I STILL want to be mortgage free - 2011!

MrPhoton

All the best for that Twinklie.
Something aside, I don't think there is anything wrong with heavily mortgaged when the assets you are borrowing against for is increasing in value at a faster pace than the general property investment.

twinklie

Right father in-law is starting work at our house on Thursday. Will be like a home make over show hopefully because I won't see it again (hopefully) until a lot of work has been done on it. It's all cosmetic but because of my condition I can't be round dust or paint etc. So its a fab excuse for me to let the men in my life do everything for me! Exciting times.

twinklie

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

Totals: Payment / Interest / Net reduction.
Grand Total: 3600.00/ 1272.00 / 2327.31

Balance outstanding: £34,102.53

How exciting - it's the first time I've ever been below £5 per day in interest. It won't stay that way in September, but by October it will.

By October I'll also owe less than 34K as well! Very exciting. Although, it seems funny to be getting excited about it when we are thinking about moving. Hmmm.

summerday

How exciting, not long till you're sub £34k!

I know excatly what you mean about having the prospect of moving and hence a higher mortgage- if we hadn't moved 3 years ago our 1st mortgage would be fully paid off now, instead we now have 2 big mortgages of £80k and £130k (even though these are both reduced from their original figures!)

Just remind yourself it'll be worth it in the long run. The house you've seen sounds lovely and nothing beats living somewhere you feel really content.

Lois_E

And if you do move, think of all that lovely equity you are building up to use on your purchase. Whatever your plans are, it's always exciting to see the numbers coming down.

twinklie

I'm shocked that I didn't know what I could count as tax deductible. So let me get this straight.

Union fees
Gtc subs
Laptop ish if I bought one.
Lab coat if I bought one (i have 3 so its unlikely)

Madness. I teach, exam mark and might tutor next year, so that adds up really.

twinklie

I'm shocked that I didn't know what I could count as tax deductible. So let me get this straight.

Union fees
ATP fees (Psychology association - it's on the recognised list)
Gtc subs (Can I actually claim this? I pay it and then am refunded the payment in my pay)
Laptop ish if I bought one.
Lab coat if I bought one (i have 3 so its unlikely)

Madness. I teach, exam mark and might tutor next year, so that adds up really.

I'm going to go into the tax office I think to enquire about it in person. It will be easier I think. They never answer when my DH rings for tax info and he always ends up going into see them.

Lois_E

Hi twinklie

Good point about the GTC sub. You can only claim the tax on things that you pay for yourself and don't get refunded. I'm afraid I don't know about the laptop situation. I get the use of one that belongs to school, so I can't claim that my own laptop is a work-related expense.

Has your FIL started work on your house yet? How's it going?

boredofbeingathome

twinklie wrote: »

I'm shocked that I didn't know what I could count as tax deductible. So let me get this straight.

Union fees
ATP fees (Psychology association - it's on the recognised list)
Gtc subs (Can I actually claim this? I pay it and then am refunded the payment in my pay)
Laptop ish if I bought one.
Lab coat if I bought one (i have 3 so its unlikely)

Madness. I teach, exam mark and might tutor next year, so that adds up really.

I'm going to go into the tax office I think to enquire about it in person. It will be easier I think. They never answer when my DH rings for tax info and he always ends up going into see them.

GTC subs you can't claim if they are refunded. I am claiming a fair amount back through previous years as i supply teach and also tutor. I am claiming my laptop and also looking at home related expenses on top of the list you have put- minus the labcoat:D I to get conflicting advice when i ring up and am kept waiting for ages, unfortunately our local Tax office closed so i hope you get answers. There is a large amount of info on their website which may help.

twinklie

Right well I've been up for a couple of hours now and am working. I've done a few things off my list but want to make sure they are complete before I dive in with the crossing them off. This morning however is about making a Prezi for my new form group. I'm trying desperately to get them onside, they are a tough group (year 10) that my HOD used to have. He's been taken off them though to go and do intervention work in form time. As my form just left....I'm inheriting the little darlings. I know most of them already and have good relationships. That's how I know they are hard work. :rotfl: