SOA after we move

Goldiegirl

The mortgage application process regarding affordability is so rigorous these days, I'd expect a SOA for someone on the brink of moving to look in good shape, and indeed, yours is.

As people have said there are areas where some reductions could be made, but in your position, these are optional reductions, not essentials. If you want more money to buy things for the new house, then you might want to make these cuts, but it may be a step too far to cut all the nice things when it's not a complete necessity!

The key now is to build on the good foundations. No doubt you'll want to buy things for your new house. Do this out of your income, and don't borrow on cards, save a bit each month for the short term, and medium term consider things like mortgage overpayments and pensions.

Enjoy your new home

ShakeItOff

The insurance definitely makes more sense now - I pay £210 a year and hub isn't too far off that either which is why I wondered if it was high.

I think your SOA looks really good to be honest! :beer:

Jon_B_2

I personally would reduce the mobile outgoings and increase the grocery spend. Food is just wonderful - you are not in debt, you don't have to shop in Lidls.

Are you taking advantage of childcare vouchers.

As for the moron claiming someone with a modest income should not be able to claim child benefit - think how much tax these guys are paying monthly into the pot. Funny how you can't judge someone who is in debt, but someone who is just doing OK is fair game.

chelseablue

Jon_B wrote: »

I personally would reduce the mobile outgoings and increase the grocery spend. Food is just wonderful - you are not in debt, you don't have to shop in Lidls.

Are you taking advantage of childcare vouchers.

As for the moron claiming someone with a modest income should not be able to claim child benefit - think how much tax these guys are paying monthly into the pot. Funny how you can't judge someone who is in debt, but someone who is just doing OK is fair game.

Thank you Jon, your right me and my partner pay hundreds in tax each month, and have paid in since we were 18.
I don't feel that guilty about getting £82 a month back

chelseablue

ShakeItOff wrote: »

The insurance definitely makes more sense now - I pay £210 a year and hub isn't too far off that either which is why I wondered if it was high.

I think your SOA looks really good to be honest! :beer:

When he first passed his insurance was about £1000, the next year I managed to get it down to £700, that's just for him.


When it's up in July I'm hoping I can get it to about £500

chelseablue

tigerfeet2006 wrote: »

You don't seem to have any emergency fund money. I would be putting some aside each month so you have a nest egg for unforeseens.

I've calculated that after completion we should have about £10k left over.
Going to stash that away as an emergency fund

ViolaLass

andydownes123 wrote: »

There's not much there for emergency when you move and nursery costs are big. Is it possible that one of you could go part time and have some quality time with the child AND more or less have the same income due to the limited need for childcare?

Their income is more than double the childcare cost so their income would go down.


OP, do you pay for the care with vouchers? If not, well worth investigating even though the total is below the full amount you need.

Have you tried Freecycle for baby clothes? We barely spent a penny on our little one in her first year.

chelseablue

ViolaLass wrote: »

Their income is more than double the childcare cost so their income would go down.


OP, do you pay for the care with vouchers? If not, well worth investigating even though the total is below the full amount you need.

Have you tried Freecycle for baby clothes? We barely spent a penny on our little one in her first year.

Don't currently claim vouchers so will def look into that, thank you.


The £760 is just for 3 days a week at nursery; the other 2 days MIL has him on a Monday, my Mum has him on a Friday

System

Jon_B wrote: »

I personally would reduce the mobile outgoings and increase the grocery spend. Food is just wonderful - you are not in debt, you don't have to shop in Lidls.

Are you taking advantage of childcare vouchers.

As for the moron claiming someone with a modest income should not be able to claim child benefit - think how much tax these guys are paying monthly into the pot. Funny how you can't judge someone who is in debt, but someone who is just doing OK is fair game.

Moron? Steady now Jon B. you don't want reporting do you? Just asking, in case its a payment that they will lose in future...you'll also note if you read my post that I say no such thing as "someone with a modest income should not be able to claim child benefit". They're are your words Jon B. not mine.

Jon_B_2

"Why do you get this - your combined income is huge!" certainly does not come across as though you are concerned if they are ineligible.

If that genuinely was your true intention, then I apologise.