Building up momentum – house viewings and free money!

Before I continue, I should probably explain the ‘free money’ part of my post before people begin to think I’m running some kind of give away!

You may recall in a previous post how we had filled our Lifetime ISA.  This is a special account that you can use for the purchase of your first home or retirement.  You can save up to £4000 in it each financial year and the government will top up the balance by 25%.  Well, we just received the bonus today, it was a good feeling! Even better was that for this first year you could transfer your Help to Buy ISA and receive the bonus on that amount too.  It has given our house deposit fund a good boost.

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What is an Agreement in Principle (AIP) and why do I need one when buying a property?

The more I learn about the home buying process, the more I think it’s all about the acronyms.  In most of the research I’ve done, the first step of the home buying process, before you even begin to view properties, is proving that your lender MIGHT lend you the money to buy a house.  This is called an Agreement in Principle (AIP), but also can be called a Decision in Principle (DIP), Mortgage Promise or Lending Certificate.

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Things I learnt when my brother-in-law moved to Denmark

Two weeks ago we said farewell to my brother in law who has finally made the move to be with his long-term girlfriend in Denmark.  They have been long distance for almost the entirety of their relationship so it’s great to finally see them living together.  Now that he has somewhat settled into his new home, I had a chance to reflect on what his life changing move has had on us.

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5 ways to get out of a rut

I’ve been meaning to write a blog post for some weeks now but the ideas weren’t flowing nor did there ever seem to be the time to actually sit down and draft something out.  I’m off for a week over Easter and I finally had some time to consider what was wrong.  I would like to share a few tips that I’ve used over the past few days.

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Leasehold and Freehold, what’s the difference?

The upstairs flat next to us has just been put on the market.  I opened our door the other morning and there it was, the real estate agent’s sign standing tall on the fence.  I let myself get a little excited as I googled the agent’s name and our street but the glimmer of hope was quickly extinguished once I saw the price.  In a previous post I reflected on where we might like to live ultimately but London house prices are starting to make that decision for us.

(update: the flat sold less than two weeks later from when I posted this!)

I brushed off my disappointment at the local cafe where I take our son for my regular dose of caffeine and started checking the houses for sale on Rightmove.

Two of the terms I had to learn the meaning of in the UK when I started looking at houses and flats for sale were freehold and leasehold and I’d like to talk a little more about the difference between the two today.

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We filled a LISA, mini-goal achieved!

I didn’t really know what to post about, afraid that I didn’t have anything interesting to share, but then considering this blog is about our journey to home ownership, this seemed particularly relevant. Sometimes you just have to celebrate the small wins.

When saving up a seriously large amount of money, like a house deposit, you may need to set yourself a few smaller goals along the way.  We achieved one of these today by filling one of our Lifetime ISAs for the year.  For a reminder of what that is, check my previous post on the topic.

This means that in May some time, the government will top whatever is in the account by 25% which is pretty exciting.  There may be a spot of constant balance-checking over that time period!

What next? We’re going to try and fill my husband’s LISA as much as possible before the deadline of the 5th April.  And then we begin saving towards the 2018/19 allowance.

Are we disappointed that we haven’t filled both this year? No! There are loads of people who haven’t even opened a regular savings account. so in that respect we’re ahead of the game.

Have you reached a savings milestone this week?

The emotion behind owning a home

We visited my husband’s friends over weekend.  I had heard a lot about the guy as my husband plays in a band with him so it was one of those situations where you feel like you already know the person despite having never met. He and his wife have a son who’s a little older than our boy. We had a lovely time watching the babies play, eating delicious food and playing board games.

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