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  • FIRST POST
    • pollyanna24
    • By pollyanna24 11th Jun 15, 1:53 PM
    • 3,634Posts
    • 4,271Thanks
    pollyanna24
    £195,000 mortgage for a single mum!
    • #1
    • 11th Jun 15, 1:53 PM
    £195,000 mortgage for a single mum! 11th Jun 15 at 1:53 PM
    I think I will start another mortgage free diary. I do have one on here somewhere, but the situation has changed somewhat.

    House worth approximately: £340,000
    Current mortgage as of today: £106,962.44
    Equity in house: £233,037.56

    Unfortunately, only half of the equity is mine, so £116,518.78. However, my brother has agreed that if I pay him £100,000 for his half, we will be done and dusted and he will move on and buy his own place with his fianc!e (although by the time we do this, she will be his wife as I will not be buying him out until January).

    I will have a mortgage of approximately £195,000 made up as follows:-
    Current mortgage down to: £105,000 ish by the time we go ahead
    Additional mortgage of £90,000 (I aim to have £10,000 in savings to go towards what I am paying my brother).

    So for now, while I am madly saving to buy him out, I will use this diary as a savings (ish) diary. Then in January, the overpaying will hopefully start in earnest!

    Currently have £4,168.36 in savings which I have saving since the beginning of the year. Before that, any extra money I had would go on the mortgage (with my brother matching me penny for penny).

    I extended our current mortgage to 31 years a month or so ago as I didn't think I would be able to cope with the repayments under the 25 years that would be left on it by myself. They wouldn't let me extend any more than that as they said you couldn't have a mortgage for longer than 40 years and I took out the current mortgage 9 years ago.

    Thought I would add that my initial reason for overpaying is to make the mortgage payments more affordable on a monthly basis, but of course, the overall aim is to be mortgage free earlier than originally intended.

    Thought I would add the previous diary I've just found before everything changed and my brother found love! http://forums.moneysavingexpert.com/showthread.php?t=4123743

    And a diary I did when I thought the only option was to sell up and buy somewhere else cheaper:
    http://forums.moneysavingexpert.com/showthread.php?t=5164098
    Last edited by pollyanna24; 19-01-2016 at 4:23 PM.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
Page 8
    • pollyanna24
    • By pollyanna24 1st Jan 17, 9:35 PM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    Made another overpayment today which I'm proud of. Haven't made one since August or thereabouts.

    Saved up to £500 over the last few months so that I will get a lower monthly payment from next month.

    Also still saving £42.72 a month which is the monthly saving on the original monthly payment if I hadn't made any overpayments.

    So there is £213.60 set aside for that aswell and it will be more next month as it will be about £44.72 that I will be putting aside when they put the monthly payment down.

    Trying to get optimistic about it all.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • pollyanna24
    • By pollyanna24 1st Jan 17, 9:42 PM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £392,000
    Mortgages (3rd November2016) - £189,076.63
    Equity - £202,923.37

    House Worth (approx) - £393,000
    Mortgages (4th December 2016) - £188,687.16
    Equity - £204,312.84
    Last edited by pollyanna24; 01-01-2017 at 9:47 PM.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • selloptape
    • By selloptape 2nd Jan 17, 2:22 PM
    • 366 Posts
    • 1,375 Thanks
    selloptape
    Great start to the year pollyanna

    #49 MFW 2017 0/£2k

    #21 MFiT T4 - reduce mortgage by £20k over 3 years
    • pollyanna24
    • By pollyanna24 4th Jan 17, 2:19 PM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    I like doing little tables to make myself feel better. This is since I bought my brother out of my house in February 2016

    2016.................Amount of Mortgages
    19th February.....£200,044.89
    20th February.....£200,000.00
    1st March..........£194,723.57 (£800.50)
    5th April............£192,852.65 (£778.57)
    4th May.............£192,449.16 (£774.38)
    2nd June...........£191,992.71 (£774.38)
    3rd July.............£191,113.05 (£774.38)
    5th August.........£190,259.05 (£772.19)
    3rd September...£189,865.18 (£757.78)
    2nd October.......£189,453.41 (£757.78)
    3rd November....£189,076.63 (£757.78)
    4th December....£188,687.16 (£757.78)

    2017
    4th January.......£187,796.84 (£757.78)

    So, since I've bought him out, I've paid off £12,248.05. Not bad going! Little things to make myself proud of myself. This year won't be as much as I had saved £5,000 to throw at the mortgage last year, but baby steps!
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • happydays 70
    • By happydays 70 7th Jan 17, 11:18 AM
    • 275 Posts
    • 797 Thanks
    happydays 70
    I have finally moved and reduced my mortgage considerably. The house I've moved to needs updating but that's nothing I'm too concerned about.
    I couldn't see the end when I had a £174,000 mortgage..it was always on my mind.
    The move means I have more disposable income with a view to going part time at work in the next couple of years.
    I think you are doing so well. I wish I could have been stronger. Did it for 8 years on my own. Downsizing has been the right decision for us.
    Mortgage 22 years £190,419 at 2.84% fixed for 2 years from 1st July 2014

    Mortgage 21 yrs 6 mths £186,059 as of February 2015

    Mortgage 20 years 7 months £178,644.68 February 2016
    • pollyanna24
    • By pollyanna24 10th Jan 17, 11:47 AM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    I have finally moved and reduced my mortgage considerably. The house I've moved to needs updating but that's nothing I'm too concerned about.
    I couldn't see the end when I had a £174,000 mortgage..it was always on my mind.
    The move means I have more disposable income with a view to going part time at work in the next couple of years.
    I think you are doing so well. I wish I could have been stronger. Did it for 8 years on my own. Downsizing has been the right decision for us.
    Originally posted by happydays 70
    You can only do what is right for you. At the moment, I am coping okay and although I would like to work three days, four days works for me and I can afford my bills (just).

    In a few years, I might do similar to you. Not downsize so much, just move to a slighter cheaper part of the country! Seeing as I'm still inside the M25, that shouldn't be too difficult.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • pollyanna24
    • By pollyanna24 10th Jan 17, 11:49 AM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    So my overpayment this month (first one in a fair few months as I save it up to £500) has made a reduction in my mortgage of £1.95. Not much, but over a year, is another £23.40 I can overpay.

    So now I save £44.67 per month (as well as any other savings I have in the month) towards an overpayment and my monthly payment is £755.83.

    These really are baby steps, haha.

    Have my usual expenses this month and have budgeted £500 as usual for these (groceries, my spends, girlsí spends and petrol).

    Unusual (i.e. not monthly expenses) include Rainbows and Brownies subs, but I have already allocated money for this.

    And my youngest came out with a letter yesterday saying they are off to the London Aquarium next Wednesday (£16). She doesn't want to go as me and my parents took the girls last year, but what else can she do, eh?

    So far, I have spent £170.05 of my £500 which sounds a lot, mostly on groceries so far, but have stocked up on few things.

    Should have £383.85 at the end of this month if I stick to said budget. Not sure if I will put another £500 on the mortgage in February, donít want to leave myself too short, although itís getting addictive seeing the payment goes down, even if it is just by a couple of quid each month.

    Hopefully, after a few more overpayments, I will be at my first target of a monthly payment of £750!
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • CathT
    • By CathT 10th Jan 17, 5:59 PM
    • 5,154 Posts
    • 35,452 Thanks
    CathT
    You're edging closer to that monthly mortgage goal of £750!
    June 2017 -
    part 1 - £81,782
    part 2 - £46,814
    Total - £128,596
    • pollyanna24
    • By pollyanna24 19th Jan 17, 1:52 PM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    Don't seem to write much in here after the first of the month and I have allocated for my bills and such like, so thought I would this month (even if it just for me to read back over).

    Where am I up to this month?

    Only have £98.92 left out of my £500 for groceries, stuff for me and girls and petrol.

    This is broken down into:-

    Petrol - £39.52
    Girls - £81.79
    Groceries - £160.50
    Me - £119.27

    Part of me thinks £500 should be plenty for these spends. Another part of me think I need to live a little.

    So I'll look at these spends and think where have I gone over the top and where I can cut back.

    Groceries. Don't think I can as I am reliant on my Mum cooking for me and don't think I'm doing badly here.

    Petrol. Can't moan at this either as I still have 7/8 of a tank, so hoping this does me well into February (although going to see my brother this weekend - 45 mins or so away).

    Girls. £55.48 was spent on two trips with the school and I bought them trainers (from Shoe Zone), so these were one offs I guess.

    Me. Hmmm.
    £57.82 on alcohol and I don't even think I've drank that much this month. This is always an obvious place for me to cut down on.
    £25.94 on meals out. That's not bad.
    £19.48 on trainers and shoes. One offs.
    £7.10 Takeaways - not bad.
    And the others are tiny bits.

    Hmmm. All adds up I guess.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • pollyanna24
    • By pollyanna24 2nd Feb 17, 1:22 PM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    So, we are on to another lovely month.

    Don't feel that I did that bad last month. I did go over my budget, but only by £12.81

    Petrol - £39.52
    Girls - £90.04
    Groceries - £215.91
    Me: - £167.34.

    So not bad. I have spent a bit already on groceries this month as some of what I bulk bought last month weren't (or won't be) opened till this month, so I added them on to February.

    Still, doing okay this month. Have put £500 overpayment on already, so will see how much that reduces my payment by when the letter comes around about 9th of the month.

    Can't see anything expensive for this month (although in next few months, house insurance, dog insurance and servicing and MOT of car all coming up - all budgeted and hopefully will stay within what I want to spend).

    Girls have a school disco next Friday, but that's only £6.

    One of them is having a friend over for a sleepover, but that's not costing anything cept some extra food. And I lined up some crafts from Baker Ross for them.

    Going to try and limit my spend on alcohol this month. Might just find a deal on Groupon and buy 12 bottles and make it last.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • pollyanna24
    • By pollyanna24 8th Feb 17, 4:14 PM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    Time to update the old signature:-

    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £393,000
    Mortgages (4th January 2017) - £187,796.84
    Equity - £205,203.16

    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £370,000
    Mortgages (3rd February 2017) - £186,894.98
    Equity - £183,105.02
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • pollyanna24
    • By pollyanna24 9th Feb 17, 2:24 PM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    Well, my overpayment in February has made my monthly payment go down by £2.01, wahey!

    So the monthly payment is now £753.82. Hoping to have it under £750 by the end of the year.

    I have done all my spreadsheets and if nothing changes (and I don't buy anything major or anything breaks down), I can put an additional £2,000 on this year.

    This I will do by £500 in four months. I was going to wait until I actually have the money (I know, I know, this is the most sensible thing to do), but I have about £7,000 on 0% credit cards that don't run out until January 2018 at the earliest and June 2019 at the latest.

    I won't be silly and stick the whole £7,000 on as I don't know my savings projections for 2018 and I'm reluctant to do it yet as it's only February 2017!
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • Suffolk lass
    • By Suffolk lass 9th Feb 17, 6:23 PM
    • 1,288 Posts
    • 15,771 Thanks
    Suffolk lass
    Hello polyanna

    I have been reading your diary since Christmas but thought I should tell you! - I am also trying to pay down my mortgage but in much shorter order (as I want to give up work in two years) - I don't actually plan to clear it by then but I want it under £100k so I can afford to clear it with planned things. I have some other debts (I drew cash down on a CC last Sept when we wrote off a car and had to replace it - so it is on 0% until Sept when I plan to clear it rather than pay a fee to stooze it.

    Anyway, enough of me, I enjoy reading your posts and have subscribed. Well done!

    SL
    MFiT T4 #2 update 25.95% after Q5
    Save £12k in 2017 #64 - £4340.03/£4583.33 (39.45%/41.66%) after May - my annual target is £11,000 (Save £12k in 2016 thread £10,488.04/£10,000)
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 40.12/41.67% including stores after May
    Reading and learning about investing...
    • pollyanna24
    • By pollyanna24 28th Feb 17, 2:52 PM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    Hello Suffolk Lass. Thanks for subscribing. I must admit it is pretty boring reading and I don't post as often as I should to keep me on track, haha.

    But, it's not even March yet and I'm chomping at the bit to put another £500 overpayment on. This will be the last one for a few months as I have a few expenses.

    House insurance - which I have just bought for £87.55.

    Car Service and MOT - I have put aside £230 for this and will book it into Kwik Fit soonish (I have seen deals on various voucher sites, but am wary of using them. Figure it's safer just to go where I normally go).

    Re February budget. For the first time ever, I have stuck to the budget. And there is £23.01 left which I don't think will get spent tonight (although having said that I do have a bid on a Brownie tshirt for my eldest which runs out tonight).

    My breakdown is:-

    Petrol: £42.03
    Kids: £39.53 (no treats this month by the looks of it, but at least I fed them!)
    Me: £127.18
    Groceries: £268.25
    Total: £476.99

    Out of £500

    I have put £35 on March groceries already, but these genuinely haven't been opened and was me bulking in bulk or in preparation.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • Suffolk lass
    • By Suffolk lass 28th Feb 17, 7:37 PM
    • 1,288 Posts
    • 15,771 Thanks
    Suffolk lass
    By the way, I like the way you know how much your monthly payment is reduced by, with each overpayment you make. I just asked them to not reduce mine so each "interest only" payment actually included a mini overpayment in addition to the lump payments. Then last month I asked them to add £250ish to the monthly payment and rounded it up - so I know I am overpaying a trickle amount with each month - I'm doing this instead of paying into a regular saver this year.

    SL
    MFiT T4 #2 update 25.95% after Q5
    Save £12k in 2017 #64 - £4340.03/£4583.33 (39.45%/41.66%) after May - my annual target is £11,000 (Save £12k in 2016 thread £10,488.04/£10,000)
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 40.12/41.67% including stores after May
    Reading and learning about investing...
    • pollyanna24
    • By pollyanna24 19th Apr 17, 4:13 PM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    Goodness, haven't posted on here in ages. Oops.

    Still overpaying my £500 each month. Won't be able to do it every month, but have done it every month this year so far and am aiming to do it in May. Will have to give it a rest for a few months after that.

    I have bought a few things for my girls, but all frugally. They needed new bikes and scooters, so off to eBay I went.

    My mortgage payment for May is going to £749.90, so I have cracked my first target of it being below £750.

    When it will go below £700 is anyone's guess, but all I can keep doing is plugging away at it.

    I used to keep £415.64 minus what the first mortgage is (at the moment £365.04) in a savings account and wait till that hit £500, but I don't do that anymore. I'm so bad at actually spending money that I will just pay the monthly payment and see what is left and save up for the £500 overpayment.

    I have a little table to make me feel better about how long this is all going to take.

    2016..........Amount of Mortgages Monthly Payment
    19th Feb.....£200,044.89
    20th Feb.....£200,000.00
    1st Mar.......£194,723.57...............£800.50
    5th Apr.......£192,852.65...............£778.57
    4th May......£192,449.16...............£774.38
    2nd Jun......£191,992.71...............£774.38
    3rd Jul.......£191,113.05...............£774.38
    5th Aug......£190,259.05...............£772.19
    3rd Sep......£189,865.18...............£757.78
    2nd Oct......£189,453.41...............£757.78
    3rd Nov......£189,076.63...............£757.78
    4th Dec......£188,687.16...............£757.78

    2017
    4th Jan.......£187,796.84...............£757.78
    3rd Feb.......£186,894.98..............£755.83
    3rd Mar.......£185,969.98...............£753.82
    4th Apr........£185,086.10...............£751.88
    … May.........£..............................£749.90
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 19th Apr 17, 8:51 PM
    • 122 Posts
    • 503 Thanks
    DeterminedSingleMummy
    Hello

    Love your 2016/2016 table. It's great to see it going down! I have used part of my stoozed pot to overpay in advance aswell and replace the stoozed pot with whatever money i would have overlayed with. I don't think i would want to plan too far in advance tho with using the stoozed pot money as it's not a flexible option.

    Look forward to reading more of your diary xx
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • pollyanna24
    • By pollyanna24 20th Apr 17, 10:07 AM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    Hello

    Love your 2016/2016 table. It's great to see it going down! I have used part of my stoozed pot to overpay in advance aswell and replace the stoozed pot with whatever money i would have overlayed with. I don't think i would want to plan too far in advance tho with using the stoozed pot money as it's not a flexible option.

    Look forward to reading more of your diary xx
    Originally posted by DeterminedSingleMummy


    Haha, that is the weirdest thing ever. This is exactly what I do.


    I have £8,000 stoozed away in savings accounts (just got £170.21 from my Nationwide 5% one which just matured) and to stop my current account going overdrawn, I have stoozed money in there, but just have to be careful that I don't get carried and only overpay what I know I will be able to save in the coming couple of months.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 20th Apr 17, 10:30 AM
    • 122 Posts
    • 503 Thanks
    DeterminedSingleMummy
    When I was reading your diary a kept thinking "I do that!!"

    It's tempting (and very very risky) to use more stoozed money to overpay. I would only use what I can repay in the next 3 months... I might go as far as 6 months... but the monthly savers are great as if anything happens the money is there. I should be on track this year to max my 10% and be able to save the second half of the year to max out next year's 10% so I wont be tempted to use the stoozed pot.

    X
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • pollyanna24
    • By pollyanna24 20th Apr 17, 11:24 AM
    • 3,634 Posts
    • 4,271 Thanks
    pollyanna24
    Haha, we do sound very similar.

    I have three 0% cards at the moment. The amount of credit these companies are willing to give me is pretty amazing!

    One runs out in January 2018, the next July 2018 and the last one June 2019, so I have a while yet.

    Just hope when I come to get the next batch of 0% cards, I'll be able to get them (not cos of the credit score, but cos I'm sure they are strict on you not getting 0% cards from the same companies too often).
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - £383,000
    Mortgages (3rd May 2017) - £184,179.38
    Equity - £198,820.62
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