I STILL want to be mortgage free - 2011!

twinklie

Ok so I've been on this board since 2008 (I think) and my circumstances have changed rather dramatically since I started on this quest - so I figure it's time to start a new thread to focus in more on what it is I aim to achieve.

I'm a full time teacher of science in a secondary school. I'm married to an amazing man who is my rock. He lives away Mon - Friday though so we don't see each other as much as I'd like. He's doing a science PhD in Wales and rents an amazing cottage in a lovely area (nice to stay at during the school holidays). We have a lovely little dog (I say little, she's not far off 6 stone) whom I love dearly.

We are starting the New Year in my most fav place in all the world (Breckenridge, CO), but it's back to reality with a bump on Monday when we return to the UK.

I will reserve the first couple of posts to add to later - I'll provide a full SOA, a start of year mortgage update, and I'll save a third just in case...can't quite think what for - aims for the year perhaps.

Right I'm off to grab a shower before going out for a few beers with some of my friends (it's only 5pm here). Happy New Year Everyone and good luck with your challenges for the year.

Please come back and support me - I'll need all your help.

Here is a link to my old thread for anyone that is interested.
https://forums.moneysavingexpert.com/discussion/763897

twinklie

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1741.05
Partners monthly income after tax....... 1140.75
Benefits................................ 0
Other income............................ 580
Total monthly income.................... 3461.8

Monthly Expense Details
Mortgage................................ 450
Secured/HP loan repayments.............. 126.94
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 79
Electricity............................. 25
Gas..................................... 87
Oil..................................... 20
Water rates............................. 14.88
Telephone (land line)................... 25
Mobile phone............................ 40
TV Licence.............................. 24.47
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 350
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 8
Car Insurance........................... 58.3
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 42
Buildings insurance..................... 22.48
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 9.99
Presents (birthday, christmas etc)...... 20
Haircuts................................ 35
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 20
Total monthly expenses.................. 2378.02


Assets
Cash.................................... 2000
House value (Gross)..................... 85000
Shares and bonds........................ 500
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 95500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 36143.5..(450)......5.35
Hire Purchase (HP) debt ...... 4948.72..(126.9)....0
Total secured & HP debts...... 41092.22..-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................2465.4....55........0
HSBC...........................1686.8....50........0
TESCO..........................2810.3....45........0
Total unsecured debts..........6962.5....150.......-


Monthly Budget Summary
Total monthly income.................... 3,461.8
Expenses (including HP & secured debts). 2,378.02
Available for debt repayments........... 1,083.78
Monthly UNsecured debt repayments....... 150
Amount left after debt repayments....... 933.78

Personal Balance Sheet Summary
Total assets (things you own)........... 95,500
Total HP & Secured debt................. -41,092.22
Total Unsecured debt.................... -6,962.5
Net Assets.............................. 47,445.28

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

This still needs tinkering with though because some figures are estimates and so it's probably a bit wrong.

twinklie

2010.
Totals: Payment / Interest / Net reduction.
Grand Total: 5'400.00 / 2'601.93 / 3'320.14

2011
Mortgage at start of January: £36,429.83
Overpayments in Blue.
Interest in Red.
Balance in Green.

Month: Payment (Std / OP) / Interest (per day) / Net reduction / Balance

January: 450.00 (328.81 / 121.19) / £163.63 (£5.28) / £286.37 / £36,143.46
February: 450.00 (328.81 / 121.19) / £162.34 (£5.80) / £287.66 / £35,855.80
March: 450.00 (328.81 / 121.19) / £161.05 (£5.20) / £288.95 / £35,566.86
April: 450.00 (328.81 / 121.19) / £159.75 (£5.33) / £290.25 / £35,276.61
May: 450.00 (328.81 / 121.19) / £158.45 (£5.11) / £291.55/ £34,985.06
June: 450.00 (328.81 / 121.19) / £157.14 (£5.24) / £292.86/ £34,692.20
July: 450.00 (328.81 / 121.19) / £155.83 (£5.03) / £294.17/ £34,398.03
August: 450.00 (328.81 / 121.19) / £154.50 (£4.98) / £295.50/ £34,102.53
September: 450.00 (328.81 / 121.19) / £153.18 (£5.11) / £296.82/ £33,805.71
October: 450.00 (328.81 / 121.19) / £151.84 (£4.90) / £298.16/ £33,507.55
November: 450.00 (328.81 / 121.19) / £111.41 (£3.71) / £338.59/ £33,168.96
December: 450.00 (328.81 / 121.19) / £110.29 (£3.56) / £339.71/ £32,829.25

Totals: Payment / Interest / Net reduction.
Grand Total: 5400.00/ 1798.72 / 3600.59

Balance outstanding: £32,829.25

I'm also going to put my starting point of the year including debts etc so that I can see some progress...something I failed to do on my last thread.

MFiT-T2 No. 130 Reduce Mortgage to under 29K by 12/12/12
Mortgage (MFD [STRIKE]Oct 2024[/STRIKE] May 2019 - aim Dec 2017) : £36,429.85 (Dec 10)
Car ins and loan: Dec 10 £5,075.66
1. 0% HSBC: Dec 10 £ 1,686.88 2. 0% MBNA CC: Dec 10 £2,465.40 3. Tesco CC: Dec 10 £2'810.33
Total debt: £48'468.12 (Dec 10). :eek:

twinklie

2012
Mortgage at start of January: £32,847.02
Overpayments in Blue.
Interest in Red.
Balance in Green.

Month: Payment (Std / OP) / Interest (per day) / Net reduction / Balance

January: 450.00 (275.47 / 174.53) / £109.22 (£3.52) / £340.78 / £32,506.24
Feb: 450.00 (275.47 / 174.53) / £108.08 (£3.73) / £341.92 / £32,164.32
March: 450.00 (275.47 / 174.53) / £106.95 (£3.45) / £343.05 / £31,821.27
April: 450.00 (275.47 / 174.53) / £104.66 (£3.48) / £345.34 / £31,477.07
May: 450.00 (275.47 / 174.53) / £117.78 (£3.80) / £332.22 / £31,144.85

Totals: Payment / Interest / Net reduction.
Grand Total: 2250.00/ 535.97 / 1703.31

Balance outstanding: £31,144.85

MFiT-T2 No. 130 Reduce Mortgage to under 29K by 12/12/12
Mortgage (MFD [STRIKE]Oct 2024[/STRIKE] May 2019 - aim Dec 2017) : £32,506.24 (Jan 12)
Car loan: Jan 12 £3,425.44
1. 0% MBNA: Dec 11 £3,493.08 2. TSB Jan 12 £289.20 3. DH's Loan: Jan 12 £650.62
Total debt: £40'346.58 (Jan 12). :eek:

CathT

I think a nice fresh diary is a great idea, good luck with it.

pavlovs_dog

happy new 'fred' Twinklie!

[Deleted User]

Happy new year twinklie
am on the new diary bandwagon - think its a great idea to kick off the new year :rotfl:
hope you had a great holiday

taka

Happy new year! _party_

twinklie

Well it's 9.40am for us and I feel like absolute poop!! Thats what drinking at 10'000ft above sea level does to you - although I hardly drank anything at all. It's most unfair. Still on the plus side, I got to start the year in my fav place on earth and with some people I dearly love. They are so lovely. They offered to sponsor us so that we can live out here full time. It's crazy though because that is totally our long term goal!!

So we have some serious research to do now. Apparently it's a much easier way in. I can't even tell you how shocked I am. I don't have the words. It would be amazing. Even if nothing ever comes of it, the offer itself has made me feel so blessed. So thats one of my new things (the alternative way to move) to research now....so exciting.

spidystrider

Wow, how excited you must be feeling right now.

2011 could really be the start of a completely new life. I hope everything works out for you, no matter what path you choose to go down.

originalmiscellany

Good on you It'll be pleasing to see you hammer the mortgage down to as small an amount as possible - sounds like you're doing a great job! Look forward to following your progress too