A question for my readers in the UK regarding their mortgage

This question is for anyone living in the UK, who has had a mortgage in the last 5 years, to present. 

Is your mortgage payment, under, or over £500 per month?

Just reply with your answer as under, or over. There is no need to tell me your actual amount. 

With this lockdown and everything else in my life. But especially the lockdown. The lockdown has made me rather desperate now to be living in a house, with a garden.

I have felt so caged in because I dare not go out for a walk out on the nature reserve, or park, because of everyone else doing it and not having control of that 2 meter distance.
And same with regards of sitting just outside my flat in the garden, along with maybe not getting my own peace and quiet during that time. My only  walking is when it’s work, or groceries, as I have mentioned before.

I am sick of the neighbours still opposite and, their latest antics and with not being able to travel to other areas, it’s making me feel caged.

Now if I was in a house, I would be sat in the garden, or doing something in the garden. I would not have felt caged. This lockdown has clearly shown me that.
I envy those right now that are in their garden resting, or planting their veg, or flowers. Or just doing that little bit of weeding.

So these last two weeks the way I have been going about my mortgage originally, I have been thinking, do I need to change plans to my original plan? Still, those plans I am thinking, may take at least a year, to a year and a half to achieve, if I use those new tatics. But that doesn’t feel as bad as what was 3 years. Plus, if I stick with my original plan then I now know it definitely won’t happen in 3 years, due to less being put aside. It will never happen if I stick to that plan. Unless I win the lottery. Which I don’t play.

As some will know already, I am seriously conteplating on moving out of this flat now, to a rented house, when restrictions are lifted. But I am holding off for two reasons.

1. Now is definitely not the right time to move in the next few months, because what may arise with my mum. It would be too much to handle mentally.

2. If I am going to change my plan and use a new plan in regards to buying my own home then there is no point moving into a rented one, because this may be more achievable.

So I am hoping to focus on just getting through the next 8 months to a year, counting from now. I can’t bear to think of anything longer than this. Then I will go from there

© Elizabeth Fisher and My Wellbeing and Learning Journey.

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20 thoughts on “A question for my readers in the UK regarding their mortgage

  1. I’m sorry it is the way it is, Liz. Ugh, not a good situation. I’m afraid I can’t answer the mortgage question due to having no mortgage. I can see the uncertainty and predicament though. If I were considering buying, I wouldn’t want to feel I’ve in a way wasted money on renting either. x

    Liked by 1 person

    1. This is why I am looking at things differently before I make that mistake renting a house.

      Originally the idea was a huge deposit, so my monthly mortgage could be lower than my rent. Unless I come into a windfall, that will not happen in 3 years now, unless I work myself into the ground.

      So I am now looking at it from a different view and that’s what I would be willing to pay maximum rent-wise and then when the rent goes higher. Now that, like you mentioned is where my biggest bug bear would be, paying that kind of rent when if I was paying instead a mortgage equivalent, then at least its my home. So this is why I really want to hold on until next year, not do anything drastic, while I look from that perspective each month and see, before deciding. Xx

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  2. Being a number cruncher, these are the things we asked ourselves before we ended up buying the boat (not saying you should do that, but for us it bought us time as well as somewhere to live for three years)
    We’d sold our house and our friend was putting us up until we found somewhere. House prices were getting away from us though, so we weighed up our options.
    We could rent, but as we weren’t working it would be dead money which we could never replace, thus reducing our capitol for house purchase. We wouldn’t qualify for a mortgage as we weren’t working, but I asked out of curiosity how much the bank would lend us and I don’t know who laughed the loudest, us or the bank manager!
    Also with renting there were other things to consider, deposits, rent up front, is it furnished or unfurnished, references etc., plus we had a dog and some had surcharges, higher rent, or extra deposits because of that.
    Note: if you do rent, read the small print about maintenance as you may get caught for all of it and not your landlord, who might insist you are responsible for decorating and repairs, not him.
    You’ll be familiar with all of this though as you’re renting already.
    We thought about park homes. Yikes. Maintenance and ground fees were horrendous, and prices were more than some houses we’d looked at! Add to that you didn’t own the land your unit was on, and the site owners could demand you update your unit after ten years in keeping with the site, sale of old and purchase of new had to be through them. Many didn’t allow pets.
    Getting on the council list wasn’t an option either as we had no kids and wouldn’t meet the red tape to be considered anyway.
    For us, it all came down to money. We only had a certain amount, and it had to cover everything, so we bought the boat. It was home and we loved the life, but health issues and rising costs where we were berthed forced our hand and we had to sell.
    We were lucky in that house prices in Lincolnshire were within our budget. We got a good price for the boat, which was ours outright anyway, and with what we had from the sale of the house, we had a budget of £140K. That had to cover moving, legal fees, house purchase, first six months bills and furnishing the place as we had nothing. We were doing great until we found the boiler didn’t work so everything went on hold as £2000 of our budget immediately disappeared.
    The current situation is playing hell with the housing market. It’s stalemate because estate agents are closed, viewings impossible due to social distancing and travel distance, and solicitor’s offices are also closed I believe, so sellers can’t sell and buyers can’t buy. However, you never know, at the end of all this when things eventually settle down, house prices may have fallen dramatically and whilst not good for those already with mortgages, you may be able to get a nice property for a sensible price.
    Hope this might help. Good luck. ❤

    Liked by 1 person

    1. Thank you for this, it does help. I am aware of some of the things you mention, which I shall avoid anything with leasehold, or paying ground rent. I once thought about a park home but learnt from someone who owned one, the fees behind it.

      I know while I have been currently looking, I am looking at properties no higher than £85,000.00 That’s my max limit. I have seen a couple of houses I liked. One exactly this price. Another less. They both gone now.
      Another was at £65,000.00 which that house, I have admired since I was a child. It sold just a few months ago.
      Another one I have my eye on is £74,950.00
      I have noticed in the months I have been looking where I feel prices have dropped and as you say with Coronavirus, it could drop a bit more for a while.

      I still need to put money for a certain amount to one side for the price range of a property at £74,000.00 range. So if I was to hold my ground and stay where I am, it could be doable in a years time.

      Yes. I have rented many private places and the money on deposits shocking. Certainly shocked to hear landlords trying it on by you paying for repairs. I have not had that. But everywhere I have been, decorating it has been.



      1. It’s a minefield finding property to suit at a fair price. A good idea is to offer low (at least 10% below asking price) and increase a little at a time, but keep your budget in your head and don’t be tempted to go over it.

        Liked by 1 person

      2. Being scared was what put me off from trying to buy in my 30’s. But after last year with how bad I got with my mental health, I am feeling more brave at the idea and I would be a big kid if it happened. 🙂


      3. Good thinking. We had fun looking for bits and pieces to furnish our first house after renting when we first got together. then when we bought this house, friends gave us a couple of chairs, we bought a second hand sofa bed, but a new bed and mattress for us. That was it for while!

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      4. Furniture I have no worries, as all my own. I have always gone for unfurnished properties.
        All I have been putting money on one side for is a cooker. I would need one of them, if one wasn’t already in, depending on property.
        But I can imagine the fun you had furnish your first home.
        Prior to one day first renting, I already bought my second hand sofa. Then I bought my dining room table and chairs and a worktop fridge, as that was all I had in the big stuff.
        I was handwashing my clothes for some month before owning an automatic washer. 🙂


      5. When I was married to my first husband, we did our laundry in the bath!
        We moved here in Sept 2017 and had a built in cooker as well as a washing machine and fridge freezer. The hob worked, but not the cooker, and the freezer failed last year so we’ve replaced both of those. Everything was fitted on the boat and the only furniture we had was a tiny coffee table! It’s home now, but we’re still watching the pennies. Our first home was furnished from car boot sales! It’s great getting all the little bits together though. The biggest thing we have here is a digital piano as we sold mine in 2013 prior to selling the house.

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      6. I have enjoyed in the past doing up old furniture. I don’t have that piece now, but I received good comments about it. It was my first piece I had a go at, stripping it sanding it down, before revarnishing it. The handles were a rose design and worn. I painted them in gold leaf paint.


      7. Do you think it pays to get cover for your boiler, or to just put that amount in savings for the event of boiler breaking down, or radiators leaking? I know I am torn with this one.
        For years I have always thought put that money myself in ISA each month. But now I am like swaying to pay for the cover.


      8. It depends. We had an insurance through our energy supplier but premiums kept going up even though we didn’t claim. A widowed pensioner up the road had to have a couple of radiators replaced and the cost would have been around eight hundred pounds, but she had insurance through the gas board. So, for someone on their own, I think it is probably a good idea provided it isn’t too costly. Some building and contents insurances have this covered as standard so it’s worth checking out and asking when you take the policy out.
        Our water supplier also did an insurance on water supply and internal pipes for something like a tenner for the first year and then ten pounds a month after that. We claimed on that once, and eventually got the problem solved which was a split pipe under a concrete floor. Didn’t cost us a penny, but the premium went up, the policy cover changed and no longer covered what we’d originally took it out for, so that got kicked into touch.
        Hubby is good at DIY, but won’t touch anything to do with gas. He’s a qualified sparky and can do plumbing too, so I have my own handyman to hand sotospeak.
        With interest rates on savings worse than a pittance (25p for every hundred pounds in the account for a year and that’s in my ISA), saving for a rainy day might not be so good, though at least you would have the money there for an emergency. However, if it’ a costly job of around a thousand pounds plus, then a small insurance is probably the better option for you. Just my opinion and again it all comes down to your budget.

        Liked by 1 person

      9. Thank you for your input on that one.
        If I am down the route of buying and its not covered in the contents and building, then I think I will go with getting insurance for that. Just for peace of mind. I can always review it later. 🙂


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