The Call of Cornwall

Hi All, I've lost hours and hours over the last few months reading diaries on here and I've decided its time I did one myself. If not for anything else, I'm hoping it will give me a bit more focus and motivation and maybe even a kick up my backside!


A little bit about me and my situation

I'm in my mid 20's, work in construction and have a little boy who is nearly 5.
After a few crazy years of getting married and divorced from his mum (hopefully confirmed in the next few months) and my head being a bit of a mess, I've found a good woman who's sorted me out! she's a bit older than me (and I don't let her forget it) and also has a young child.


We live together in a house that I've owned for about 7 years (only been living together for a couple of months) and things are pretty new in that respect but things are going well and she looks after me. We are hoping to buy a house off a family member in the next 6 months and move up the ladder another rung, and get a mortgage together.


I'll put another post on with more details and a proper SOA, but for now I just wanted to introduce myself and reserve a little space for my diary!


Oh, and almost forgot... the title of my thread! The reason we want to pay off the mortgage is that we are hoping that within the next 7 - 10 years we would like to move to Cornwall hopefully without a mortgage so we can take life a bit easier...
Mortgage Start April 2007: £84,000 (28 Year Term)
Mortgage Now:£3200 (3.55% LTV)
Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
ISA Top Up To 20,000:£10,405 (52.03%)
2017 - Pay off Mortgage Start Amount: Paid: Remaining
£15,000:£11,800:£3,200 (21.3% remaining)
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Comments

  • Good luck to you both. You will find some great tips on here and some different ways of getting the most from your money. We're all here to help each other
    Lgp
    Mortgage value was £135,000 now £43,218
    TCB total £1200
  • Danny5
    Danny5 Posts: 95 Forumite
    Ok so here goes...


    Debt :eek:

    Mortgage remaining £60,725 @3.94 % fixed until April 2014 (13years2months remaining)


    Credit Card £675 @ 0%


    Savings :T
    ISA £7528


    Account 1 (Unsure what to do with) £6400
    Account 2 (Unsure what to do with!) £1350
    Account 3 (Put any bonus from work in since start of Feb) £760
    Account 4 (for doing up the house) £1030
    Zopa £1700




    Monthly Outgoings :(


    Mortgage £493.58
    Energy £83
    Holiday/xmas savings £200
    Zopa £50
    Mum & Dads 60th Birthday Savings £80
    Home Ins £27.21
    Sky/Internet £49.54
    Council Tax £81 (should be going up this month)
    Credit Card £25
    Life Ins £11.84
    TV License £12.12
    ASU £29.51
    Union £13
    Mobile £43.50
    RNLI £3
    Personal Injury Ins £14.62
    Laundry £40
    Contact Lenses £17.80
    Child Maintenance £150
    Water Rates £25.57


    TOTAL 1450.29

    Income :j

    My Wage £1600 (on a price but this is what I aim for as a minimum after tax)


    So this should leave me with around £150 a month 'spare' which will go on food, days/nights out, and general junk blokes buy/toys for the kids.


    My OHs wages or outgoings aren't included as to be honest I'm not sure what they are but generally she pays for the car costs (she had the car before we got together and I've sold mine as I get a company van), and so far she has paid for the majority of the food shopping. We do need a sit down to chat about it sometime in the next month or so, if for nothing else, in preparation for getting a mortgage together....


    I think I've covered everything but if anybody reads it and thinks I've missed anything or has any input or advice please do comment and let me know it!:money:
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • Danny5
    Danny5 Posts: 95 Forumite
    Thanks LGP
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • nickcc
    nickcc Posts: 2,265
    First Post First Anniversary Combo Breaker
    Forumite
    Hate to say but little work here in Cornwall in the Construction industry. Daughters partner works for one of the largest construction companies and is really short of work. My only suggestion would be to make sure you have a reasonably secure position here in Cornwall before you think about moving. Good luck to you and I hope it all works out.
  • Firstly your saving are really good you need to check that you are getting the best rates and you have used your isa allowance.
    I don't work in your industry so these are questions rather than a criticism.
    Why at mid 20s do you need so much insurance.?
    Can you claim tax back on your union subs from the gov ?

    Unless you have a top of range Apple the phone bill seems over high. I would negotiate the contract.

    It's just an observation from an old married woman. As you are planning to move in together, personally I would want to know more about my other halfs finances. But as you say the relationship is new and it's part of growing together, I'm glad your going to sit down before you get a mortgage.
    Lgp
    Mortgage value was £135,000 now £43,218
    TCB total £1200
  • I like your signature. Good luck,

    Squirrel
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years:D
  • Danny5
    Danny5 Posts: 95 Forumite
    nickcc wrote: »
    Hate to say but little work here in Cornwall in the Construction industry. Daughters partner works for one of the largest construction companies and is really short of work. My only suggestion would be to make sure you have a reasonably secure position here in Cornwall before you think about moving. Good luck to you and I hope it all works out.



    Hi Nick, I've heard a few people saying that about lack of construction jobs down there. My plan would be to pay mortgage off and get a decent pot of savings before we go down. And to be honest I don't think I want to do the job I do here when I move down there, I only stick it out now because it pays quite well and I couldn't afford to retrain in anything else full time!
    Thanks for your help, :beer:
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • Danny5
    Danny5 Posts: 95 Forumite
    Firstly your saving are really good you need to check that you are getting the best rates and you have used your isa allowance.

    Lgp



    I have barely used my ISA allowance for the year to be honest, and Ive had a look at rates and non are particularly great, its difficult to know what to do but i'll probably keep them where they are in the hope that rates go up abit just before April. The savings in account 1 were from shares I sold when I left my previous employer recently and I am in limbo what to do with them. As I'm looking to buy a more expensive house in the next 6 months I'm thinking I should just leave them where they are accessible should I need them. Account 2 and 3 will eventually go to overpay the mortgage but I'm really unsure whether to restart overpaying again now or keep saving it until I've moved to the new house. Any opinions would be gratefully received?!


    Your probably right about the insurance side of things, the personal injury one can probably go but I always talk myself out of it by thinking what if I cancel it today and break my leg tomorrow (I am that lucky)! The Life insurance and ASU are to cover the mortgage should anything happen to me, and I am more of an overly cautious natured person when it comes to finance so it helps me sleep at night knowing that's covered!


    The Union, I only really joined as my previous employer started to use some particularly underhand tactics with employees and I got it as a bit of a precaution, Its on my list of things to look at and cancel.


    My phone is an Iphone and I got it the day after it was released, but I'm pretty sure my 2 year contract can't be far off ending, when it does I'm likely to keep the phone I've got and get a much cheaper contract as I don't phone people much (I'm more of a texter) and I mainly use internet at home where it links to my wireless anyway!


    As for my OH and her financial situation, its definitely high up on my list of things to do. Her first proper wage is due at the end of this week so that's probably my ideal opportunity.:eek:
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • Danny5
    Danny5 Posts: 95 Forumite
    This week isn't starting as well as I had hoped:

    • Today is my second day off work with what is probably best describe as 'toilet trouble'. Which means 2 days without pay.:(
    • I had a final share scheme to get paid out (from previous employer) and as I had £1200 worth of shares I expected to get a cheque for somewhere in that region, unfortunately, after the tax, national insurance, admin fee, brokers fee and shares forfeited due to the time period they had been held(?), The figure is just under £800... :mad: (guess that's what you get for dabbling in things you don't really understand!)

    • This morning the next letter from the solicitor who wants another £150...


    So today I'm thinking I should (in between toilet trips) write a list of things I need to do to maximise the money I have and the direct debits I have going out . LGPs comments have given me a couple of ideas where I can chop a few quid a month (thanks!) and I'm sure there's more somewhere... :money:
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • Danny5
    Danny5 Posts: 95 Forumite
    Oh and thanks SS Squirrel!
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
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