Confessions of a mortgage-spreadsheet-a-holic

fishfins

Hi everyone

I've really enjoyed reading everyone's MFW diaries, and have found them really useful too. So I thought it was time I did one myself (and all the people I know are sick of me talking about mortgages so I need another output!)

I bought my first house in July 2009, I had a £20,000 deposit and a £108,000 mortgage from Natwest on a 5.49% 5 year fixed rate. My monthly re-payments are £612.53. I really struggled with money for the first year and had to cut back on things like food (not good!), and also furniture, my walls are still quite empty, but I'm back on track now and am making as many overpayments as I can. I can pay a max of 10% of the mortgage off every year (if only!!) and can't increase my monthly payments, only make extra payments of at least £100.

I have a mortgage spreadsheet which I made when I first got the mortgage, I kind of made it up so not sure how it would compare to other peoples'. It has lots of nice colours though . I've found it so helpful in setting myself targets and keeping track.

In the two years since I started the mortgage I've overpaid a total of £1400, which has taken just over a year off the length of the mortgage.

Every month with my pay I save a certain amount for bills that I pay yearly (like car/house insurance, car tax etc.) plus haircuts, holidays, christmas/birthdays and anything else I might need money for. Then after food, diesel and other costs there's not normally a lot left but anything I do have left I save until I have enough for an overpayment. I like to keep £3000 emergency fund in an isa too.

My boyfriend and I would like to live together at some point and would be buying a house together. I figure I need about £3000 for my selling fees and my half of the buying/moving/furniture costs. My current aim therefore is to have £27,000 capital on the house for the new house deposit by March 2012, and to work towards £3000 savings on top of my £3000 emergency fund.

I'm on track to hit the £27,000 capital if I manage to pay £1100 in to the mortgage in November when I get an outage overtime payment which should cover that and add a little to my savings. So far I have £224.08 of the savings.

Well, hopefully you're not asleep yet, I'm really excited about having a new way to keep track of my efforts and thanks to everybody for the inspiration I've got from other people's diaries!

originalmiscellany

Well fishfins, why don't you delete personal data and share it with us?! i'd be keen to see some other ideas/ways of spreadsheeting my mortgage in case I can improve mine

fishfins

That would be good, then maybe people could give me tips to improve it! How would I do it?

Also it's pretty basic, I don't think it will be too much help to anyone!! Don't want you to get the wrong idea!

BaconandEggs

Welcome FishFins - why don't you post an SOA?

CathT

We're all spreadsheet fans here! The more the better.

fishfins

BaconandEggs wrote: »

Welcome FishFins - why don't you post an SOA?

Hi BaconandEggs, good idea I will do, may take me some time though!

goobergirl

Welcome Fishfins and good luck.

I also love my new spreadsheets for mortgage, monthly bugeting etc:j

Ayeshalush

:hello:Hi Fish fins. Welcome to MFW. Another spreadsheet-lover here. I have spreadsheets for everything , I'd be lost without them and don't understand how people manage to control their finances without at least one.

A
xx

Lois_E

Hi fishfins and welcome to MFW. You'll fit right in. It would be a bit like spreadsheet-addicts anonymous here, except that none of us has any desire to give up the habit!

I've been telling myself I had subscribed to quite enough MFW diaries and must not take on any more, but your title was irresistable. Spreadsheets are the one part of IT that I feel I'm really good at, and as Ayeshalush says, I can't imagine how people manage their money without them. I can't imagine managing my own money without wasting happy hours making interesting graphs and charts and things about it, either.

fishfins

Thanks for making me so welcome everyone! I know what you all mean, I also have no idea what I'd do without my spreadsheets, I'd be lost! I really need to get an external hard drive!

fishfins

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1600

Monthly Expense Details
Mortgage................................ 612.5
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 76
Electricity............................. 25
Gas..................................... 36
Oil..................................... 0
Water rates............................. 15.56
Telephone (land line)................... 14.93
Mobile phone............................ 7
TV Licence.............................. 20.78
Satellite/Cable TV...................... 0
Internet Services....................... 5.99
Groceries etc. ......................... 130
Clothing................................ 30
Petrol/diesel........................... 50
Road tax................................ 17.5
Car Insurance........................... 33.33
Car maintenance (including MOT)......... 16.67
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 23.66
Pet insurance/vet bills................. 0
Buildings insurance..................... 12.5
Contents insurance...................... 12.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 23
Haircuts................................ 7.67
Entertainment........................... 10
Holiday................................. 167
Emergency fund.......................... 0
Lottery................................. 8.68
Other (eg tropical fish/days out etc)... 40
Total monthly expenses.................. 1396.27


Assets
Cash.................................... 3224
House value (Gross)..................... 128000
Shares and bonds........................ 10
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 131234


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103805...(612.5)....5.49
Total secured & HP debts...... 103805....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,396.27
Available for debt repayments........... 203.73
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 203.73

Personal Balance Sheet Summary
Total assets (things you own)........... 131,234
Total HP & Secured debt................. -103,805
Total Unsecured debt.................... -0
Net Assets.............................. 27,429

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

I did my SOA, it is a bit fiddled, I didn't add my car as an asset as I don't think I'd be able to sell it. I had to guess on a few things too.

It's been really useful to do though becuase I've input all the things I think I pay out per month and somewhere there should be £240 left at the end so I need to figure out where that is going!

Updated 19/8/11- gas and electricity