Lunar has a house and lots of shiny new debt to get rid of!

lunar

Its worse than that panda, We would have 10-15K in savings by now with no debt if not for buying the house. We had to pay a 45K deposit. As for doing up the house, for the most part we are going to wait. We plan to do superficial bits like painting but kitchen and bathrooms will wait until we are debt free and have saved up for them.

Just done 1.5 hrs gardening, the house i am renting gets advertised from tomorrow so i need to get everything looking nice. They have been really good landlords so I dont want to let them down.

lunar

I forgot to add, congratulations on being debt free Hayley. I must go find your diary to nosy at your next plans. You will have to send me an up to date pic of your little girl.

doodledo_2

Afternoon Lunar hope you're good

chevalier

hayley_jayne wrote: »

Oh Lunar, it is fabulous!

Baba is such a handsome little boy too

I am so so pleased for you :j.

xxxxxxxxxx

I agree your liitle boy is very cute. House looks pretty good too. And don't forget that you would never have been able to get it if you hadn't have paid all that debt already.

good luck with paying the next chunk off
chev

[Deleted User]

Hi Lunar,

That is a beautiful house that you have bought and I'm sure that you will have very many happy years there.

Gorgeous little chap you have too.

Tea
x

lunar

Hope you had a good weekend Doodledo. Thanks Chev and Tea, we are really looking forward to living there.

We have set up the direct debit to take out the 20% overpayment on the mortgage that we are allowed to make per month, this comes to just under £140 for the duration of the 3 year fixed rate. This alone reduces the mortgage by 8 years if we maintain this level of over payment. We are hoping to join up to the MFi3 Take 2 challenge, and would love to save up a nice lump sum to pay off the total when the fixed rate comes to an end.

We are going to aim to get the mortgage down to 80K by the end of the challenge in dec 2012. Hopefuly we will have got rid of a big portion of this debt before the challenge starts.

penguin83

Wow 8 years off your mortgage term - just shows how overpayments add up, thats my next challenge once the debt is gone around 2011 and that will be a huge lump off your mortgage by the time it ends x x

chevalier

good luck with all of your overpaying. just don't get too burned out with it all
chev

lunar

Edit as I wanted the SOA at the top of a new page

lunar

Revised SOA for the new house
Statement of Affairs & Personal Balance Sheet



Household Information

Number of adults in household............2
Number of children in household..........1
Number of cars owned......................0

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax.......£520
Partners monthly income.......£3150
Benefits.............................£80
Other income......................£0
Total monthly income..........£3750


ExpensesAmount(£)

Mortgage..........................£705.00
Council tax.......................£150.00
Electricity........................£50.00 Based on previous owners bills
Gas................................£50.00 Based on previous owners bills
Water Rates....................£35.00 Based on previous owners bills
Telephone (land line).........£12.50
Mobile phone X2...............£50.00
TV Licence......................£12.00
Satellite..........................£36.00 OH wants SKY HD when we move in!
Groceries etc...................£300.00
Clothing..........................£40.00
Travel............................£250.00
Child related expenses.......£50.00
Medical..........................£26.50 Westfield Health for me
B&C Insurance.................£32.00
Life Assurance.................£13.40
Presents.........................£40.00 I know.........
Haircuts.........................£15.00
Entertainment.................£20.00
Holiday..........................£20.00
Emergency Fund..............£200.00
mortgage overpayment.....£138.50
money to family..............£100.00
Child savings..................£80.00

Total monthly expenses .........£2425.90

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)

Mortgage..................£131250.........£705.00. .......4.99%

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
Loan 1.....................15000.00.........309.00..... ....16.9%
Loan 2.....................4500.00..........100.00..... .....16.9%
barclaycard..............2200.00...........46.00.. .........0.00%
BT credit card...........3175..............25.00............ 0.00%
virgin credit card........3100..............25.00............0.0 0%

Unsecured Debt totals £27975.00......£480.00


Asset DescriptionValue (£)

Cash..................£5000.00
House Value........£175,000.00

Total Assets........£180,000.00

Personal Balance Sheet SummaryAmount(£)

Total Assets.....................180,000.00
Total Secured & HP Debt.....-131,250.00
Total Unsecured Debt.........-27,975.00
Net Assets.......................20,775.00

Summary

Monthly Budget SummaryAmount(£)
Total monthly income..............................3,750.00
Monthly expenses...................................2,425.9 0
Available for debt repayments...................1,324.10
UNsecured debt repayments.....................480.00

Amount left after debt repayments...........844.10