£195,000 mortgage for a single mum!

pollyanna24

Pink Sproglettes born 2008 and 2010
House Worth (approx) - £392,000
Mortgages (3rd November2016) - £189,076.63
Equity - £202,923.37

House Worth (approx) - £393,000
Mortgages (4th December 2016) - £188,687.16
Equity - £204,312.84

selloptape

Great start to the year pollyanna

pollyanna24

I like doing little tables to make myself feel better. This is since I bought my brother out of my house in February 2016

2016.................Amount of Mortgages
19th February.....£200,044.89
20th February.....£200,000.00
1st March..........£194,723.57 (£800.50)
5th April............£192,852.65 (£778.57)
4th May.............£192,449.16 (£774.38)
2nd June...........£191,992.71 (£774.38)
3rd July.............£191,113.05 (£774.38)
5th August.........£190,259.05 (£772.19)
3rd September...£189,865.18 (£757.78)
2nd October.......£189,453.41 (£757.78)
3rd November....£189,076.63 (£757.78)
4th December....£188,687.16 (£757.78)

2017
4th January.......£187,796.84 (£757.78)

So, since I've bought him out, I've paid off £12,248.05. Not bad going! Little things to make myself proud of myself. This year won't be as much as I had saved £5,000 to throw at the mortgage last year, but baby steps!

happydays_70

I have finally moved and reduced my mortgage considerably. The house I've moved to needs updating but that's nothing I'm too concerned about.
I couldn't see the end when I had a £174,000 mortgage..it was always on my mind.
The move means I have more disposable income with a view to going part time at work in the next couple of years.
I think you are doing so well. I wish I could have been stronger. Did it for 8 years on my own. Downsizing has been the right decision for us.

pollyanna24

happydays_70 wrote: »

I have finally moved and reduced my mortgage considerably. The house I've moved to needs updating but that's nothing I'm too concerned about.
I couldn't see the end when I had a £174,000 mortgage..it was always on my mind.
The move means I have more disposable income with a view to going part time at work in the next couple of years.
I think you are doing so well. I wish I could have been stronger. Did it for 8 years on my own. Downsizing has been the right decision for us.

You can only do what is right for you. At the moment, I am coping okay and although I would like to work three days, four days works for me and I can afford my bills (just).

In a few years, I might do similar to you. Not downsize so much, just move to a slighter cheaper part of the country! Seeing as I'm still inside the M25, that shouldn't be too difficult.

pollyanna24

So my overpayment this month (first one in a fair few months as I save it up to £500) has made a reduction in my mortgage of £1.95. Not much, but over a year, is another £23.40 I can overpay.

So now I save £44.67 per month (as well as any other savings I have in the month) towards an overpayment and my monthly payment is £755.83.

These really are baby steps, haha.

Have my usual expenses this month and have budgeted £500 as usual for these (groceries, my spends, girls’ spends and petrol).

Unusual (i.e. not monthly expenses) include Rainbows and Brownies subs, but I have already allocated money for this.

And my youngest came out with a letter yesterday saying they are off to the London Aquarium next Wednesday (£16). She doesn't want to go as me and my parents took the girls last year, but what else can she do, eh?

So far, I have spent £170.05 of my £500 which sounds a lot, mostly on groceries so far, but have stocked up on few things.

Should have £383.85 at the end of this month if I stick to said budget. Not sure if I will put another £500 on the mortgage in February, don’t want to leave myself too short, although it’s getting addictive seeing the payment goes down, even if it is just by a couple of quid each month.

Hopefully, after a few more overpayments, I will be at my first target of a monthly payment of £750!

CathT

You're edging closer to that monthly mortgage goal of £750!

pollyanna24

Don't seem to write much in here after the first of the month and I have allocated for my bills and such like, so thought I would this month (even if it just for me to read back over).

Where am I up to this month?

Only have £98.92 left out of my £500 for groceries, stuff for me and girls and petrol.

This is broken down into:-

Petrol - £39.52
Girls - £81.79
Groceries - £160.50
Me - £119.27

Part of me thinks £500 should be plenty for these spends. Another part of me think I need to live a little.

So I'll look at these spends and think where have I gone over the top and where I can cut back.

Groceries. Don't think I can as I am reliant on my Mum cooking for me and don't think I'm doing badly here.

Petrol. Can't moan at this either as I still have 7/8 of a tank, so hoping this does me well into February (although going to see my brother this weekend - 45 mins or so away).

Girls. £55.48 was spent on two trips with the school and I bought them trainers (from Shoe Zone), so these were one offs I guess.

Me. Hmmm.
£57.82 on alcohol and I don't even think I've drank that much this month. This is always an obvious place for me to cut down on.
£25.94 on meals out. That's not bad.
£19.48 on trainers and shoes. One offs.
£7.10 Takeaways - not bad.
And the others are tiny bits.

Hmmm. All adds up I guess.

pollyanna24

So, we are on to another lovely month.

Don't feel that I did that bad last month. I did go over my budget, but only by £12.81

Petrol - £39.52
Girls - £90.04
Groceries - £215.91
Me: - £167.34.

So not bad. I have spent a bit already on groceries this month as some of what I bulk bought last month weren't (or won't be) opened till this month, so I added them on to February.

Still, doing okay this month. Have put £500 overpayment on already, so will see how much that reduces my payment by when the letter comes around about 9th of the month.

Can't see anything expensive for this month (although in next few months, house insurance, dog insurance and servicing and MOT of car all coming up - all budgeted and hopefully will stay within what I want to spend).

Girls have a school disco next Friday, but that's only £6.

One of them is having a friend over for a sleepover, but that's not costing anything cept some extra food. And I lined up some crafts from Baker Ross for them.

Going to try and limit my spend on alcohol this month. Might just find a deal on Groupon and buy 12 bottles and make it last.

pollyanna24

Time to update the old signature:-

Pink Sproglettes born 2008 and 2010
House Worth (approx) - £393,000
Mortgages (4th January 2017) - £187,796.84
Equity - £205,203.16

Pink Sproglettes born 2008 and 2010
House Worth (approx) - £370,000
Mortgages (3rd February 2017) - £186,894.98
Equity - £183,105.02