Mortgage free in 5 years

haras_nosirrah

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1900 - varies
Partners monthly income after tax....... 1200 - varies
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3100
Monthly Expense Details
Mortgage................................ 750 - not including OP
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 25
Gas..................................... 45
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 30
Mobile phone............................ 70 - 2 mobs
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250 - £80 every 10 days
Clothing................................ 0
Petrol/diesel........................... 200 - partner
Road tax................................ 30
Car Insurance........................... 30
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 19
Contents insurance...................... 12
Life assurance ......................... 15
Other insurance......................... 30 - ASU policy
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 1888

Assets
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 183000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112000...(750)......3.03
Total secured & HP debts...... 112000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Tesco..........................1600......50........0
dad loan.......................6000......200.......0
Total unsecured debts..........7600......250.......-

Monthly Budget Summary
Total monthly income.................... 3,100
Expenses (including HP & secured debts). 1,888
Available for debt repayments........... 1,212
Monthly UNsecured debt repayments....... 250
Amount left after debt repayments....... 962
Personal Balance Sheet Summary
Total assets (things you own)........... 183,000
Total HP & Secured debt................. -112,000
Total Unsecured debt.................... -7,600
Net Assets.............................. 63,400


This is our SOA. Please comment on anywhere else we may be able to save some money.
This is current salary for me so before my payrise 'hope I get it'

dimbo61

You seem to have no emergency savings ( unless you can get your overpayments back) so I would still build up your cash ISA,s and maybe do a 50/50 split so you have some cash savings just in case you need to buy a newer car/boiler and long term money when you have kids!

haras_nosirrah

Hi

You are right re no emergency savings but we do have borrow back with Nationwide (currently have access to 5k as this years overpayment)

Do you think I need to have both incase they change the criteria for borrow back (as Northern rock have done)

clearmydebts

Hi,

Just wanted to wish you the very best of luck. I am hoping to shift a similar amount when I get rid of my debt next year.

getmore4less

Mobile phone............................ 70 - 2 mobs

Should be able to knock this down to under £10 each or if you cash back close to or even Zero.

whats your call sms data profile. or the current contracts for comparison.

haras_nosirrah

Mine is a £25 a month contract and H2b is about £45 contract. Both have htc phones but still tied in for about 12 months (18mth contracts) will def be something to review when contracts are up.


Right spoke to Nationwide this morning and my balance is £112,257 so is a £17,257 repayment challenge. Will update my sig each month with the new figures.

haras_nosirrah

I have just paid 1k as an overpayment. This has come from - getting money out of Zopa using their rapid release thing (people have started missing payments so glad to get my money out of there) Got £600 out. Have sold some dvd's on amazon - about £30 from there. Rest is from income.

Max is £1000 a month so plan on keeping this up as much as possible. Have re registered with mystery shopping as have not done any in ages and have 3 weeks holiday coming up so might do some then if not too cold outside. Depends if the money they offer is worth it or not.

Have a property that I rent out and am currently trying to find a tenant. Current one is moving out on 18th Dec but have some viewings coming up so hopefully that won't be empty. I don't have much money in savings and don't really want to start drawing down last years op's to pay the mortgage if I can help it.

Also got people coming round to quote us for a new bathroom. Is the world's smallest bathroom but they are still saying for new bathroom and tiling, plumbing etc is going to be £7k. I think we may end up in b&q because don't want to spend anything like that much. May have to wait a while if we can't get that down considerably. Wish I was a bit better at DIY then may try it myself but worried that a) will look rubbish and b) will flood the house.

ally18

Good Luck Sarah,

Hope you meet your targets.

getmore4less

haras_nosirrah wrote: »

Mine is a £25 a month contract and H2b is about £45 contract. Both have htc phones but still tied in for about 12 months (18mth contracts) will def be something to review when contracts are up.

Why wait check what the minimum you can set these contract to and if that does not provide enough minutes a free one to suppliment.

Does the land line include internet? with mogiles and included minutes £30 would be a lot for a land line.

Do you have virgin cable in your area, phone, internet with basic tv is around £25 or less.

haras_nosirrah

Hi

We have unlimited internet included and free calls after 6. I know talk talk would be much less but they screwed up when we moved in (took 3 weeks to set up phone and the couldn't do internet for another 4 weeks) so we cancelled them and went with bt.

No virgin cable in our area - h2b was devestated as he had this at his flat. We live in a village so no plans for it to get there either.