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just_starting_out_2
Posts: 18 Forumite
I have been watching this for a while and now dd is out of nursery and we are not paying so much in childcare i guess we could try and tackle the mortgage.
It is huge, and there are three of them so will ignore two of them - those with the lower interest rate and concentrate on just one.
It is currently 52713.39 and at 6.84% fixed - seemed a good idea at the time - for 35 years and 1 month. This equates to £9.90 a day in interest.
I am going to have a look arround the site to try and find ways to save/ make some cash to start making OP. wish me luck. xx:j
It is huge, and there are three of them so will ignore two of them - those with the lower interest rate and concentrate on just one.
It is currently 52713.39 and at 6.84% fixed - seemed a good idea at the time - for 35 years and 1 month. This equates to £9.90 a day in interest.
I am going to have a look arround the site to try and find ways to save/ make some cash to start making OP. wish me luck. xx:j
13.10.10 mortgage 1 = £52,713.39 = £9.90 a day interest :eek:.
Target to pay off as soon as possible
aim 1 reduce daily interest to £9.00
aim 2 reduce overall amount to under £50,000
OP OCT 10 (£20)
Target to pay off as soon as possible
aim 1 reduce daily interest to £9.00
aim 2 reduce overall amount to under £50,000
OP OCT 10 (£20)
0
Comments
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just_starting_out wrote: »I have been watching this for a while and now dd is out of nursery and we are not paying so much in childcare i guess we could try and tackle the mortgage.
It is huge, and there are three of them so will ignore two of them - those with the lower interest rate and concentrate on just one.
It is currently 52713.39 and at 6.84% fixed - seemed a good idea at the time - for 35 years and 1 month. This equates to £9.90 a day in interest.
I am going to have a look arround the site to try and find ways to save/ make some cash to start making OP. wish me luck. xx:j
Good luck on your journey! If you have a look on the top of the Debt Free Wannabee thread, there is a post to prepare an SOA, and you post it on your thread, then am sure some of us can help you identify ways to save money...
Have fun
Froggy
Froggy's New Lillypad FundTotal so far: £ 10,009.770 -
thank you will get onto that now13.10.10 mortgage 1 = £52,713.39 = £9.90 a day interest :eek:.
Target to pay off as soon as possible
aim 1 reduce daily interest to £9.00
aim 2 reduce overall amount to under £50,000
OP OCT 10 (£20)0 -
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1000
Benefits................................ 75
Total monthly income.................... 2075[/b]
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96887....(346)......2.5<
mortgage 3.....................25673....(137)......5.48<
mortgage 2.....................52713....(332)......6.85
Total secured & HP debts...... 175273....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................425.......12........0
Total unsecured debts..........425.......12........-
Monthly Budget Summary
Total monthly income.................... 2,075
Expenses (including HP & secured debts). 1,434.78
Available for debt repayments........... 640.22
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 628.22
Personal Balance Sheet Summary
The £1000 is what we both put into a joint account and I dont budget for holidays i normally put them on a credit card at 0% and pay off later13.10.10 mortgage 1 = £52,713.39 = £9.90 a day interest :eek:.
Target to pay off as soon as possible
aim 1 reduce daily interest to £9.00
aim 2 reduce overall amount to under £50,000
OP OCT 10 (£20)0 -
no op today but have just paid £53.15 off the credit card. Not as much as would have liked but all good. Will update when i have seen my balance on NW website in a few days once i have my passwords.13.10.10 mortgage 1 = £52,713.39 = £9.90 a day interest :eek:.
Target to pay off as soon as possible
aim 1 reduce daily interest to £9.00
aim 2 reduce overall amount to under £50,000
OP OCT 10 (£20)0 -
another post but just testing signature really dont mind me
13.10.10 mortgage 1 = £52,713.39 = £9.90 a day interest :eek:.
Target to pay off as soon as possible
aim 1 reduce daily interest to £9.00
aim 2 reduce overall amount to under £50,000
OP OCT 10 (£20)0 -
just_starting_out wrote: »Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1000
Benefits................................ 75
Total monthly income.................... 2075[/b]
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96887....(346)......2.5<
mortgage 3.....................25673....(137)......5.48<
mortgage 2.....................52713....(332)......6.85
Total secured & HP debts...... 175273....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................425.......12........0
Total unsecured debts..........425.......12........-
Monthly Budget Summary
Total monthly income.................... 2,075
Expenses (including HP & secured debts). 1,434.78
Available for debt repayments........... 640.22
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 628.22
Personal Balance Sheet Summary
The £1000 is what we both put into a joint account and I dont budget for holidays i normally put them on a credit card at 0% and pay off later
Your SOA should have details of your expenses (?) Did you fill out all the sections on the website.. We need those details in order to help you figure out how you can make OP and help you find the deals that suit you..
Froggy Froggy's New Lillypad FundTotal so far: £ 10,009.770 -
Will be completing the SOA and posting in a minute but was wondering what the best (fastest and most money and easiet) way of earning extra money for the pig would be as i have very little time13.10.10 mortgage 1 = £52,713.39 = £9.90 a day interest :eek:.
Target to pay off as soon as possible
aim 1 reduce daily interest to £9.00
aim 2 reduce overall amount to under £50,000
OP OCT 10 (£20)0 -
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1000
Benefits................................ 75
Other income............................ 0
Total monthly income.................... 2075
Monthly Expense Details
Mortgage................................ 346.3
Secured/HP loan repayments.............. 468.99999999999994
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 122
Electricity............................. 103
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 63
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 90
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 17.41
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1593.08
Assets
Cash.................................... 0
House value (Gross)..................... 230000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 231000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96887....(346.3)....2.5<
mortgage 3.....................52713....(332)......6.85<
mortgage 2.....................25673....(137)......5.48
Total secured & HP debts...... 175273....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................425.......12........0
Total unsecured debts..........425.......12........-
Monthly Budget Summary
Total monthly income.................... 2,075
Expenses (including HP & secured debts). 1,593.08
Available for debt repayments........... 481.92
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 469.92
Personal Balance Sheet Summary
Total assets (things you own)........... 231,000
Total HP & Secured debt................. -175,273
Total Unsecured debt.................... -425
Net Assets.............................. 55,30213.10.10 mortgage 1 = £52,713.39 = £9.90 a day interest :eek:.
Target to pay off as soon as possible
aim 1 reduce daily interest to £9.00
aim 2 reduce overall amount to under £50,000
OP OCT 10 (£20)0 -
Hi JSO,
I can't see much there that looks wasteful at all. £200 for a family of 4 is about right in my view and, like you, the Sky package is a necessity (I do think sometimes people forget that there's a difference between the DFW and MFW boards!). Are you able to pay down a specific mortgage earlier as there is obviously a good bit of difference in the interest rates there? With over £450p/m spare and (I assume from your earlier posts) all the other expenses accounted for from the outstanding salaries, you should be able to have a good crack at reducing the mortgages.
Cheers,
BillyMortgage Free: 28/10/2010Time / Interest Saved: 18.5 years / £61,866.500 -
Sky appears to be the only place you could cut down - if you have been with them for a while try calling them up and telling them you are considering leaving, and they may offer you a good deal to stay, reducing this spend.
Is your SOA accurate - you have no mobile or landline telephone at all, and no contents insurance, no clothing, entertainment etc0
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