It's a long and winding road

TwentySomethingGirl

Hi Monie


Thanks for joining me. It's nice to find someone who has used HTB as well!


I realised I haven't posted an SOA so here it is...be gentle! Some of the figures are guestimates and I generally round up to be on the safe side...




Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1164
Partners monthly income after tax....... 1450
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2614
Monthly Expense Details
Mortgage................................ 597
Secured/HP loan repayments.............. 155
Rent.................................... 0
Management charge (leasehold property).. 90
Council tax............................. 100
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 20
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 35
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 85
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 55
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 100
Total monthly expenses.................. 2014

Assets
Cash.................................... 2300
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 18000
Other assets............................ 0
Total Assets............................ 195300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121400...(597)......2.94
Hire Purchase (HP) debt ...... 0........(155)......0
Total secured & HP debts...... 121400....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,614
Expenses (including HP & secured debts). 2,014
Available for debt repayments........... 600
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 600
Personal Balance Sheet Summary
Total assets (things you own)........... 195,300
Total HP & Secured debt................. -121,400
Total Unsecured debt.................... -0
Net Assets.............................. 73,900
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

TwentySomethingGirl

Regular OP of £102.90 has gone. I've also found out our gas & electric is going down a bit so I'll divert that to the mortgage too. I've also set up a 5% regular saver that has £300 in it to start with and £100 set to go in every month. Not a lot but I like knowing that we are at least saving a bit, and anything else is a bonus.

jodles16

Best of luck Twentysomethinggirl, sounds like you have already made good steps forward!

Jodles

mrsp1987

TwentySomethingGirl wrote: »

I find myself looking at remortgage deals, even though we're only a month into the second year of a 2 year fix.

Oh, I do this too! I'm so glad I'm not the only one. I also look for insurance comparisons, like, 3 months before renewal!

lorriedriver1988

TwentySomethingGirl wrote: »

I assume we'd have to remortgage to a BTL mortgage and get a new one for our new property...no idea how that all works though, and presumably we'd need to have a new deposit saved up as we're not selling the existing property to use the equity as a deposit...lots to think about, I should stop playing with the figures while I'm still not sure what will happen, but I so enjoy it!

Hi TSG,

My DH and I are in a similar situation to you. We bought our semi-detached townhouse back in October '13 through the 20% Help to Buy loan, owing around £36k. We are currently in the process of saving to pay the 20% off by Oct'18 (before interest kicks in), as well as attempting to overpay the mortgage and clear debt- hopefully by the time we are 35, we are currently 27. We hope from January 2017 to save for another deposit to buy a bigger house to accommodate our 3 growing children and rent out our current house. Are you planning on remortgaging to pay off the 20% loan?? I don't know if you are aware that you need to pay off the Help to Buy loan before the property can become a B2L, as set out in the T&C's of the Help 2 Buy loan. Apologies if you already knew that.

Good luck on your journey and I will subscribe.

TwentySomethingGirl

Thanks everyone for stopping by. It's nice to know I'm not just talking to myself

I do know about the BTL part. I'm trying to decide if it's worth paying off 10% (added to the mortgage) when our fix is up later this year. It's trying to balance the interest we'd pay on the extra mortgaged amount against how much more we might have to pay if the house prices keep going up. I don't think we could afford to do the full 20% this year but half might be better than nothing. We also want to upsize at some point in the future so need to get saving for another deposit if we are lucky enough to be able to keep the flat too.

It's quite hard resisting the urge to throw everything at the mortgage. Having to buy food and pay for other stuff really gets in the way!

I'd love to be mortgage free by 35 but that's highly ambitious and kids will probably scupper my plans when they come along...ah well, we soldier on!

mrsp1987

I'm in the process of figuring out by mortgage free plan and so I'm mooching around the board looking at what other people are up to.
I'm not in a position where I can be mortgage free very soon but I don't want to have a really faraway goal so I think I'll try and break mine down into small goals.
Anyway just wanted to say your thread is really interesting and I'm looking forward to seeing how you get on

lorriedriver1988

TwentySomethingGirl wrote: »

Thanks everyone for stopping by. It's nice to know I'm not just talking to myself

I do know about the BTL part. I'm trying to decide if it's worth paying off 10% (added to the mortgage) when our fix is up later this year. It's trying to balance the interest we'd pay on the extra mortgaged amount against how much more we might have to pay if the house prices keep going up. I don't think we could afford to do the full 20% this year but half might be better than nothing. We also want to upsize at some point in the future so need to get saving for another deposit if we are lucky enough to be able to keep the flat too.

It's quite hard resisting the urge to throw everything at the mortgage. Having to buy food and pay for other stuff really gets in the way!

I'd love to be mortgage free by 35 but that's highly ambitious and kids will probably scupper my plans when they come along...ah well, we soldier on!

I would definitely think about paying off 10%. Back in 2013, we bought our house for £179,500. We had it valued in September 2015 and it is now worth £210,000. If we were to sell it for £205,000, we would have to pay back £41,000. And I'm definitely not willing to give the government an extra £5k + of my hard earned money when its not neccessary.

TwentySomethingGirl

That was my thinking too. I think it's better value for money to pay the interest than pay more when the prices go up.


Does anyone know, if you want to add more to a mortgage when a fix is up do you have to remortgage completely, with all the fees and valuations etc all over again?

TwentySomethingGirl

Well nothing MSE to report, but I did finish my first ever cross stitch last night. Only a small Christmas thing (that should have been done 3 months ago...) to see how I get on with it so will now move onto one of the kits I bought before I even knew if I could do it.
I always thought having a crafty hobby would be cheaper than one where you have to go somewhere, but it's not! I'm also a knitter but to buy decent wool is so expensive and I seem to keep making things as gifts for other people...maybe when I'm mortgage free I'll give up work and start selling some of it!
I'd like to do another latch hook rug too but they can be seriously expensive, and going to work really gets in the way! I need more hours in the day to do all the crafty things I want to do...