April 9, 2020

Musings: Saving Solo For My Second Place

AD with The Nottingham and Nottingham Mortgage Services.

If I hadn’t mentioned already on this blog – I own a house. Some may see it as a huge life milestone and some may see it as a financial burden but either way it’s an investment. I am very proud to say I bought a house at the age of 26, however fast forward to 2020… I want another one. The house I already own is a joint investment between me and my siblings and well, I need my own space. Living with other people, even if they are family, is tough enough at the best of times. I dream of living in a world where I don’t have to queue for the shower…

When it came time to purchasing my first property, I wasn’t really sure what I was getting into.  Mortgages can be a layer cake of complexity, confusion and mountains of paperwork. There’s much more to it than applying for a credit card or leasing a car. Essentially a mortgage is a long-term debt whereby a lender loans you money to purchase a property. 

Read more: Getting On The Ladder

Acceptance

I am keen to get my own place but is it possible on a single income? I am not sure. Before I even begin to approach lenders again, I need to get my finances in order (again)  with a level of consistency like no other. At the moment, if you comb through my bank statement and my social media pages it is very evident that I like to enjoy life. Perhaps a little too much. See it as a visual food or travel diary if you will. Does this mean I need to stay at home 24/7, eat tinned soup and not travel again? No, but it does mean I will need to make some sacrifices which I will get to below.

Read more: Can you buy a property on a single income? by The Nottingham

Sacrifice

This year I am sacrificing my spare time. Instead of attending every event, concert or festival I will be putting my all into my side hustles – this blog, my beauty brand and anything I can do to earn some extra coins. Everything adds up! 

More public transport for me…

Multiple Income Streams  

When it comes to long-term lending, single people can be seen as less reliable than a couple due to having less streams of income. This is why I think it is important to have multiple streams of income. I usually break these down as:

“I’m upping the ante on my blog, my podcast and all-around side-hustling.”

– ME

The Nottingham has a useful guide to saving for a mortgage deposit here. 

Less Stress

In my head I have a figure of how much I need to save and of course the higher the mortgage deposit I put down, the less I will have to pay back depending on the interest rates and everything else in between. Usually, a bigger deposit means access to a wider choice of deals. Of course, this all depends on the property price too. But when it comes to searching for the right mortgage why do I go to a ton of different websites to find a mortgage when I could just go to one mortgage broker and they could find the right one for me? This would make life so much easier. Here’s when I tell you all about – Nottingham Mortgage Services (NMS).

NMS is a mortgage broker service and can help with the tricky task of working out how much deposit you’ll need for the property and remind you about those extra costs that are easy to forget about like Stamp Duty. NMS provide all the useful information and guidance before you make any decisions and will find you the right mortgage for your circumstances by searching over 60 lenders and thousands of mortgages from the likes of Barclays, Santander, NatWest, Nationwide Building Society, Halifax and many more. NMS also have access to some lenders that aren’t available on the high street or direct to customers.

The Important Stuff

The Nottingham has over 60 branches in its heartlands and also offers Nottingham Mortgage Services via video conferencing and over the phone as well as face to face. 

For qualifying members of The Nottingham, Nottingham Mortgage Services is fee-free. To become a qualifying member you must have a savings balance of at least £500 and have held an account with The Nottingham for 12 months or more. The service is also fee-free if you are an existing customer of Nottingham Mortgage Services applying for a product retention, remortgage or by way of a house move that replaces a mortgage initially arranged by NMS either by porting the mortgage or finding a new deal from a different lender. Existing customers of NMS and new savers with Nottingham Building Society from the last 12 months can receive the service for £149. For non-members this service costs £299 and terms and conditions apply.

Time Limit 

Is there a time limit on getting my own place? No. I’m not being kicked out of my current place anytime soon. However, there is that societal time limit of ‘I’m turning 30 this year, why am I still living with my family’ ideal somewhat pressuring me. At the same time, I have to do what’s right for me. If it takes me three to four years to save for my second place, that’s absolutely okay. What I can do in the meantime is be realistic about the said timings and put in the hard work to do so. And of course keep checking the The Nottingham’s website for guidance and handy information from NMS! 

Are you saving for a property solo? 

Char xo 

Whole of market mortgage advice is provided by Nottingham Mortgage Services Ltd (NMS); an appointed representative of Quilter Mortgage Planning Ltd, which is authorised and regulated by the Financial Conduct Authority; registered No. 440718. NMS is a wholly owned subsidiary of Nottingham Building Society and registered in England and Wales, No. 03089887; Nottingham House, 3 Fulforth Street, Nottingham NG1 3DL.

One response to “Musings: Saving Solo For My Second Place”

  1. Thank you so much for sharing.

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About Me

I love concerts, 6am flights, 90s R&B, cancelled plans and wine. My blog Memoirs and Musings is all about documenting my travels infusing my personal experiences (memoirs) and a few musings along the way.