Mortgage Ignoramus

TC1

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2400
Partners monthly income after tax....... 450
Benefits................................ 188
Other income............................ 0
Total monthly income.................... 3038

Monthly Expense Details
Mortgage................................ 799
Secured/HP loan repayments.............. 72
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 173
Electricity............................. 38
Gas..................................... 0
Oil..................................... 100
Water rates............................. 53
Telephone (land line)................... 30
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 35
Car Insurance........................... 45
Car maintenance (including MOT)......... 200
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 15
Life assurance ......................... 7.8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 25
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 2557.8


Assets
Cash.................................... 0
House value (Gross)..................... 300000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 303000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103500...(799)......5.59
Secured Debt.................. 18000....(72).......4.99
Total secured & HP debts...... 121500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................10913.....250.......0
Nationwide.....................3600......36........0
MBNA...........................2520......25........0
Santander......................230.......25........0
A&L Loan.......................1506.96...115.9.....0
Total unsecured debts..........18769.96..451.9.....-


Monthly Budget Summary
Total monthly income.................... 3,038
Expenses (including HP & secured debts). 2,557.8
Available for debt repayments........... 480.2
Monthly UNsecured debt repayments....... 451.9
Amount left after debt repayments....... 28.3

Personal Balance Sheet Summary
Total assets (things you own)........... 303,000
Total HP & Secured debt................. -121,500
Total Unsecured debt.................... -18,769.96
Net Assets.............................. 162,730.04

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.



OK. Above is as honest and accurate as it's going to get.
On 31.4.11 we move on to a lifetime tracker mortgage with the Woolwich which will be .95% above base. Short term we intend to stay with this and pay off some debt and see what happens with the BOE rate.

All CC are on long term 0%.

I guess we need to know where to start. Do we pay of CC or start on the 18000 Mortgage reserve.

We have managed to tread water for a long time but now are up for clearing some of this god awful debt.

Any advice/criticism will be considered.

Thanks

TC1


Just realised this may be better off on the DFW board. Any ideas how to move it?? Thanks TC1