£14310 off mortgage 2010 lets make 2011 better

sarahevie

Mf in 7 years will be pretty tough, need to find an extra £500 a month on top of normal payments (701).

However, in theory our normal payments have been £872 on our previous 5 year fix. So there's £172 right there, if we just pay that (which we have been used to) we'd be MF in 11 years.

Leaving only £328 to find, have created another bedroom at the rented house and rooms there currently rent for £330 a month so in theory that could be chucked at it, if we can get an extra tenant next September when the current lot leave.

sarahevie

Out of a basic income £2350 after tax, £1200 should be doable for mortgage.

This doesn't include any surplus we get from the rented house currently approx £300 a month, could be £600 with another tenant. Or overtime that I might be paid for, OH doesn't get overtime pay, just the hours :rotfl:

sarahevie

Well 10 days of the spending diary complete and it already reads badly.

Cannot believe how much we spend in A*DA. Is a real revelation.

Have put down for a £595 already spent, not including mortgage most of the bills etc. Dear oh dear:eek::eek:

sarahevie

Our broker called Friday to say there was a £15,000 retention on our mortgage. There's no way after REALLY REALLY struggling to find the £8,000 to remortgage we can find another £15,000.

Anyway it turns out they hadn't put my salary forward, so apparently we should sail through now. Hopefully:)

Actually is quite interesting as means that OH can borrow more on his salary than I had anticipated, around £82,000 not bad to say he only earns £19,000 a year.

sarahevie

Spending diary still up to date, keeping a better reign on spends this week.

Have had some good days though, saw friends yesterday at a local farm. Only cost £2 for animal food.

going to a local children's centre this afternoon at the cost of £1.

Have been very busy as mum announced on Monday that she is going to be attempting to buy us a house at auction next Tuesday. So grateful that the auction is next week as I'm not sure how much more my nerves can take.

Have had five days so far to decide whether a) I want to move. b) how much to offer for auction house. c) whether we want to move to auction house. d) whether we would prefer to move but to somewhere else.

There's no backing out when you go to auction and it is very hard as we love the house but the chances of us getting it at auction are pretty slim.

sarahevie

We got the auction house, so now need to sell ours for the deposit and get a mortgage in order to pay my parents back.

Mum wants the money back within a year which is concerning, due to how slowly things round here are selling.

Anyway the RICs survey from April 2012 has our house valued at £280,000 and we paid £190,000 at auction so quite a lot of equity there. Well on paper anyway, I doubt in the present climate we could sell for that, the vendors tried for 6 months, before having it repossessed and it going to auction.

I'm also aware how near the £250,000 stamp duty it is. However, no other houses on the road have sold for less than £300,000 since before 2002 so it is a good investment and family home I'm sure.

More importantly I can see us living there for the next 10/20 years and that is something I've never felt about our current 1930s semi.

skint_spice

Congratulations - exciting times, hope you get the current house sold quickly.

sarahevie

skint_spice wrote: »

Congratulations - exciting times, hope you get the current house sold quickly.

Thanks for stopping by, I do too - here's hoping. Having the EA out on Wednesday so going to decide what to do to ours to make it more sellable.

There's the possibility of going for planning permission to extend, interior spruce up or just leave it.

Sepa74

Wow, your (nearly) forever home! Congratulations, and keeping my fingers crossed your old house sells quickly!

sarahevie

Money being spent like water this week £140, on repairs at the rental house.

£372.72 on car insurance, actually went with my renewal price but did check five comparison sites before doing so. Bizarre that all best prices within £1 never had that before.

Going to see our new house tomorrow, as the insurance states we need to visit it weekly until we complete, we exchanged on auction day (as that's protocol with auctions.) Think it's a bit weird but good opportunity to plan colour schemes, furniture see what work needs doing etc.