Sharing My Mortgage Details - I Bought A House
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- Опубликовано: 17 июл 2024
- As you may know, all the no buys, saving and planning finally paid off - I Bought a House! A Few of you who are in the process of saving got in touch and asked if I would share some of the details of my mortgage, and talk through the decisions I made when choosing a mortgage product - happy to oblige and share that with you today. Hopefully it will be helpful in some way!
Please Note: Rates and Product Details correct at time of application. Rates were better before the pandemic as a FTB, then improved after I took out this deal, but product fee was higher, often its swings and roundabouts with these things. Some other providers offered slightly better rates, but didn't have some other benefits the product I chose did.
(For 12 months in 2020 into 2021, I bought absolutely nothing but essentials, sometimes referred to as a No Buy Year. I did this in a bid to save the most money I possibly could, so that not only would this help with my financial goals, but that should the worst happen through this weird time, I'd be ok financially. Through completing a year long no buy (along with other money saving methods) I managed to save more than 50% of my take home salary which is both mind boggling and life changing. I'm fairly certain I will have changed my relationship with money forever.)
Over the last few years, I've come to the realisation that whilst a certain level of material things do add to your life, more stuff will not necessarily make you happier. This realisation hit me when I looked around my home that was filled with stuff (so much so I felt I needed a bigger house) and couldn't say I was particularly happier than when I lived in Spain (in 2008) when everything I had with me fit in one large drawer and a very small wardrobe.
These days I prefer to adopt a buy less, buy better approach, with a focus on quality over quantity, removing the clutter, and utilising my money in the best way possible.
WHERE ELSE TO FIND ME:
Instagram - / kirstyloukirby
Blog - www.kirstykirby.com
MAKE UP WORN:
Violet Voss Matte About You Palette
Estee Lauder Sumptuous Extreme Mascara
Benefit Brow Pencil
Estee Lauder Double Wear Foundation
Tarte Shape Tape Concealer
Laura Mercier Translucent Powder
MAC SkinFinish in Medium Deep (As Bronzer)
MAC Blusher in Mocha
Buxom Lip Pencil in Hush Hush (used all over in place of lipstick - a great way to use up lip pencils if they are creamy and non-drying btw!)
NAILS:
None - no time this week!
CLOTHING:
Colourblock Cardigan - Karen Millen (past season, probably 10 years old)
Jersey Top (worn underneath) - Primark
LIGHTING:
I use natural light (i.e. I sit in front of a window) supported by a ring light on darker days.
DISCLAIMER:
All products were purchased with my own money and this video is in no way sponsored. Should a video ever be sponsored, or should I receive goods for free to review I will always aim to disclose this either in the video or in the video description. My views will always remain honest and my own.
Items marked with an asterisk were received as a gift or as PR.
I do sometimes use affiliate links in my description, these links do not cost you any more to purchase, often you will receive a discount, but I may earn money from these links.
One thing I forgot to mention was that I also got a £500 cashback bonus from the mortgage provider a month after the loan began.
Fun Fact: That bar area you see in the background? I rarely drink lol
Second Fun Fact: That weird black thing you can see in the background near the side table? That would be the rubber broom I thought I had hidden out of view ha ha
Haha, we have several (many?) bottles of liquor that haven't been tapped since 2014 when we had company from Europe!
Thank you for your honesty!
No problem! I wish more people were open and honest about finances 😊
I love that you explain things so it’s easy to understand; thanks for sharing this with us!
Thanks Lisa! X
As always, great information laid out in an easy-to-understand manner. Wish I had your videos when I was your age or younger! Can't complain that I didn't have good advice back then, I just didn't listen! I'm in good shape-- despite my early days --now that I am at retirement age. Keep bringing us good information in your very own style; I thoroughly enjoy your videos and learn something and/or are inspired every time. Thank you!
Aww thanks for such a lovely comment!
This was so helpful thank you so much for sharing!
I’m so pleased to hear that 🥰
Forgot to say. Congratulations 🥳 it’s a massive achievement! Xxx
Thank you! Xx
I love your content so much . Please also make an Video talking about how you've built your emergency fun and tips on building one ☺️
Thanks Lisa, really pleased you enjoy my content. That sounds like a good suggestion, I will add it to my list of ideas 😊 xx
Just came across your channel today, very useful video as I am looking at buying our first home at the second half of 2022. Thanks for the info!
So pleased to hear it was helpful. Good luck with your search 😊
@@KirstyKirby Thanks very much 🙌
This is super helpful thanks so much!
I’m so pleased to hear that Anna! X
Kirsty, I’ve just discovered your channel. I spent 10 years in London and Wales but I’m now back in Brisbane. I appreciate your candid nature and approach to your life. Thanks for producing the videos that you do and I hope everything is well with you. Take care, TP
Thanks Tony!
@@KirstyKirby hey thanks for replying, that’s really cool. Your video struck a chord so thank you, I appreciate that
Super interesting how your interest/mortgage works there. Here in the US we almost always have fixed rates on mortgages unless you are high risk. Just found your channel and I find it super interesting to see how things are different
Yes we struggle to get longer term deals, 30 year fixes like I know are common in the states would be a dream to us here lol. Thanks so much for watching x
I’m also into longer amortization, and over payments whenever I can. As a solo person, it reassures me to have that flexibility. It was interesting to learn about the products in the UK as I’m from Canada.
Absolutely. That flexibility is really useful. Committing to a higher, potentially challenging payment sounds good in theory but life throws us curveballs. X
oh my GOODNESS! im SO glad i found you! i live part time in the uk and have a british partner and we currently reside in the Cheshire area, all youtubers that do this kind of thing either live in london or USA, im so glad you can give advice of the northern part! ive subscribed immediately after hearing that :D i hope to learn many new things from you! thank you so much for sharing! have a lovely day!
Hi there, so pleased it was helpful. It’s definitely cheaper to ‘live up north’ as they say! I know what you mean, many people I watched when looking for similar content were people in London or the South West which is so much more expensive. Pleased for them of course, but they were starting from a position of so much more money in the first place!
@@KirstyKirby id love to see more content like this, as someone from switzerland where renting is the norm, trying to buy my first house is the most daunting thing! oh and the food too! i really like that content of yours, its so helpful and reduces stress quite a bit. would you say a salary of around 20k annually is a good enough wage for the north to get by? im really sorry if im pestering, im just really new to the uk and a lot of things and its very stressful. thank you so much for your kind response
@@NoName-zh9ov I think that really depends on your expectations house wise, social spending etc. Many people do live on incomes of 20k and manage perfectly fine, but even in the North houses have rocketed in price over the last two years. There really is nothing wrong with renting if buying will take a little while longer (I did so for 11 years) but I wanted to own in part so I have a roof over my head once I retire - U.K. pensions are among some of the lowest in Europe.
Thank you so so so much for making this video
So glad it was helpful Leaha!
@@KirstyKirby it really was! It's good to just hear a normal person talk about their experience - makes it seem less daunting for those of us who haven't even begun this process
Thank u for sharing
Thanks for watching! X
Mystic Meg has a new rival! You were spot on about interest rates here in the UK... I live in the South East right now but as my circumstances might change next yr I'm looking at property up North. It's so much cheaper! Anyway, thanks for the insights 👍
Ha ha it wasnt just a guess, I'd been looking into all things economics for a while, even prior to 2020 BOE and the gov were in a quandary about how to raise rates. But then the utter stupidity of the decisions made by the then chancellor in 2020 and beyond meant inflation was incredibly likely to skyrocket and of course rates would follow. If you can relocate then the North is most certainly cheaper. Many places are near fast train routes to London or other major cities too. I'll likely move further North than where I presently am, although the cost saving wouldn't be as stark.
I have a mortgage but these types of vids are still up my street! I put down 25% deposit so I was able to get 1.99% fixed for 5 years. 35 years though 🥵 lol and I went with NatWest 😁
Ah that’s great to hear! I wish there was more open discussion around finances and mortgages etc, being English, money just seems to be one of those things we don’t talk about, yet it’s so vital to all of our lives! 25% is a huge deposit and 1.99% is a great rate. If your future circumstances allow (and you wanted to you could shave a few years off so no biggie 😉) I think it’s all dependent on individual circumstances, there’s no wrong choice really. I went via Nationwide.
@@KirstyKirby I agree. There needs to be more discussion around, finances, pensions, mortgages. I’m not that much younger than you so we really need to be smart with our money and future. We are living longer and times are getting harder. Some people I know think I’m ‘privileged’ for being able to get a mortgage and whilst I was fortunate to have had equity in a house I sold when I separated from my ex, to get the rest of the mortgage I worked really hard for. Whether we have a deposit or not, we still need a decent salary, almost no debts and a clean credit score. I worked hard for 10 years to keep my credit in check and I’ve always worked hard, even with 3 kids. So I do get miffed when some ignorant people call me ‘lucky’ xx
Great video! Lovely to see you got a single person mortgage, was that difficult? I remember checking for myself at they massively capped the amount one person could borrow vs two.
Hi Katerina I didn’t seem to have a problem but yes the amount I could borrow seemed to be less than I would per person if looking for a joint mortgage. I borrowed a bit less than they would have offered (as per the decision in principle) but that’s likely because in some ways I’m a little risk averse.
Hi Katerina I didn’t seem to have a problem but yes the amount I could borrow seemed to be less than I would per person if looking for a joint mortgage. I borrowed a bit less than they would have offered (as per the decision in principle) but that’s likely because in some ways I’m a little risk averse.
It's really interesting that mortgages in the UK seem to force a tradeoff btw having a fixed interest rate and avoiding early payoff/extra payment penalty fees. American mortgages generally don't have restrictions like this, at least not in my experience.
Thanks for watching Jordan - yes we don't seem to be able to get longer fixes like those that are pretty standard in the US and a few have commented from across the pond that they were shocked about early repayment charges being standard. Depending on the remainder of time left on the mortgage they can be reasonably hefty too - on a 10 year deal if I paid over the 10% yearly overpayment allowance or paid it off in year two (I can dream lol), I'd have to pay a charge of 8% of the initial loan. On a £200,000 loan, you'd be looking at £16,000 charge!
@@KirstyKirby 😯 that is NUTS...I have to assume rules like that are to guarantee the lender makes a baseline guaranteed return 🙄
This was very interesting. What happens with the interest rate at year six? Can it jump up really high? Apologies if you already mentioned this. In my country, people typically go for a 30-year mortgage at a fixed rate for the 30 years (and ideally no early repayment penalties -- my mortgage doesn't have penalties for overpayments of any size). If interest rates drop lower during the life of the loan, people have the option of refinancing, especially if they have good credit and payment history.
Hi there, after the deal ends then you would move onto the tracker rate which is whatever the interest rate is at the time set by the Bank of England plus a little bit extra. Most people tend to organise another fixed deal for once their current one ends, but if interest rates increased over the five years for example, then the deal you could get would not be as low. I don’t think we will see rates of 15pc as we did a few decades ago, but with high levels of inflation, interest rates are likely to increase. Some people can move to a different mortgage product mid fix for a fee. I don’t think we will see lowering of rates in the U.K. now. They were already at historic lows and given inflation I think there’s only one way they can go.
@@KirstyKirby Thank you for your reply.
Would you ever be willing to do a house tour? I am curious to see the house!
Not sure, perhaps certain rooms but I’m keen to keep some things private.
Would be interesting to see how you organise your money. I have about 4 bank accounts and money split between all of them. I am looking to streamline my banking life
Hi there, I may do a video on certain aspects of organising finances, but I’m unlikely to share how many accounts I have and the money in them, there’s only so much I’m happy to share with the great wide world - sorry!
@@KirstyKirby Of course. I would never ask anyone that. It was more a flavour of seeing how many accounts people have. Some say one, but have saving accounts within that account. Some say loads to get the best out of them. Hope that makes sense. Great channel by the way.
Thank you for this video. I'm currently saving for my own place. I live in the south of England and based on what I earn, I wouldn't be able to afford a house, so I'd have to opt for buying a flat.. which I guess isn't entirely a bad thing.
Any advice from anyone here would be greatly appreciated x
Absolutely nothing wrong with a flat, my first place after leaving the family home was a flat and for a few years I loved it! If it makes you feel any better I could probably only afford a cupboard to live in in some areas in the South! X
I’m over here trying to buy a flat in London, very hard but plugging away. Something I can afford must come up sooner or later! 😅 I’ve just also discovered that right move doesn’t always show the properties. I happened to be browsing a few hours ago on my brothers phone but had to hand it back to him. Picked up my phone to continue the search with the same filters and only 2 properties came up vs the 42 showing on his phone. I logged out and everything and still we couldn’t figure out what the difference was until I used incognito mode to hide my IP. So yeah, that’s my one tip in case you feel like no new properties are showing
@@KirstyKirby😂. Thank you for your encouraging words x
@@andratoilee Ah thanks! Will keep that in mind! Best of luck finding a place x
I bought a flat last year in Bournemouth. I couldn’t afford a house. I paid 126k for a 1 bed flat. I love my flat so much. My mortgage is tiny and so are all my bills. It means I don’t have to work full time whilst I do my degree and I can still continue clothes shopping 🤣