£195,000 mortgage for a single mum!

pollyanna24

Pink Sproglettes born 2008 and 2010
House Worth (approx) - £362,000
Mortgages (3rd July 2016) - £191,113.05
Equity - £170,886.95


Pink Sproglettes born 2008 and 2010
House Worth (approx) - £386,000 (identical house down the road up for this, but mine in better condition)
Mortgages (5th August 2016) - £190,247.04
Equity - £195,752.96

vicsmiles

HI Pollyanna


Just stopping by, I had read of your diary and very impressed with the amount you have done. I had a quick question where did you find the local guy to fit your carpets? I am in the middle of getting quotes for ours and they are wildly different I hadn't thought of buying online and getting someone to fit it!


Glad the renovations are going well

pollyanna24

I think I went on Rated.com or something similar. I put in all the details and waited for someone to contact me.

I must admit I did expect more to reply as only one did. The one who did the fitting. Luckily, he was great and I would recommend (and have done to other people) him again.

But if he hadn't replied, then I'm not sure what I would have done. Back to the internet I guess.

chelseablue

Hi!


Just wondering how your kitchen is coming along?

pollyanna24

Haven't written in here in ages , but I guess it's because I haven't really been doing any overpayments.

Thanks for asking about my kitchen chelseablue. It's painted which is all I was going to do with for now and it does look fresher and cleaner. I also want to change the knobs and handles on the cupboards just to update them a little, but due to all the expense over the last few months and not getting particularly good paycheques the last few months, I am holding off on any expense at the moment.

I am £300 overdrawn (well it's on 0% credit cards) and have no emergency fund as I'm using the mortgage overpayment reserve as my emergency fund in case I ever need it. Next month though, I should be back in the black (or red - can never remember which way round it is) as well as paying off this year's car insurance.

I've noticed I haven't updated my signature since August, so I'll do that in a minute.

Still loving my house and it all being mine, well 50% of it anyways. Job wise I'm hoping to still be in London for a while as my boss is opening a new company, but it's all a "wait and see how it takes off" kind of thing at the moment.

pollyanna24

Pink Sproglettes born 2008 and 2010
House Worth (approx) - £386,000
Mortgages (5th August 2016) - £190,247.04
Equity - £195,752.96

Pink Sproglettes born 2008 and 2010
House Worth (approx) - £386,000
Mortgages (3rd September 2016) - £189,865.18
Equity - £196,134.82

pollyanna24

Pink Sproglettes born 2008 and 2010
House Worth (approx) - £386,000
Mortgages (3rd September 2016) - £189,865.18
Equity - £196,134.82

Pink Sproglettes born 2008 and 2010
House Worth (approx) - £386,000
Mortgages (3rd October 2016) - £189,465.32
Equity - £196,534.68

pollyanna24

Feeling a tad down about the whole mortgage thing at the moment. I can't seem to make any headway into it.

I haven't put any overpayments on in September and October, but I do have £85.44 allocated for them.

This is done by taking the difference between my original monthly payment for one of my mortgages (£415.64) and the current monthly payment (every time I overpay by £500 or more, the payment goes down) and my current monthly payment (£372.92), I figured that I personally shouldn't benefit from the payment going down, but my mortgage should.

But I've kept the money as I want to build it up to £500 before making an overpayment.

Because the overall idea of getting rid of the mortgage is too much for me to comprehend at the moment, my initial goal is to get my two mortgage payments below a monthly amount of £750 (£757.78 at the mo), but even this seems impossible at the moment.

Little steps, Polly. That's what I gotta keep telling myself.

chelseablue

Little steps is the way!


We moved in Feb and I had all these grand plans about overpaying straight away.....think I've done 2 so far


Went to put the heating on last night and the boiler fired up but the radiators stayed cold, so that'll be money needed to fix that :-/

pollyanna24

Because I am getting a bit depressed about finances (trying to save up £500 to make an overpayment on the mortgage just seems to be taking forever), I've decided to look back at my diary and how far I've come.

19 February.....£200,044.89
20 February.....£200,000.00
1 March.....£194,723.57.....£800.50
5 April.....£192,852.65.....£778.57
4 May.....£192,449.16.....£774.38
2 June.....£191,992.71.....£774.38
3 July.....£191,113.05.....£774.38
5 August.....£190,259.05.....£772.19
3 September.....£189,865.18.....£757.78
2 October.....£189,453.41.....£757.78
3 November.....£189,076.63.....£757.78

Not sure if this makes me feel better or not. But the payment has gone down a bit.

At the moment, I put away £42.72 a month (£415.64 which was the monthly payment before I started overpaying minus £372.92 - my current monthly payment) and will bung it on the mortgage when I get to £500 (and will include any bonus or spare money I have).

Then the payment will go down by a couple of quid and I will be putting aside a couple of quid more per month. Just feel down by how long it's all taking and thought if I could somehow see it “snowball” in more overpaying amounts in the future, I'd feel better.

So £42.72 would take 11.70 months to save up £500 (not taking into account any other spare money I might have each month).

If this goes up to £44.72 (guesstimate of what I will be putting aside each month when the payment goes down), this takes only 11.18 months to save up, so each time I put £500 on the mortgage, it will take less and less time to save up for the next overpayment.

Has any of this made me feel better? Not sure. Just depressing when you don't see any way of your finances improving and your only hope is to pay less of a mortgage each month and even this is seeming impossible.

Gosh, I am moany for a Friday afternoon, aren't I?!