Woo Hoo I've made my first over payment!

firesidemaid

who is your mortgage with?

best to ring them and enquire as to how they work - as each lender can have their own rules etc

adrian_bond

firesidemaid wrote: »

who is your mortgage with?

best to ring them and enquire as to how they work - as each lender can have their own rules etc

the mortgage is with norwich and peterborough. They gave a reallly good product at the time (5.53% fixed for 5 years (borrowed 97500)) so will ring them and book an appointment for next weekend. I had a look on moneyfacts yesterday and put in our exact criterea (I.e. wages, savings for deposit, amount of mortgage required etc) as we had when we got our mortgage. there was 1 product availiable at 7.1% fixed for five years!!! lol. no way would a "normal" FTB take that. there were thousands of products open to use we we looked! maybie once they relax the lending criterea ever so sligjtly we will see a slight rise in house sales!

setmefree2

and well done on your first op

sazzy6

Thanks for the link! I have still got to get my head around it. I might need to shout for help it I can't manage it.

Stuart:
Here is my rough budget. I also pay into a teachers pension for 3 years-which I have been told I should never opt out of!
353 mortgage
500 OVERPAYMENTDS
33 CONTENTS AND BUILDING
16 LIFE
126 council
120 utilities
200 food
50 +25 TV
140 car
50 presents
75 holidays
20 union subs

I also have £3000 left in my ISA (which was just about cleared out from my deposit)

Thanks for all the good wishes I think I will just keep adding to this thread or make a diary one like all the ones I have been reading-they really are inspiring!

StuartGMC

abouttimetoo wrote: »

I'm sure FB's spreadsheet will help you and StuartGMC does a great one too - he is hiding his light under a bushel by not mentioning it;)

ATT, I thought that I ought to post once without referencing the household budgeting spreadsheet

Sazzy
Your initial list is a start, but does your car cost per month include, car tax, insurance, maintenance and an allowance for things like tyres, saving allowance for replacement etc?
I assume you are still paying into the pension?
Things you don't seem to list:
TV license, mobile costs (even if PAYG), clothing & shoes, toiletries & cleaning products, allowance for saving towards replacement washing machine/microwave/hob/oven.... annual memberships (like English Heritage, National Trust?), magazines, monthly allowance for entertainment, allowance for saving for furniture, redecoration, replacement PC, music/TV system....

I guess you don't wear glasses/contacts, but what about dental costs?

Some items may last 10yrs others 3yrs, so look at what you need to put away every year to have the funds to pay for them, then divide by 12 for the monthly....

or use my spreadsheet (I'll PM you my address).

Hope those give you some additional ideas so your budget covers all your requirements i.e. no nasty surprises!

sazzy6

StuartGMC wrote: »

ATT, I thought that I ought to post once without referencing the household budgeting spreadsheet

Sazzy
Your initial list is a start, but does your car cost per month include, car tax, insurance, maintenance and an allowance for things like tyres, saving allowance for replacement etc?
I assume you are still paying into the pension?
Things you don't seem to list:
TV license, mobile costs (even if PAYG), clothing & shoes, toiletries & cleaning products, allowance for saving towards replacement washing machine/microwave/hob/oven.... annual memberships (like English Heritage, National Trust?), magazines, monthly allowance for entertainment, allowance for saving for furniture, redecoration, replacement PC, music/TV system....

I guess you don't wear glasses/contacts, but what about dental costs?

Some items may last 10yrs others 3yrs, so look at what you need to put away every year to have the funds to pay for them, then divide by 12 for the monthly....

or use my spreadsheet (I'll PM you my address).

Hope those give you some additional ideas so your budget covers all your requirements i.e. no nasty surprises!

:eek: Umm.. yeah quite few things I hadn't thought about! I will email you and see what I can work out. It is so hard-I have only just moved out of my family home (at the ripe old age of 23) and I have no idea how to do this!

StuartGMC

Sazzy
Hope my spreadsheet helps the calculations but seems you need some additional pointers (understandably if you have never rented). From our sheet the outgoings list includes following (sorry for repetition but it's in one place):

Monthly items (Direct Debit / SO etc)
House
Water, TV license, Gas & Electric, Council Tax (adjusted over 12 months), Virgin TV, Tel & Broadband
PetPlan Cat insurance, mobile
Mortgage @ 4.0% from 01-February-2009
DD Overpayment on Mortgage
Additional Overpayment

Other
OH Life Assurance, Hospital Plan, Union, Life Cover for mortgage, Redundancy cover, Gym

General Outgoings per month
Petrol (both cars), Stuart's Lunches
Food, Toiletries & Cleaning etc
Clothing & Shoes
Stuart Pub
Dry cleaning
DD's Pocket money
Window cleaning
Ancillary costs

Stocks & Shares ISA Stuart
Stocks & Shares ISA OH

Annual Items
English Heritage
Professional Membership
RAC
.net magazine
PCPlus magazine
Car Tax (2off)
Car Insurance S
Car Insurance OH
Car Maintenance (2off)
House & Contents Insurance
Web site & Domain
Ancestry.com

Other Costs
Out of School
Annual school trip
Swimming Lessons
Spectacles
Dentist
Guides
Vet costs estimate

Annual Home & Car to save annually. Different amounts to reflect frequency of replacement and therefore the sum needed to be saved to buy for "cash":
Car saving per year (to replace cars)
Decorating (or other major house work you need to save for)
Furniture & other items
Additional saving
Holiday
IT/Entertainment Sys

Note that despite me saying you should have everything fully itemised, we still have the "ancillary costs" at £150 per month.... now, it used to be about £200 but we know we've improved accuracy in other areas. This equates to the finances we see annually and covers all the extras like gifts when DD goes to her friends parties, gifts for family, odds & sods costs here and there, charity donation, leaving present contribution, lottery ticket (50p a week in a syndicate!), medical prescriptions when ill, replacement iems for kitchen like knives, cooking bowls etc i.e. the "catchall" for things not listed separately.

HTH

MFdream

sazzy6 wrote: »

Thanks-
I have just been reading some other posts and I keep seeing a spreadsheet mentioned. Is there somekind of shreadsheet to work out interest and keep a track of overpayments?

for spreadsheet, FinancialBliss has posted in the "mortgage free journey" forum before the end of january. it was great with some details instructions easy to follow. i am now addicted to it.

MFdream

sazzy6 wrote: »

Thanks for the link! I have still got to get my head around it. I might need to shout for help it I can't manage it.

Stuart:
Here is my rough budget. I also pay into a teachers pension for 3 years-which I have been told I should never opt out of!
353 mortgage
500 OVERPAYMENTDS
33 CONTENTS AND BUILDING
...................
75 holidays
20 union subs

I also have £3000 left in my ISA (which was just about cleared out from my deposit)

Thanks for all the good wishes I think I will just keep adding to this thread or make a diary one like all the ones I have been reading-they really are inspiring!

There are a few budget planner software you can download if you want to try. visit http://www.hmcstaff.com.au/calculat1.htm