Skinny Latte's Mortgage Mugging

Skinnylatte · 1 January 2016 at 6:27PM

Wow this is a bit scary, leaving my safe little diary on the debt free wannabe board and starting a brand new sparkly diary here. It's like getting rid of an old teddy

So here I am a MFW, ready to take on my mortgage and use any means possible, mainly legal, to get rid of it as soon as possible. So a few facts

My Mortgage
£133,895
17 years and 5 months left to pay
Interest is 2.49% interest only.

About me
Fairly good job, single, 2 kids aged 17 &18 one is in full time education and the other about to start a full time job.
I have a couple of additional forms of income, a youtube channel, a information 'adsense' website and a drop shipping website. These pay for my car and mobile phone at the moment, if I dedicated a bit more time and energy to them they might pay for a lot more...!

I would be delighted to be rid of this mortgage in 10 years, when the world will become my lobster - lets see what's possible

Ali-OK · 1 January 2016 at 7:30PM

Welcome aboard the road to Freedomville

Great to see you over here and prepare for OP addiction

Lobster :rotfl: That's all!

Subscribed for stalking

SueP19 · 1 January 2016 at 7:59PM

I made the scary leap 24 days ago lolol so welcome and can't wait to read your diary xx

muddywhitechicken · 1 January 2016 at 8:30PM

Welcome to MFW - we're not that scary (or as judgmental as Mr Bloater thinks)!

Best of luck getting rid of your mortgage

Skinnylatte · 1 January 2016 at 11:00PM

Ooo I feel really welcome now, thank you :beer:

I've had a very savvy day, reorganising my finances, and generally getting organised for being MF.

New SOA which is below
Arranged pet insurance
Sent of forms to have water meter fitted
Read meters and set up spread sheet
Checked council tax banding (no movement there )
Emailed boiler man to fit a programable thermostat for boiler, at the moment it's continuously on.

My finances were pretty tight anyway, so there's nothing to shave off. But entertainment spending, why is it so high!! Time to re-start a spending diary me thinks.

i think EX forgot we agreed to go halves on DDs Christmas pressy, he owes me ££ butit looks like a gentle reminder is needed.`

Spends today were £2.49 on a pair of L plates

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 2591
Partners monthly income after tax....... 0
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 2673

Monthly Expense Details
Mortgage................................ 850
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 111.71
Electricity............................. 35.33
Gas..................................... 60
Oil..................................... 0
Water rates............................. 96.28 :eek:
Telephone (land line)................... 26.5 includes broadband
Mobile phone............................ 0 business expense
TV Licence.............................. 12.13
Satellite/Cable TV...................... 0 Gone :A
Internet Services....................... 0
Groceries etc. ......................... 230
Clothing................................ 50
Petrol/diesel........................... 280
Road tax................................ 0
Car Insurance........................... 130

High car insurance is for DS's new car, I always used to give him the child maintenance as an allowance, but that'll go towards his car insurance now. he has a part time job to pay for anything else he needs, he buys his own clothes now

Car maintenance (including MOT)......... 0 Included in lease
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8.2
Pet insurance/vet bills................. 26
Buildings insurance..................... 20 (includes contents)
Contents insurance...................... 0
Life assurance ......................... 17.87
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 high but that;s the way I swing)
Haircuts................................ 10
Entertainment........................... 200 :eek:
Holiday................................. 150
Emergency fund.......................... 100
Boiler and Bike Service................. 30
Total monthly expenses.................. 2554.02

Assets
Cash.................................... 3749
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 163749

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 133895...(850)......2.49
Total secured & HP debts...... 133895....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................5834.89...60........0
Total unsecured debts..........5834.89...60........-

Monthly Budget Summary
Total monthly income.................... 2,673
Expenses (including HP & secured debts). 2,554.02
Available for debt repayments........... 118.98
Monthly UNsecured debt repayments....... 60
Amount left after debt repayments....... 58.98

Personal Balance Sheet Summary
Total assets (things you own)........... 163,749
Total HP & Secured debt................. -133,895
Total Unsecured debt.................... -5,834.89
Net Assets.............................. 24,019.11

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

shangaijimmy · 1 January 2016 at 11:34PM

Howdy. Welcome and best of luck, i for one will be following looking for tips!

vlad · 2 January 2016 at 12:34AM

Looking at your landline and broadband are you out of contract? If you are have a look at SSE both free for 6 months then £21 for both for the next 12.Would save you over £200 over 18 months.

Luckyinlife · 2 January 2016 at 1:31AM

So many badges under your name well done :]

SOA looks good least your on top of everything currently

I guess now DS is working will he help you out till you have more free cash ? :]

Anygood good luck on your journy :] 10 years is what im aiming for to lets smash it :]

Debt_free_by_2020 · 2 January 2016 at 2:59AM

Hi, I just binge read your previous diary in the space of 48 hours (in between having a night out for NYE etc obviously haha).

I'm just popping in to say that I'll be following you here too as I'm not one to leave books (blogs) unread halfway through. So, even though I don't have a mortgage myself I'll be following your diary to mortgage freedom whilst I get on with my own DFW lifestyle over in the other corner of the forums!

Happy New Year btw! X

MoneyMission · 2 January 2016 at 8:55AM

Hello Skinnylatte!
Welcome to MFW. I've stalked your DFW diary for a long while - you've done amazingly well :T. Looking forward to seeing more of you over here.
MM

Skinnylatte · 2 January 2016 at 9:49AM

How lovely you people are, I'm so so glad I started this diary now. Some of you guys make awesome overpayments, I'm so impressed. I have so much to learn here.
I have just leaned how to calculated my daily interest rate, which is currently £9.13, now I'm sure there's a 'Make a £10 a day challenge' on here somewhere...:D

Skinny Latte's Mortgage Mugging

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