Diary of our £230,000 mission
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I like your thinking.
Plus paint isn't that expensive.
I'll just forget about the work on the roof, new garden fence and new furniture that's needed haha0 -
Congratulations on completing
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Below is my SOA of how I think our bills will be in the house.
We've not even lived there 2 weeks yet so I may have to update this!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1888
Partners monthly income after tax....... 1751
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 3721
Monthly Expense Details
Mortgage................................ 724
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 23 This is only until July when they come and read the meter so will expect this to be going up
Telephone (land line)................... 0
Mobile phone............................ 90 For 2 phones. I'll be going onto SIM only when my contract is up later this year
TV Licence.............................. 12
Satellite/Cable TV...................... 46 Includes the internet
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 240
Road tax................................ 17
Car Insurance........................... 75 For 2 cars
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 125 Cost of lease car
Childcare/nursery....................... 760
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 20
Entertainment........................... 60 Partners spends. Unfortunately he does insist on having some of his wages :rotfl:
Holiday................................. 0 Normally pay for a holiday with our yearly bonus
Emergency fund.......................... 0
Total monthly expenses.................. 2743
Assets
Cash.................................... 11,800
House value (Gross)..................... 400,000
Shares and bonds........................ 0
Car(s).................................. 2
Other assets............................ 0
Total Assets............................ 411802
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 231000...(724)......1.49
Total secured & HP debts...... 231000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 3,721
Expenses (including HP & secured debts). 2,743
Available for debt repayments........... 978
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 978
Personal Balance Sheet Summary
Total assets (things you own)........... 411,802
Total HP & Secured debt................. -231,000
Total Unsecured debt.................... -0
Net Assets.............................. 180,802
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Not managed to make any overpayments yet :-/
But we've not been living there a month yet and there's lots of decorating to be done so money has been going towards that.
I've already switched our energy supplier, reduced the bill to £65 a month for gas and electric.
Also discovered there's an ALDI near us so going to shop there and see if I can reduce the food spend0 -
I'm finding it hard to keep motivated when all I want to do is put overpayments in. But I think we have to remember we have just started this journey (you with buying your property, my buying my property off my brother) and we are still finding our feet with all the bills and whatnots that we have to pay out.
I am intending to do another overpayment on 1st April (like doing it in monthly bits as if I overpay by £500 a month, it makes the monthly payment go down), but after that, will just be sticking £5 here, £10 there on the mortgage(s).Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
Hi there - what are your lenders t&cs regarding overpayments? My overpayments have to be over £500 otherwise there is a charge. I have not made any as yet as only got my mortgage in November and in that time have paid for lots of work (plastering, blinds, carpentry, 1 of the front doors didn't shut!!!), painting, required furniture as only had a double bed and a wardrobe!, and THEN the boiler went BOOM!
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We're with Halifax, I know we can make overpayments up to 10% of the outstanding balance per year (although doubt I will be overpaying 23 grand this year!)
I'd love to know if overpayments make the normal monthly payment reduce, I may give them a call and ask0 -
chelseablue wrote: »We're with Halifax, I know we can make overpayments up to 10% of the outstanding balance per year (although doubt I will be overpaying 23 grand this year!)
I'd love to know if overpayments make the normal monthly payment reduce, I may give them a call and ask
I try to overpay my Nationwide mortgage by at least £500 if I'm going to make an overpayment as this is when they reduce the payment. Even though I will still be overpaying and ignoring the fact that my monthly payment is going down, it helps me pyschologically if that makes sense to know that if something goes wrong, I have less to pay out.
But give your company and ring and see if they do something similar. When you think about it, if you are overpaying, but the term staying the same, it makes sense for the payment to reduce, something that computers might do automatically, who knows.Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
Chelsea, in your SOA, are your cars really only worth £2?0
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pollyanna24 wrote: »I try to overpay my Nationwide mortgage by at least £500 if I'm going to make an overpayment as this is when they reduce the payment. Even though I will still be overpaying and ignoring the fact that my monthly payment is going down, it helps me pyschologically if that makes sense to know that if something goes wrong, I have less to pay out.
But give your company and ring and see if they do something similar. When you think about it, if you are overpaying, but the term staying the same, it makes sense for the payment to reduce, something that computers might do automatically, who knows.
I just phoned them and apparently when you over pay by whatever amount it doesn't reduce the normal monthly payment :-/
She didn't seem to know what I meant though so I may ask on the mortgages board.0
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