Corerupting my Mortgage

miss_corerupted

omg yes thats what i meant shutters, i'm surprised that was allowed to go through i'll edit it now.

no, we haven't got a budget to do it up or buy it, i would think it would cost quite a lot to do, it needs a new roof, wiring, plumbing, heating, kitchen. it would be xheaper to build new but then you wouldn't have any of the features - weirdly its not listed

miss_corerupted

i have looked at my mortgage statement and my current interest rate is 4.79% svr. i'm umming and ahhing about moving. I'm with N-RAM and currently allowed to overpay as much as I want. The house is rented out (with permission from N-RAM) so i'm not sure will I need a buy to let this time around. hmmmm advice would be helpful

gallygirl

Ooooohhhhh, is lovely (potentially :eek:).

Phelpsie001

the house looks amazing!! would you have to get a monster mortgage to renovate it? =O Where will you live whilst it is completed??

Have you projected how much your monthly mortgage repayments will possibly be?

miss_corerupted

on an interst only it was £1200 per month, which we can't afford, i don't think we would get one anyway,

My imagination runs away with me a lot, we both go to sleep dreaming about it and wake up it's the first thing on my mind.

I've seen a static caravan on ebay for 99p. that will do us

miss_corerupted

I have posted my SOA in post 2 of this thread. I think i have included everything, but please take a look and tell me what you think.

we have sky so, phone and broadband is in there

iamana1ias

miss_corerupted wrote: »

its here (at last)

font=courier new]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1707
Partners monthly income after tax....... 240 Any way to increase this?
Benefits................................ 0 No child benefit even?
Other income............................ 450 What is this?
Total monthly income.................... 2397
Monthly Expense Details
Mortgage................................ 750
Secured/HP loan repayments.............. 0
Rent.................................... 250 Why are you paying rent as well as mortgage?
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 47 Can you lose/reduce this?
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 17
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
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..................... 13
Contents insurance...................... 0 Why no contents cover?
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Reduce this
Haircuts................................ 2 £2 a month between 4 of you?
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Union Membership........................ 9 Doesn't this get deducted from wages?
Total monthly expenses.................. 1750

Assets
Cash.................................... 3200
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 118200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(750)......4.67
Total secured & HP debts...... 68000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
OH Overdraft...................1500......15........0
Total unsecured debts..........1500......15........-

Monthly Budget Summary
Total monthly income.................... 2,397
Expenses (including HP & secured debts). 1,750
Available for debt repayments........... 647
Monthly UNsecured debt repayments....... 15
Amount left after debt repayments....... 632
Personal Balance Sheet Summary
Total assets (things you own)........... 118,200
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -1,500
Net Assets.............................. 48,700
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

Comments as requested.

miss_corerupted

font=courier new]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 170
Partners monthly income after tax....... 240 Any way to increase this? At the moment OH looks after DS in the day and works 1 day a week on another farm, all the work he does on the farm where we live is free (family farm)
Benefits................................ 0 No child benefit even? Oops i forgot this its about £123
Other income............................ 450 What is this? I rent my house out
Total monthly income.................... 2397
Monthly Expense Details
Mortgage................................ 750
Secured/HP loan repayments.............. 0
Rent.................................... 250 Why are you paying rent as well as mortgage?We pay rent to live on the farm
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 47 Can you lose/reduce this? I'm trying to, I'm quite happy to get rid of TV completely. I am meeting some opposition on this point:o
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 0 I forgot to add this as well. Probably about £100 we are looking at changing car, we have a L200 it is not cheap in anyway
Road tax................................ 17
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
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..................... 13 This is actually for my house i'm renting out
Contents insurance...................... 0 Why no contents cover?MIL had paid it, we will pay it when this runs
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Reduce this Done
Haircuts................................ 2 £2 a month between 4 of you? With 3 boys and hair clippers in the house i'm the only one that goes to a hairdresser typically once a year maybe twice
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Union Membership........................ 9 Doesn't this get deducted from wages? No, i'll look in to changing that as I presume it will save me tax then?
Total monthly expenses.................. 1750

Assets
Cash.................................... 3200
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 118200

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 68000....(750)......4.67
Total secured & HP debts...... 68000.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
OH Overdraft...................1500......15........0
Total unsecured debts..........1500......15........-

Monthly Budget Summary
Total monthly income.................... 2,397
Expenses (including HP & secured debts). 1,750
Available for debt repayments........... 647
Monthly UNsecured debt repayments....... 15
Amount left after debt repayments....... 632
Personal Balance Sheet Summary
Total assets (things you own)........... 118,200
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -1,500
Net Assets.............................. 48,700
Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

miss_corerupted

I'll explain, When i meet my OH I lived about 60miles away, when I became pregnant about a year later I moved down with him (he didn't want to move away from his other son). I tried to sell my house but no luck so I now rent it out and we live on his family farm in the old farm house which we pay a small rent.

iamana1ias

miss_corerupted wrote: »

I'll explain, When i meet my OH I lived about 60miles away, when I became pregnant about a year later I moved down with him (he didn't want to move away from his other son). I tried to sell my house but no luck so I now rent it out and we live on his family farm in the old farm house which we pay a small rent.

But your rent doesn't cover the mortgage to the tune of £300 a month.

Is it still on the market? Could you sell it as a going concern with your sitting tenant?