To sell or not to sell,,,Outgoings are too high

garthdp

sel sell sell

firesidemaid

what is your current mortgage rate?

are you on a fixed rate, in a deal etc?

which mortgage lender are you with?

Throbbe

As a general thought, if you're eating into savings anyway, would you not be better using them to clear your loan/cards (once the interest free period is up) and therefore your monthly outgoings?

Look for another part time job?

Any

Zaffy wrote: »

we have an income of £2425 per month take home,


I cannot see anyway to make any impact on reducing our outgoings,
The main onces are,
1/£650, Mortgage, Halifax £117k/28yrs remaining.
2/£230, Loan, Abbey £14k/7yrs remaining.
3/£50, Credit Card, Virgin £4600 remaining, interest free until end of year.
4/£50, Credit Card, Virgin 4500 remaining, interest free until end of year.
5/£450, Childminders, Cannot change, so have to live with this cost.
TOTAL £1340

The rest is usual monthly household running costs,

Does noone else see this??
£1085 a month on household running cost is enough even without trying to save up too hard.
To spend £1610 must be nearly art! (mortgage already deducted - most people's biggest outgoing cost)
I thought we are wasting money away in having too much fun, but even we don't spend that much on rubbish.

OP, please break down this figure into individual bills.

It cannot be that difficult to find a way to save somewhere and save the house.
Your wife is right - to sell now when the market is down just to then buy in 5 years when market will be up again is suicidal.

nomoneytoday

Even before the cut there was £2925 coming in with £2950 going out.
An honest SoA will show where the money is going.

Zaffy_2

£650-Mortgage
£125-Mortgage and Life Insurance (I have heart condition hence high)
£230-Abbey Loan
£135-N/Power
£060-Water
£115-Council Tax
£040-BT (Hope to go to sky for Package ASAP so not need BT)
£020-Sky (Should save about £20pm)
£020-Specsavers
£300-Food
£450-Childminders
£040-My Mobile (Will change to Virgin £10 PAYG once contract expires)
£040-Wifes Mobile (Ditto, both should save £50 to £60pm)
£035-My Car Insurance (Still trying to sell my big car to buy little runabout)
£030-Wifes Car Insurance
£020-House and Contents Insurance
£010-Union Membership (A neccessity in my job)
£200-My Spending Money (Including £80 petrol)
£250-Wifes Spending Money (Including £120 petrol)
£050-My Virgin Credit Card
£050-Wifes Virgin Credit Card
£025-TV Licence
£020-Car Tax
£2,920pm total.

I did join an agency the beginning of January so that I could do weekend work as they said they were busy but now 6 weeks on Ive not had any work off them as they say they are qiuet!!??.
I will keep searching for something else at the weekends.

Thankyou all very much for your support so far and please keep it coming, we really do appreciate it and hopefully it will actually save us.

We have an Estate agent coming over this Saturday to give us a valuation and if things can go well with suggestions from here then maybe we could concider buying a terrace instead of renting??.

Take care all.

Zaffy

Zaffy_2

Hi our Mortgage is with Halifax who havent been very helpful when I asked about cheaper/better deals.
At the moment we are on a fixed rate for some of our mortgage and standard variable for the remaining (which is now cheaper than the fixed!!).
We are paying out £650pm and if we changed mortgage provider to a better deal then we would have a penalty of about £1000.

Regards Zaffy.

peachyprice

You need to look at your £250 unaccounted for spending money between you, that's half of your defict, what exactly are you both spending that on, that's an awful lot to 'spend' when you're on a tight budget.

Any

HI Zaffy,
I definitely agree with Peachyprice. You both have quite high amount for spending money - I understand that here and there at work you want lunch or something, but if you spend £300 on foor that shouldn't be necessary.
Your wife wants to keep the house so I think you both should have a look at what you actually spend that money on.
As for buying smaller terrace - do you know how much they are going for in your area? Are you sure you are going to get a good mortgage deal? Don't forget that in current economic climate banks don't really want to lend more than 75% on good deals. Because they don't know how far the house prices will drop...
Once you change the mobiles, that will make some difference too.
NPower - is that the best deal out there? I have the same bill - but than I have an Aga, which is on 24/7. So unless you have one of those too, your bill shouldn't be that high.
What about that Abbey loan???? £230 pcm, for 7 yrs = £19320. You state you borrowed £14k. Are you sure there is no PPI included in that repayment that have been missold to you?

faye6174

How does TV Licence cost £25 per month? as far as i am aware everyone pays the same except blank and white, the blind and over 75? Mine is £12 max for the month.

Hope you get things sorted Zaffy.