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  • FIRST POST
    • chelseablue
    • By chelseablue 18th Feb 16, 3:41 PM
    • 1,848Posts
    • 2,357Thanks
    chelseablue
    Diary of our 230,000 mission
    • #1
    • 18th Feb 16, 3:41 PM
    Diary of our 230,000 mission 18th Feb 16 at 3:41 PM
    Hello all!


    We have exchanged contracts on our house purchase today, so thought I would start my MFW diary.

    As the title suggests we are borrowing 230,000
    We are paying 400,000 for the house so have a bit of equity already.

    With 230 grand to pay off I feel I will be on this board for a long time!, so would love some support, someone to cheer me on, or just read my ramblings



    A bit about me:

    I'm 32 and my partner is 27, we live in the South East, hence the stupid purchase price, with our son who will be 2 in May.

    We are moving from a 2 bed flat to a 3 bed house.

    The mortgage is with Halifax on a 2 year fixed rate.

    The monthly payment is 721 (that's without any overpayments)

    Went for the maximum term possible in the beginning which is 34 years


    I guess I have a few motivations to being a MFW:


    1) Who wants a mortgage for 34 years? Not me!

    2) Would like another child one day so going to overpay as much as possible to reduce the monthly payment.


    To hopefully make it a bit easier on us until the youngest is in school and there will be no more expensive childcare fees to pay!

    3) May want to move again one day (!) so the more equity in the house the better


    I hope to start overpaying as soon as possible but we need to redecorate and buy furniture.

    Hopefully at least one of you will cheer me on
    Last edited by chelseablue; 19-02-2016 at 10:29 AM.
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
Page 5
    • chelseablue
    • By chelseablue 15th Aug 16, 1:44 PM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    Just caught up on your diary. Seems like there are a quite of few of us who think the same way who live in the South East.

    I've just updated my diary, but thought I'd check in here.

    I'm in Watford and even though I have lived in or around London all my life, have it in my head that maybe, in time to come, I'll move further out, possibly when I don't need to go into London every day for work, and hopefully because prices seem to increase quicker down here, I'll be able to buy somewhere nice, small and simple for me and the two sprogs outright.
    Originally posted by pollyanna24
    That's a lovely plan to have. I've lived in Berkshire all my life, it would be nice one day to move somewhere cheaper and buy outright.


    How long are you planning on working in London for?
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • pollyanna24
    • By pollyanna24 15th Aug 16, 2:43 PM
    • 3,482 Posts
    • 4,039 Thanks
    pollyanna24
    That's a lovely plan to have. I've lived in Berkshire all my life, it would be nice one day to move somewhere cheaper and buy outright.


    How long are you planning on working in London for?
    Originally posted by chelseablue
    I'm not sure really. I've always lived in or around London (there was a period for two years when I bought in Luton as it was cheaper, but came back within the M25), so ideally I would stay here as my family are here etc. and my children have great friends here etc.

    But..., moving out is an option and it doesn't have to be too far. My brother recently bought 45mins further out and got a lot more for his money.

    As for working in London, my boss is 60, so I had in my head another five years, but he is now opening another company, so all depends on how that takes off.
    Pink Sproglettes born 2008 and 2010
    House Worth (approx) - 386,000
    Mortgages (3rd November2016) - 188,106.63
    Equity - 197,893.37
    • chelseablue
    • By chelseablue 15th Aug 16, 2:50 PM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    I've resigned myself to the fact I'll be working until I'm about 90 haha.


    At least living in the SE the job market is good (that's probably why the prices are so high)
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • chelseablue
    • By chelseablue 30th Aug 16, 3:17 PM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    2 weeks until payday so have to wait until the middle of the month before any overpaying and saving.


    Mr Chelseablue painted the shed over the weekend so that's one more thing ticked off the to do list.


    Picked up the new living room curtains from John Lewis, MIL is going to take them up.


    Would like the kitchen re decorated before Christmas.


    Will update in a couple of weeks when I've done the OP'ing and saving
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • chelseablue
    • By chelseablue 15th Sep 16, 2:05 PM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    I think I should re name this diary "My DIY mission"


    Last weekend brother in law came and put new skirting boards in the kitchen and hallway, he also sanded down the door on the cupboard under the stairs so it doesn't catch on the wood floor any more.
    And he fixed the light in the hallway, which hasn't worked since we moved in!


    Mr CB is painting the kitchen this weekend


    Pay day tomorrow and I will be ordering a curtain pole for the living room so I can finally get rid of the awful wooden blinds left by the previous owners


    Not sure what to do regarding an overpayment. My mortgage rate is low at 1.49% so don't know whether to not overpay at all and put the money into my S&S ISA
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • chelseablue
    • By chelseablue 27th Sep 16, 1:58 PM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    Does the expense ever end! We've decided we really need to get the kitchen floor retiled as some are loose and the floor is uneven so it looks rubbish.


    So that's getting done end of October


    Im now getting childcare vouchers from work so below is my new SOA. This is the fist month I've been getting the vouchers so hopefully it means we're a bit better off


    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................ 1754
    Partners monthly income after tax....... 1750
    Benefits................................ 82
    Other income............................ 0
    Total monthly income.................... 3586

    Monthly Expense Details

    Mortgage................................ 722
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 145
    Electricity............................. 32.5
    Gas..................................... 32.5
    Oil..................................... 0
    Water rates............................. 23
    Telephone (land line)................... 0
    Mobile phone............................ 77
    TV Licence.............................. 0
    Satellite/Cable TV...................... 46
    Internet Services....................... 0
    Groceries etc. ......................... 180
    Clothing................................ 0
    Petrol/diesel........................... 250
    Road tax................................ 18.37
    Car Insurance........................... 66
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 129
    Childcare/nursery....................... 517
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 15
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 40
    Haircuts................................ 20
    Entertainment........................... 120
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 2433.37


    Assets

    Cash.................................... 11500
    House value (Gross)..................... 410000
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 423500


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 227500...(722)......1.49
    Total secured & HP debts...... 227500....-.........-

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


    Monthly Budget Summary

    Total monthly income.................... 3,586
    Expenses (including HP & secured debts). 2,433.37
    Available for debt repayments........... 1,152.63
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 1,152.63

    Personal Balance Sheet Summary
    Total assets (things you own)........... 423,500
    Total HP & Secured debt................. -227,500
    Total Unsecured debt.................... -0
    Net Assets.............................. 196,000

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • chelseablue
    • By chelseablue 11th Oct 16, 3:21 PM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    Just been told redundancies are happening at my work :-(
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • Sundaysgirl
    • By Sundaysgirl 11th Oct 16, 3:23 PM
    • 1,080 Posts
    • 6,256 Thanks
    Sundaysgirl
    Horrid news. Hope you're not affected by it. Hugs
    No buying unnecessary toiletries 2013: (123) 2014: (76) 2015:(68)
    MFW 2016 #123 2016: 30,230.17/24,000 MORTGAGE FREE!!!
    No buying unnecessary books: 31/52
    • chelseablue
    • By chelseablue 11th Oct 16, 3:29 PM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    Horrid news. Hope you're not affected by it. Hugs
    Originally posted by Sundaysgirl
    Thank you.


    Not sure yet, they are asking for voluntary redundancies first, then if they don't have enough people then they will be choosing others.


    Its only the office staff so it does included me


    So should find out in the next month :-( what a lovely Christmas present :-((
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • chelseablue
    • By chelseablue 2nd Nov 16, 8:54 AM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    Had a bit of a result yesterday.


    My mobile contract is up and as I don't need a new handset I decided to go onto a SIM only plan


    Used to pay 35 a month, will now be paying 9 a month
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • Sundaysgirl
    • By Sundaysgirl 2nd Nov 16, 8:58 AM
    • 1,080 Posts
    • 6,256 Thanks
    Sundaysgirl
    Great! That saving will really add up over the year. Any work news?
    No buying unnecessary toiletries 2013: (123) 2014: (76) 2015:(68)
    MFW 2016 #123 2016: 30,230.17/24,000 MORTGAGE FREE!!!
    No buying unnecessary books: 31/52
    • chelseablue
    • By chelseablue 2nd Nov 16, 9:00 AM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    Great! That saving will really add up over the year. Any work news?
    Originally posted by Sundaysgirl
    No not yet, should be in the next week or 2.


    I had an interview last week but unfortunately didn't get it
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • Sundaysgirl
    • By Sundaysgirl 2nd Nov 16, 9:05 AM
    • 1,080 Posts
    • 6,256 Thanks
    Sundaysgirl
    Well I wish you all the best - both in your current job security and in your job search. Look at that first interview as good practice for the next one
    No buying unnecessary toiletries 2013: (123) 2014: (76) 2015:(68)
    MFW 2016 #123 2016: 30,230.17/24,000 MORTGAGE FREE!!!
    No buying unnecessary books: 31/52
    • chelseablue
    • By chelseablue 23rd Nov 16, 11:56 AM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    Heard this week I'm not affected by this round of redundancies, so I'm safe for now


    Still looking for another job though, had an interview last week and I should hear by the end of the week if I've been successful, really want the job so I've got everything crossed!


    Still no overpayments really getting me down to be honest, every month where I have the money to overpay something else comes up that I have to spend the money on


    Current balance 226,600
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • Kittenkirst
    • By Kittenkirst 23rd Nov 16, 5:27 PM
    • 836 Posts
    • 3,735 Thanks
    Kittenkirst
    Fingers crossed for the interview and great to hear your current job is safe- takes some pressure off you hopefully

    I'd try not to be too down on your op's at the moment- things like kitchen tiling is investing in your home for the long term. Chin up chicken
    Emergency savings- 701.54 /1000
    Mortgage Oct '16- 170.995 LTV- 90%
    2016 OP target- 14.58/ 150 -
    Mortgage end date- Nov '41

    NST: 42
    • chelseablue
    • By chelseablue 23rd Nov 16, 6:08 PM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    Fingers crossed for the interview and great to hear your current job is safe- takes some pressure off you hopefully

    I'd try not to be too down on your op's at the moment- things like kitchen tiling is investing in your home for the long term. Chin up chicken
    Originally posted by Kittenkirst
    Thank you, I suppose at least I don't waste money on rubbish I don't need.


    My partner on the other hand...
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • chelseablue
    • By chelseablue 25th Nov 16, 10:29 AM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    I GOT THE JOB!!!


    Cant quite believe it, its about 4k a year more plus a bonus which I don't currently get.


    Plus its 1 mile from my house! So will be ideal when my son starts school in a couple of years
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • Sundaysgirl
    • By Sundaysgirl 25th Nov 16, 10:34 AM
    • 1,080 Posts
    • 6,256 Thanks
    Sundaysgirl
    Congratulations - amazing news on all counts! Presumably you'll make a saving on travel costs, too?


    Really pleased to hear the positive turnaround
    No buying unnecessary toiletries 2013: (123) 2014: (76) 2015:(68)
    MFW 2016 #123 2016: 30,230.17/24,000 MORTGAGE FREE!!!
    No buying unnecessary books: 31/52
    • chelseablue
    • By chelseablue 25th Nov 16, 10:40 AM
    • 1,848 Posts
    • 2,357 Thanks
    chelseablue
    Congratulations - amazing news on all counts! Presumably you'll make a saving on travel costs, too?


    Really pleased to hear the positive turnaround
    Originally posted by Sundaysgirl


    Thank you


    Yes I will also be better off on the fuel costs, I currently do about 25 miles a day to work and back and spend about 40 a week


    Probably be about 10 a week now
    Baby Boy born May 2014

    Mortgage starting balance 26.02.16 231,294
    • try harder
    • By try harder 25th Nov 16, 10:48 AM
    • 178 Posts
    • 454 Thanks
    try harder
    Wow ,well done ,i have been following your diary so pleased for you.
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