How does anyone do it?

Caixta

bigliz wrote:

I must admit I haven't read thru all the posts but just wanted to make a couple of comments

I know where I live in Wales (therefore not big money) that a local woman does all the bookeeping inc payroll for a few businesses around here (mainly small shops, bakeries etc) and charges £1000pm. I know she only works part time and is grossing prolly 5k each month :eek: so this may well be something to look into.

Also when I was at catering college we used to do wedding v cheaply but as we were all young and out to impress our lecturers we really pulled out all the stops, maybe there is one near you?

Good luck anyway with whatever you decide.

Two brilliant ideas that wouldn't be well-known. Thanks bigliz :T

roswell

ftbworried wrote:

Hi Destined to be skint

I just wanted to say 'I know how you feel'. I come on this board sometmes but it's just SO disheartening to see people with mortgages of £50-60k paying them off. If only our mortgages were that small!!!

Your first hurdle is taking small steps, why cant your mortgage be "This low" it wont get any lower or shorter if you dont overpay.

A quick example for you.

£120 over 25 years @5.5 % interest costs you £221.07

So even £10 a month is going to save you money in the long run.

Dont envy people who do somethign do something about it, just because someoen bought a house before you and pays less doesnt mean it was any easier for them at the time they bought.

post up your mortgage details (amount / term / monthly cost) and i will show you what differance £10 a month makes

ftbworried

Dont envy people who do somethign do something about it

I am doing something about it. What I meant is that I AM envious when i see people who have 60k mortgages before they start overpaying- not people who have got to that point through overpaying. If i had a 60k mortgage at least I could see light at the end of the tunnel- to the OP and I who have significantly higher mortgages (for similar standards of properties) than sometimes on here it DOES get a bit disillusioning.

My Mortgage is £171,000 with A & L on 5 year fixed (we're 6 months in), 25 year term.

Having done the calulations myself, I realise that an extra £100 could save me 4 years. £100 doesn't sound much to save £20K in interest, but the point is that on top of a mortgage of £1000 a month, is IS a lot.

just because someoen bought a house before you and pays less doesnt mean it was any easier for them at the time they bought.

Does it not? When prices have shot up so much over the last 5 years (our particular house value has doubled) yet wages were not that much less 5 years ago, it WAS easier for some people who bought their first house <2001 (obviously i dont mean 20 -30 years ago, just before house prices got silly).

Ok some maths, assuming that my next door neighbours and i earn the same and are on the same mortgage deal. They bought their house for £100k 5 years ago, we bought ours for £180k (other houses in the street are 200k but this one needed some work doing). Their mortgage repayments are £560 a month, ours are £1000. If on our wages perhaps we could both afford to put £1100 to our morgtgages, they save over 15 years! as they can overpay £540 (£1100-£550) yet we only save 4 because we only have room for £100 overpayment. We're in the same house, on the same wage and mortgage deal- the only difference is WHEN we bought. Unfortunately in 2001 I was only 17 and too young to buy a house....:rolleyes:

cazmanian_minx

ftbworried wrote:

Does it not? When prices have shot up so much over the last 5 years (our particular house value has doubled) yet wages were not that much less 5 years ago, it WAS easier for some people who bought their first house <2001 (obviously i dont mean 20 -30 years ago, just before house prices got silly).

It's not just the past five years. I bought my flat in 1999 for £58.5k (Croydon). The lady in the flat below me (bigger flat, higher ceilings - these are Victorian conversions) paid £33k 2 years earlier.

Caroline

Destined_to_be_skint

Bigliz - wow! I will definitely look into that! Need to get some payroll training first! I have already contacted the local catering college but they only do weddings on their premises which are not very nice!

ftbworried - I too know what you mean. It does seem terribly unfair and people are already delaying/not having kids/not having so many, so we may be dependent on immigrant labour in years to come. The prices that we have had to buy at are completely out of whack compared to earnings, especiallyinthe South East, and I am fed up with the older generation saying that we expect it all on a plate because they assume we spend our cash on holidays and takeaways!

roswell

Ftbworried - I can see where your coming from but just the same you cant assume your neighbour could afford to buy there house now, you may be paying nearly £700 more a month but they may be using £700 a month to service personnal debt.

Im glad you are overpaying but this isnt something "Most" people do they are more likely to set themselves a goal of saving for next years holiday (or paying off last years) The good news is you are setting in place some sound financial foundations.

The only people you can blame for house price rises is the banks / mortgage companys for allowing people to borrow more than they did in the past. by increasing the amount that can be borrowed buyers are paying more than they would if they were stuck to the age old 3 X salary multiple