Seafarers_Wife's MFW Diary

katsu

seafarers_wife wrote: »

I think I am going to pay the mortgage payment as it is, then every year whack 10% payment off the capital

Do you mean in one go? If you look at how you are charged interest, monthly OPs may save you money - you can't spend the money if it is already gone!

seafarers_wife

katsu wrote: »

Do you mean in one go? If you look at how you are charged interest, monthly OPs may save you money - you can't spend the money if it is already gone!

monthly overpayments of course I didnt explain myself very well, will divide the 10% yearly overpayment and do a few hundred each month

seafarers_wife

hmmm well we have had to pull out of that house purchase due to numerous issues with the survey, the surveyor has covered his backside on everything and not given a straight answer at all. so complaint will be going to his registered body. the bank are idiots and have sat on the results of the survey for 2 weeks without letting us know there was a major problem as the survey copy we received didnt highlight anything bad, so complaint going in for them.

on the plus side a house went on the market yesterday, in the area we want, with all the work done so am arranging a viewing for that asap, have already discussed with OH what our offer will be and now just waiting on the bank calling back as need to discuss with them that they will be honouring the mortgage rate etc and no product fee and they will be paying the valuation etc on the new property to stop me majorly kicking up hell

seafarers_wife

OHHHHHHHH im finally doing this properly as we have just exchanged on the house this afternoon and are completing on friday at some point

We got the 2nd house we wanted after the disaster with the first one which is good, however slight change of plans as to the budgeting as im now pregnant :jwhich means the budget will change big time from november when i go on maternity leave.

At the moment the plan is this .....

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

Monthly Income Details
Monthly income after tax................ 1050
Partners monthly income after tax....... 3100
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4150

Monthly Expense Details
Mortgage................................ 560
Secured/HP loan repayments.............. 256
Council tax............................. 120 - over 10 months
Electricity............................. 50 - need to shop around have overbudgeted
Gas..................................... 50
Water rates............................. 50 - want a meter putting in
Telephone (land line)................... 25
Mobile phone............................ 50 - usually 35 a month for 2, but slightly more if OH uses his abroad
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 0 - comes out of personal money
Petrol/diesel........................... 150
Road tax................................ 15 - saved and paid in lump sum
Car Insurance........................... 70 - saved and paid in lump sum
Car maintenance (including MOT)......... 100 - saved and used as and when needed
Buildings insurance..................... 65
Contents insurance...................... 0 - included in the building issurance
Life assurance ......................... 50 - happy due to high level of cover that we both have
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0 - comes out of personal money
Entertainment........................... 400 - 200 personal money each
Holiday................................. 0 - not a chance at the moment
Emergency fund.......................... 0 - have enough in isa for emergency
Total monthly expenses.................. 2308

Assets
Cash.................................... 6000
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 2000
Total Assets............................ 115000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89265....(560)......0
Hire Purchase (HP) debt ...... 6000.....(256)......0
Total secured & HP debts...... 95265.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 4,150
Expenses (including HP & secured debts). 2,308
Available for debt repayments........... 1,842
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,842
Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total HP & Secured debt................. -95,265
Total Unsecured debt.................... -0
Net Assets.............................. 19,735

ajmoney

Congrats on the house. I was just looking at your statement of affairs and there is one area you may be able to save money on Are you still going to be living in Scotland? If you are then you don't need to include water rates as they are part of the council tax.

seafarers_wife

wooohoo, i have gone from owning 10.11% of my house to owning 10.21% :rotfl: its scary that one mortgage payment makes so little difference, if anything its really hammered home the need to overpay. I really cant wait for January so that I can start overpaying as we still need to buy things for the house and build the savings back up a bit hence why January is overpayment start month.

im thinking that i might divide the house into 10 areas so that for every 10% thats paid I can say that I own that part of the house.

My areas are going to be starting from the ground up:

- Freehold - woohoo this is ours
- Kitchen - will be ours in September 2014
- Dining Area - July 2016
- Living room - March 2018
- Hall - october 2019
- Our bedoom
- Spare room
- Baby's room
- Bathroom
- Loft

will finish the rest later as need to go get ready for baby scan