Lisa Lou wants to be MF!

LisaLou1982

Hi everyone

Well i posted on here a while back and set up a £50 OP each month on the mortgage which was lower than i wouldve liked but its something and weve had to pay out for lots of work on the house.

Things have completely turned on their head now - me and OH have split up and i am taking over the mortgage on the house. No equity in it for him so just a simple case of taking him off the mortgage which im sorting out now. Luckily we're both on speaking terms and getting on well which helps a lot!

So, i guess this is more of a get everything off my chest post but i know a lot of people on here have some fabulous spreadsheets about budgeting and how much OP on the mortgage and everything else can be broken down and i was hoping that someone might be able to send me one! Pretty please!!

Now OH has gone, there is 129k outstanding on the mortgage and house currently worth around 180k. Mortgage co have said depending on whether my commission is taken as guaranteed or non guaranteed income will depend on them lending me the full 129k and transferring directly into my name, or 114k which would mean id have to put 15k in. The 15k isnt a problem but will leave me with almost no savings! which to be honest makes me feel gutted but i know there are people worse off than me!

Im currently thinking about getting a lodger in monday to friday - theyre paying about 300-400pm according to some research ive done so hopefully that will help immensley in getting the cost down cos its a big house that ive got and far too big for just me really although it is affordable and i havent seen anything else id like to move to.

Not really sure what else to say but hope someone can offer some words of wisdom

Lisa x

originalmiscellany

I wish you well in your new status, am pleased it's amicable with the ex too...

The spreadsheet people use is by locoblade
https://forums.moneysavingexpert.com/discussion/1157173

Lodger sounds great - remember you can "rent a room" and i think there are some tax breaks in that, although you'll have to declare it on your end of year tax returns (I think) so write down everything that is received and spent on them.

In my opinion, getting rid of an albatross (your ex in the nicest possible sense) will be the best thing for you to do long term. If you're driven (you are) then getting on top of this is a very wise decision.

All the best, and keep us informed on how it goes.

LisaLou1982

Thanks!!

Yes it is very strange to have to start on my own again but i checked on the OP calculator and can get the mortgage term down to 14yrs from 29yrs if i OP £350 a month which although i wouldnt want a lodger here for that long(!!) it would certainly help on the way

Thanks for the spreadsheet link too - youre a star

newgirly

Hello lisa lou, the best idea is to become a regular reader of other peoples diaries. It keeps being a mfw in the forefront of your mind and gives you lots of hints and tips on moneysaving ways, best of luck.

LisaLou1982

Just a quick update on this thread!

So....things have changed somewhat since i last posted....

I didnt end up OPing by the £350 as sadly i both slipped 2 discs and damaged a nerve in the summer and am still waiting on an operation so get it fixed. Bl00dy painful and seriously not fun! I got made redundant in August and have been unable to work since although i am now slowly going insane so am considering trying to get some kind of work although sadly i wont be able to go back to what i was doing until i am better

Luckily for me, i took out both sickness and redundancy cover so that helps a lot and helps keep my head above water. I tried to remortgage in June but before it went through, my company made me redundant so that didnt end up happening That resulted in the mortgage going up by £100 a month and still having the ex on the mortgage but its doable until i get a job that pays well enough to be able to remortgage.

On the plus side, i am still managing to OP the mortgage by £50 a month which isnt much, but every little helps right?!

elantan

I think managing to overpay by £50 with everything you have going on is fantastic tbh, well done

LisaLou1982

thanks Elantan! I was hoping to put all my quidco and top cashback towards it too but funds are a little tight so thats going towards Xmas pressies and Food at the min (not necessarily in that order!)

LisaLou1982

happy New year!
I thought I'd raise an update so far

so, after much battle, my income protection has finally paid out! hooray!! which puts me back in the black firmly

I've managed to keep my original op of £50 a month and can now increase that by another £80, so it all helps!

the first op of the year came from my share dividends so an extra £65 paid on top of the £130. according to my broadsheet I am almost below the 125k Mark!

so so pleased!!

LisaLou1982

oh and the quidco and topcashback are now being transferred to a seperate 'holiday fund' so that I can have some fun!

LisaLou1982

Morning

just realised I started this diary in Sept 2011 and my situation has completely changed since then, so I thought I'd update!

so, I've been making OP on the mortgage of £50 a month since around May 2011. Not much, but money was needed for work on the house etc so that was that.

me and the ex split up in September 2011 and he moved out. we are still on friendly terms luckily Particularly so, because he is still named on the mortgage and is happy to stay on it for the time being.

October 2011 saw a mon- Fri lodger enter the home. perfect as it was a bit of extra cash and a companion in the week as he is the same age as me. His plan is to stay for a few months before going travelling.

the plan was to 're-mortgage the house when the fixed deal ran out in June 2012. I started this process but was put at risk at work and subsequently made redundant in August 2012 so the mortgage plans were shelved and the mortgage went up £125 a month onto the SVR.

if that wasn't enough, I have 2 herniated discs and nerve damage to the base of my spine, courtesy of a silly girl who can't read give way signs!! this has been absolute agony for months and as such I haven't been able to go back to my previous role. sadly, all of the smaller procedures they've tried haven't worked as well as we hoped so I am now waiting for surgery. on the plus side, I am more mobile than I was a few months ago

the plan is now to look for a part time job, under 16 hours to keep me sane whilst I wait for my operation! the role I'm trained for is out of the question sadly so I'm thinking maybe either something office based or something on the check- outs etc.

oh, and the mon- Fri lodger didn't go travelling. he is still here and became my OH a year after he moved here!

not only is he wonderful but he is very mse and loves the thought of saving as much as possible!

anyway enough for now, will update later x

LisaLou1982

on a random thought, I've just gone through my cupboards and found 9 bottles of shampoo, 6 bottles of conditioner and 7 bottles of shower gel!!! how, and why have I got so many?!