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  • FIRST POST
    • penny*pincher
    • By penny*pincher 29th Jul 17, 5:16 PM
    • 43Posts
    • 137Thanks
    penny*pincher
    Mission Possible - first step deposit and mortgage, second step 'Mortgage Free'
    • #1
    • 29th Jul 17, 5:16 PM
    Mission Possible - first step deposit and mortgage, second step 'Mortgage Free' 29th Jul 17 at 5:16 PM

    Hi everyone!

    I have been lurking ‘un-registered’ for around a week – and WOW, you guys have inspired me – I will come out of the darkness and will soon start commenting on your diaries, but I thought first off, I would introduce myself and tell you about the journey I am now embarking on!

    I am not quite as advanced as you all, I have not yet obtained a mortgage to ‘pay off’ – but I really hope that when I do, it is paid off as fast as possible!! I hope to be in a good position to buy in the next 12 – 18 months and am ideally looking at new-builds for around £190 – 200k. I hope you do not mind that I am joining early


    So I am currently 35, 36 this year – single and cat-mummy to my two little fur-babies . I rent a property and have been here for approx. 8.5yrs. – Looking back it could be seen as a waste of money, but it was right for me at the time and I absolutely love living here. I am a qualified nurse, you will probably all know that a nurses wage is not massive, but I have ventured down a managerial route to see my finances improve (and do a job I love!) to allow me to be able to hopefully get onto the housing market. – I am 100% planning on doing this by myself.

    So – let’s have a look at the finances. (There is potential I may further progress in my career over the coming 12 months and therefore I hope any potential mortgage amount may increase for my ‘dream home’ to become a reality!)

    Monthly in’s/out’s- SOA if you prefer

    Income (after tax, NI and student loan of £129 per month)
    £2,185 – sometimes I may complete some overtime, but this is not included.

    Outgoings:

    Rent (Private, 2 bed): 500.00
    Council Tax: 98.00
    Gas/Electric: 48.22 (New provider - better deal!)
    Phone (line and broadband): 18.99 (New provider on 18 month contract - it was £40.99!)
    AA breakdown: 16.86 (need to get a better deal in January!!)
    Dental insurance: 22.18
    TV License: 12.12
    Nursing membership: 16.40
    Cat insurance for cat no1: 34.21 (covered for life)
    Cat insurance for cat no2: 19.46 (covered for life)
    NOWTV: 3.99 (reduced from 9.99 until November - then I will cancel)
    Mobile: 12.00 (was £38, recently reduced to a new package)
    Water: 50.00 (billed by landlord due to multiple dwellings on land – it is usually cheap but I like to overestimate as bills can be irregular)
    Monthly savings to cover MOT, Service, Car Tax & Insurance, Nurse annual fee, cat vaccinations: 63.30
    Help to Buy ISA: 200.00
    Holiday spending money/ Christmas account: 200.00
    Food, household and petrol: 200.00

    = 1, 515.73

    So there it is, in black and white!

    2,185.00 – 1,515.73 = £669.27

    I absolutely plan on finding cheaper breakdown insurance and also reviewing the cat insurance. My cats are a priority for me, but – they are indoor cats, which means their likelihood of injury is reduced (for now, they will hopefully venture outside when I move) and they are both getting older, 9 & 7 so their premiums have shot up (despite being healthy and one only ever having a claim for approx. £400) and – their excess is increasing too… so I am wondering about getting them a more standard insurance which does provide cover, but have a more realistic approach to it, especially as I have heard Pe*Plan now might not provide as much cover as they once said they would. I have had cats in the past develop life-long conditions such as diabetes and needed insulin daily.

    I have no debt other than my student loan (approx. £3600) I did consider wiping it but I did read MSE advice regarding student loans and saving for a house deposit, so I am thinking I will just hold out for now and see that paying it off is not as much of a priority compared to saving for a deposit.

    As far as savings go, I currently have:

    £1200.00 in help to buy ISA (I hope to get at least 1k in Government ‘bonus’ – wish I had started it earlier! – I will be paying £200.00 per month into this as per above breakdown)
    £13,032.56 in house deposit/ cost savings
    £214.22 in holiday account (I have a holiday booked and paid for in October, food paid)

    - I get paid on Monday and fully plan to add £1000,00 to my savings as I have had a ‘frugal’ month or two ��

    You will see that I have not allowed for ‘fun/social’ times – these are things I will look at on an ad-hoc basis, mostly I see friends at each other’s houses, odd cinema trips etc. I also sometimes work night duty so I can be pretty busy whilst on this mission. I guess it may be impossible to reduce my monthly £200.00 for food/household and petrol… but I will certainly give it a go!! – I welcome all hints, tips and advice, please please spam me with them!

    Also, I was not a 'well-behaved' 18 - 25yr old when it came to credit/store cards - my credit rating is the 'upper' end of fair now, and all debts were fully paid with no CCJ's, some missed payments though whoops. But I learnt the error of my ways which is why I have no outstanding debt on credit cards/ accounts - did anyone find themselves in difficulty with obtaining a mortgage in the same circumstances? I am worried about the impact this may have on any mortgage application.

    Great to be here and I just KNOW that having a diary will spur me on


    P*P
    Last edited by penny*pincher; 29-07-2017 at 6:21 PM. Reason: To add signature
    Help to Buy ISA: July 2017 £1200.00, August 2017 £1400.00, September 2017 £1604.01
    Savings: July 2017 £13,312.56, August 2017 £14,312.56, September 2017 £17,513.71
    - And so you all know - I absolutely LOVE Christmas!!
Page 2
    • Silence101
    • By Silence101 9th Aug 17, 11:15 AM
    • 177 Posts
    • 281 Thanks
    Silence101
    Well done with your NSDs!
    I think my NSDs will only really work if I send the amount I would have spent into savings. If not my next SD I tend to spend it all and more!
    09/2017 We've bought a shared ownership house
    Mortgage amount £77500 over 35 years. Original date 2052 Hoping to pay it off in half the time or less.
    Realistic goal (I hope) 20 years, dream goal (but not very realistic) 10 years.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 9th Aug 17, 10:51 PM
    • 305 Posts
    • 1,238 Thanks
    wishingthemortgaheaway
    Wow 10nsd's is that a record I wonder?

    I'm subscribing to your journey and hope I can cheer you on.

    I do have a question though, is £200 a month the most you can put into the help to buy isa? If you can put in more, why don't you move some of your mortgage deposit savings over to increase the 'bonus'?
    I really don't know anything about them, so I'm sorry if this is a stupid question.

    Wish
    The 100 payment countdown (each payment = £400)
    2017
    July : £36,800 8/100
    August: £36,411.85 8/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • penny*pincher
    • By penny*pincher 13th Aug 17, 4:05 PM
    • 43 Posts
    • 137 Thanks
    penny*pincher
    Hi Wishing! - Thanks for stopping by and leaving a message
    I was so pleased with reaching 10 - but something had to give. It had been a long day and I needed a diet fizzy drink to keep me going haha!! - I wish I could put more than £200 in the ISA per month, but that is the limit unfortunately. Initially you can load with £1200 but after that it is £200 max per month... I feel silly for not having set it up sooner nevermind!

    This week

    What a week! And it is flippin' Sunday again already. I was a bit spendy this week - I know I know. But the thing is... it was on silly stuff because I didn't plan my week properly. I was too lazy to order lunch this week at work, so worked all day without eating, kidneys crying as my fluid intake was shocking... so probably 3 evenings I stopped at the shop on the way home. I did get some ys things, but some were full price - I didn't need them. I didn't plan. I must try to be better this coming week. Don't get me wrong, I didn't spend a fortune... but, when saving every £ matters. Whoops.

    I spent the day with a friend yesterday, it was lovely. Just a couple of coffee's to pay for... always great when it is not your turn to pay for lunch - I couldn't believe my eyes when I saw C hristmas displays being put together.... is it really coming around that quickly?????

    Some work news... my Manager is going to put me forward/ recommend me for a job I will no doubt apply for... it is in the early stages, but something which will probably take 12 months to come into 'being'. I am never over confident when it comes to jobs, but I do hope I would be considered. I would expect a larger salary due to the amount of responsibility, and this would obviously make for a larger mortgage potential which is quite exciting. whilst not overstretching myself!!! I have no idea what the next year will hold, but I do hope in 18 months I will be in my own little home - how exciting.

    But, I find myself wishing paydays to come around... anything to get me where I want to be a little bit quicker. I am looking at decor as I visit places and see lovely things which I can imagine being in my dream little house one day... one day has to get here eventually. I can't believe the rate this year is passing now!!! - soon be the 'BER' months - I love love love Autumn.

    So next week will be a full on week. Looking for some NSD's but I need to get the car booked in for MOT and Service - I really don't want to!!! - I hope the MOT fairy is looking down on me in a positive light that day haha.

    I hope everyone is keeping well and you have all had a wonderful weekend
    Last edited by penny*pincher; 13-08-2017 at 4:07 PM.
    Help to Buy ISA: July 2017 £1200.00, August 2017 £1400.00, September 2017 £1604.01
    Savings: July 2017 £13,312.56, August 2017 £14,312.56, September 2017 £17,513.71
    - And so you all know - I absolutely LOVE Christmas!!
    • tori.k
    • By tori.k 13th Aug 17, 5:15 PM
    • 2,823 Posts
    • 6,209 Thanks
    tori.k
    So what have you decided about the holiday?
    Rather than cancel can you not change it to somewhere cheaper so you get the best of both, if not then go and enjoy yourself at worse you would only put a couple of months delay on your plans, and life has to be lived, I'm a firm believer that travel opportunities should always be taken, especially with the way the world is, you never know if you will get there else.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • penny*pincher
    • By penny*pincher 13th Aug 17, 8:32 PM
    • 43 Posts
    • 137 Thanks
    penny*pincher
    Hi Tori thanks for your message.

    I have not fully decided, still have a week to go. I have spoken to alot of people about it and currently still weighing it up to make sure it is the right decision for me
    Help to Buy ISA: July 2017 £1200.00, August 2017 £1400.00, September 2017 £1604.01
    Savings: July 2017 £13,312.56, August 2017 £14,312.56, September 2017 £17,513.71
    - And so you all know - I absolutely LOVE Christmas!!
    • penny*pincher
    • By penny*pincher 16th Aug 17, 7:23 PM
    • 43 Posts
    • 137 Thanks
    penny*pincher
    Queue the suspense music.... MOT and Service day today.

    Thankfully, not much was needed, wipers were in need of replacement - thankfully not a huge expense. Everything else was fine with no looming costs/ advisories. Phew!

    I did my first prolific online survey today . I needed to buy a new cardigan when I was in town today and tights and - I came home whilst car was in the garage - £6.40 for a return bus ticket ?? - how expensive!!!! ..... I decided to come home so I wouldn't get too spendy in town haha.

    Not alot else to report at the moment. Decision made to have a holiday at home this October rather than go away
    Last edited by penny*pincher; 16-08-2017 at 7:28 PM.
    Help to Buy ISA: July 2017 £1200.00, August 2017 £1400.00, September 2017 £1604.01
    Savings: July 2017 £13,312.56, August 2017 £14,312.56, September 2017 £17,513.71
    - And so you all know - I absolutely LOVE Christmas!!
    • penny*pincher
    • By penny*pincher 10th Sep 17, 8:52 AM
    • 43 Posts
    • 137 Thanks
    penny*pincher
    Morning all!!
    Well - I didn't realise I had been away quite as long as I have been. Not alot has been happening other than work overload and I have re-evaluated things.

    I think my plans for next year have changed somewhat, I will be looking for a more 'modest' house which will allow for a smaller mortgage and will allow me to probably change my career. Long hours and constant oncall is not suiting me and so there will be some changes afoot - the last thing I want is to climb the ladder further and add more stress into things and it then not be a temporary job role. My mind may change, but my focus is constant ... I was very happy today to update my signature

    I want to be at the 20 - 21k mark on 31st October (pay day) - fingers are crossed!! - Ideally not including the ISA, but I would be happy either way.

    I do hope everyone is OK
    Help to Buy ISA: July 2017 £1200.00, August 2017 £1400.00, September 2017 £1604.01
    Savings: July 2017 £13,312.56, August 2017 £14,312.56, September 2017 £17,513.71
    - And so you all know - I absolutely LOVE Christmas!!
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