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  • FIRST POST
    • new mortgageeee
    • By new mortgageeee 20th Feb 16, 6:53 PM
    • 39Posts
    • 71Thanks
    new mortgageeee
    Can definitely do better!
    • #1
    • 20th Feb 16, 6:53 PM
    Can definitely do better! 20th Feb 16 at 6:53 PM
    Seemingly like many newbies, I've been lurking for a while - finally thought I'd take the plunge and start a new diary. Mainly for motivation I suppose - hope to get and share some great ideas too!

    I bought a shared-ownership flat back in 2012 (hence the "new mortgageeee" name!) - I know there's much debate over their usefulness (and value for money), but it's worked out well for me so far. To date I've paid off 70% of my 25% share (OP £250-350 a month) - leaving me with approx. £35k equity for a "real" deposit when I'm ready to move. If I'd have stayed renting that amount would have been an impossible dream!!

    MFiT - T4 #65 hoping to clear the remaining £16,550 mortgage on my share (may be a bit of a stretch, but worth aiming for!).

    I know my savings are lower than I'd like (for emergencies) - currently splitting spare money at end of month 2/3 OP 1/3 saving, but I'm sure there's more I can do to budget through the month and find extra bits and pieces - I've only just cottoned on to Swagbucks for example! Will sort out a budget spreadsheet to better plan - any suggestions or examples very welcome!

    All for now, thanks for reading! May do a SB survey then will be trying to relax this evening... fingers crossed !!
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
Page 2
    • MoneyEM
    • By MoneyEM 27th Feb 16, 1:39 PM
    • 85 Posts
    • 26 Thanks
    MoneyEM
    Hi EM, I use Moni currently - I like how simple it is. Just put in a budget, and it keeps a running total against this (it probably does heaps more). There seem to be loads and loads; I'll probably be playing with a few for some time! Will check out My Budgets too thanks!
    Originally posted by new mortgageeee
    I downloaded a load when i was first looking for an app to keep a record of my spending.

    My Budgets works perfectly for me because it allows you to set up budgets for categories and then log your spending so you can see how much you have left in your various categories... Also if you have an iPad then it gives you access to see some pie charts and graphs so you can see what categories you are spending the most money on, which can help identify areas which you could make savings I like looking at the yearly cash flow one because it makes me feel proud of how much I have been saving It's a shame this function isn't available on the phone version though
    • new mortgageeee
    • By new mortgageeee 28th Feb 16, 8:18 PM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    Hmmm, My Budgets looks a bit complicated for me! I put in next week's budget as £40, but for some reason it was showing as £9.21 on the main front page? Must be doing something wrong!
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • new mortgageeee
    • By new mortgageeee 28th Feb 16, 8:35 PM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    Went to look at a possible new flat in Devon today (and play by the sea!) - really nice; made me a little bit excited to head over there - even if it does mean getting a "real" mortgage of c.£140k !!

    Weekly summary
    Little OP of £55 as it rounded down my total nicely - will do a proper one early next week.
    £5 swagbucks-ing (think I might switch to John Lewis vouchers soon; not everyone can have Christmas presents from Amazon)
    Total spend £38.79/£40.00 (literally unheard of!). That was everything but fuel, which I've excluded as it's out of my control.

    Exciting stuff - I'm really enjoying this
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • new mortgageeee
    • By new mortgageeee 28th Feb 16, 8:51 PM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    Oh! And I received a cheque yesterday for £220 for some work done in Jan/Feb, will pay in tomorrow to go straight on OP/savings.
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • new mortgageeee
    • By new mortgageeee 1st Mar 16, 7:32 PM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    £233 OP this evening to tip me down below £16000

    Had a meeting with HSBC today and now have a decision in principle for a new mortgage of £150,890 !! Hoping I won't need anything like that much (more £130k) as that seems so huge. Still, gives more flexibility in looking for a new place in Devon I suppose.

    Seem to have managed to blow half of my weekly £40 budget already(!), though not on anything outrageous; and in theory I shouldn't need to spend much more for the rest of the week... Will see.

    Weekly spend:
    £19.60/£40.00
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • Moneyfordreams
    • By Moneyfordreams 1st Mar 16, 7:46 PM
    • 645 Posts
    • 3,043 Thanks
    Moneyfordreams
    Good luck to you.

    I hope all your plans are fabulous for you
    Mortgage Feb '13 £200000, end 2038. Aiming for before March 2025 (crunched to 2034)
    January 16 £182800 : minimum £360 OP but needs to be £600 to achieve 2025
    Current mortgage £168060
    Car loan finished oct 16
    h@lifax CC £5360 0% until May 2018.. will pay minimum for now, slow stooze
    • nappy501
    • By nappy501 6th Mar 16, 8:31 PM
    • 68 Posts
    • 13 Thanks
    nappy501
    Pretty good day today - total spend, 90p! And that was a bar of chocolate (couldn't resist), and some bananas (I was out of them, and these will last a few days). I also (in an idle moment at work) downloaded a simple spending diary app, which should hopefully help me avoid inattentive spending. I enjoyed inputting my 90p anyway!

    I do need to do a supermarket shop tomorrow though - will definitely be making a meal plan and shopping list this evening; could easily blow my planned £40 weekly budget in one shop...
    Originally posted by new mortgageeee
    May I ask, which app are you using?
    • nappy501
    • By nappy501 6th Mar 16, 8:40 PM
    • 68 Posts
    • 13 Thanks
    nappy501
    May I ask, which app are you using?
    Originally posted by nappy501
    Don't worry, I have found the posts about My Budgets and Moni.
    • new mortgageeee
    • By new mortgageeee 6th Mar 16, 10:07 PM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    Managed all week on budget again (£38.03/£40.00), though I really had to think about things I actually NEEDED towards the end. Think I should still have £150 left come payday (15th) at this rate, so that'll go into savings; That's £520 OP/savings this month; more like the £650 my SOA suggested I should have!

    Went to look at a flat this weekend, and think I might put an offer in - it was really good with oodles of potential. Another incentive to budget and save (as if I needed it!)!
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • new mortgageeee
    • By new mortgageeee 9th Mar 16, 9:17 PM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    A quiet few days (it's been quite nice!). No big expenditures and no OPs, but it's pay day early next week, so I'll do a clear out and OP whatever's left then. Looking forward to a whole month on my budget to see what is leftover!

    £26.40/£40.00 spent so far this week, but nothing much to buy for the rest of the week (besides the odd chocolate bar from the work's tuck box - it's for charity, I can't resist!).

    I've been trying to stick to doing some Swagbucksing each free night and am up to £20 in JL and Amazin vouchers now; easy money?! So far avoiding the temptation to spend them on treats, as the plan is to put Christmas on them.
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • new mortgageeee
    • By new mortgageeee 16th Mar 16, 8:01 PM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    Monthly summary
    (my months run 15th-14th)

    £318 OP
    £241 into savings
    £20 swagbucks
    £5 prolific surveys (will OP this once Paypal payment clears)

    £584 total not frittered for the month - really very pleased with that!

    Weekly budget on track: £21.03/£40.00

    Intrigued by the Lifetime ISA in today's budget - depending on interest rates that are on offer, seems to be better than pension due to tax-free withdrawal?! At least worth having as an addition to normal pension savings I'd have thought. Will do some investigating.
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • turtlemoose
    • By turtlemoose 17th Mar 16, 4:23 PM
    • 1,502 Posts
    • 4,345 Thanks
    turtlemoose
    don't forget to account for the fact the money you're paying in to it has already had a bite taken out by the tax man.
    • new mortgageeee
    • By new mortgageeee 3rd Jul 16, 11:35 AM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    It's been a while...
    Well I've been gone for a long time, and much has changed!

    My shared ownership flat has sold (I was a little worried about this given the bad press that s/o receives, but had three offers from the first three viewings), and I've had an offer accepted on a little cottage in Devon! Both transactions are with solicitors at present, so just waiting for an exchange date.

    Once all that goes through (hopefully with no major hiccups...) I'll have a new mortgage of £120,000 on a £150,000 house...

    I need to apologise to the MFiT group as I failed resoundingly to post/apply myself once the sale/purchase looked to be going ahead - saving became more important than repaying to cover legal/moving expenses. BUT, I'll be back on track as soon as my finances reach a more stable position and I'm no longer haemorrhaging money on legal fees... I want to clear my £120k mortgage asap!

    I've updated my footer as things currently stand; my savings are looking a little sad as I've spent a lot on surveys/solicitors/valuations etc. but I'll be getting this all back through my work relocation package once the sale goes through thankfully.

    An exciting month (or two knowing house sales...) coming up... hopefully next time I post I'll be starting a new mortgage free journey!!
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • cookie9
    • By cookie9 3rd Jul 16, 3:09 PM
    • 663 Posts
    • 3,355 Thanks
    cookie9
    Congratulations on the new place.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £1720/4000
    • new mortgageeee
    • By new mortgageeee 4th Oct 16, 9:42 AM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    So three months since my last post, I'm about to complete on my sale/purchase!! Friday 7th it is. SO exciting, but I still feel like I have an enormous amount to do over the next few days! The local charity shops have done amazingly well out of me recently, and as my flat buyer is buying all my furniture (the new place is fully furnished) I'm hoping to just have two car-fulls to move this Friday. That's the plan anyway - list making skills are coming to the fore right now...

    So, come Friday my little shared-ownership mortgage will be gone, and I'll have a "real" mortgage of £120,000 !! That seems so scary just typing that - even though I know that overall my payments will be less than I've been paying up until now (rent/mortgage combined)... which in theory gives even more room for overpaying! I've got £120k over 30 years, which I should reasonably comfortably be able to halve to 15 years with my current overpayments level. I'm tempted to try and push myself and aim for 12 years, but this will mean overpaying c.£500 a month, and I'm not sure that I'm quite there! Will have to see how living expenses work out after a couple of months in my new place.


    Eeep wish me luck!
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • new mortgageeee
    • By new mortgageeee 11th Oct 16, 7:07 PM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    Blimey, that wasn't easy - completion SO nearly didn't happen on the assigned day; my buyer's solicitors sent the money, but then didn't check that it had left their account, and it had been stopped for a security check! So everyone in the chain (albeit a small one) was sat waiting for the money to transfer and nothing happened. Finally was able to hand over keys at 3.30pm and trundle off (very relieved) with all my belongings to Devon.

    I'm still unpacking, and waiting for various bits of furniture to arrive to unpack into, but the move itself has been relatively painless as not much needs doing; just a good clean!

    I know I need to do a new SOA, but I'm waiting to see what my new electricity usage is like - I've gone from gas/elec to electric only - so I'm anticipating it being quite a lot higher. Though I'm all for wearing jumpers rather than turning the heating on!

    Will be getting back to my weekly budget asap as things have slipped somewhat due to a 1hr50 commute for the last 4 months resulting in high fuel and food (due to lack of time) bills. Very glad to have that behind me!

    I squeezed in a quick OP this evening - I haven't even heard from HSBC when they'll start collecting my payments, and I didn't like the whole balance just sat there looking enormous... so, £300 down, £119,700 to go...!!
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • new mortgageeee
    • By new mortgageeee 12th Oct 16, 6:22 PM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    Had a letter from my lender this morning advising me of my payments - first one not until 1st December?! It's nearly double the normal payment so presumably is for most of October and all of November. Normal payments of £479 start on the 1st Jan. Very glad I now know what/when I'm paying - feels more real now!
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
    • Madcatgirl
    • By Madcatgirl 12th Oct 16, 8:59 PM
    • 299 Posts
    • 3,891 Thanks
    Madcatgirl
    Congratulations on your new house! I'd love a cottage in Devon! Well done on your first overpayments as well!
    March 2016 - £178,914.59; October 2016 balance £169,858.05
    Mortgage end date September 2043; Target - pay off by March 2026
    2016 overpayments £7,279.90Mini goal 50% ltv (c. £150,000) by September 2018
    • giblet1979
    • By giblet1979 12th Oct 16, 9:59 PM
    • 846 Posts
    • 3,396 Thanks
    giblet1979
    Congrats on the new home - I hope you're really enjoying it so far x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • new mortgageeee
    • By new mortgageeee 9th Nov 16, 9:18 AM
    • 39 Posts
    • 71 Thanks
    new mortgageeee
    Thanks for the new house wishes! I love it here. Just waiting for a bookcase to be built and then that'll be the last of the boxes gone.

    I've made a couple of decent overpayments over the last month totalling just over £1000 - seem to have found myself swimming in money this month. Tipped the total down below £119,000! I know council tax is still to come, but I think the biggest change must be fuel; I'm not spending £50-60 a week on that. And food is down too I guess as I'm getting home at a reasonable time to make real food.

    Hopefully will have a "normal" month for November so that I can do a proper SOA and work out where I stand. Exciting!
    - Mortgage started Oct 2016 £120,000 £118,400.
    - Student loan started 2009 £16413 £11,572
    + Pr*lific & Sw4gbucks Am4zon and J.L*wis vouchers (2016 Christmas presents) £105
    + S&S ISA £100 with regular payment set up 11/16
    + Savings £11040
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