to sell ours so we can move closer to my family but I give up. Unless we want to take £40-50k for our 2 bedroomed terrace house that is worth about £87k we have got no chance of selling it. I Honestly wish we could say to the couple living next door with her mum there is the keys to the house. The mortgage is paid and we could just move. I can dream. So pleased your house sold for you Bex xxx

 

[Toria111]

Were paying 2% at the moment, so plan was to pay as much of the mortgage off ASAP before it goes up too much. Then Emma came along. I didn't work before, so the blow to the finances hasn't been too bad. But babies are expensive aren't they!

 

[Natalilly1288]

Gosh u ladies live in a diff world u could buy a mansion round here for 400k we bought our house for 72k n struggled getting 15% deposit together for that! Good point is we don't have a big mortgage so it's not too bad whilst I've been off just all the other bills as I've been a tad naughty in my younger days and run up quite a few credit cards xxxx

 

[Jojo84]

Wih renting we can just up and go in a
Month if we want to and not have to care about repairs etc. our neighbours were hell where we lived a few years ago and if we'd had bought we would've been stuck there- but luckily my landlord had another property which wasn't as good but fine in the short term. We'll probably be moving fem this one in a few years because it's a 2 bed and we would like a three.

I can only feel how I feel Bex and I'm sorry if my wording offended you.

 

[Maud]

Oh dear. Have just done the sums on what money we'd have if I go back part-time, full-time or not at all. Can't afford for me not to go back Very little difference between fulltime, 3 and 4 days so guess I'm going to be asking for 3 days and just hoping I can put up with it (really dont want to go 'back' to this job at all). New house is a total impossibility and I suspect we're going to have to get rid of the second car. Have depressed myself now.