Single Homeowner Wanting to get a Freehold

Hi All


Thought I would come here for help and assistance with trying to get my debt cleared and then lower my mortgage/save in order to get out of my one bedroom flat and into a nice house (freehold) where I can hopefully not have to move from again.


I have just started over paying my loan and I do have emergency funds for a rainy day that I do not want to use to pay any loan off as no family could help financially.


I live alone with 4 cats and 3 (technically 4) fishtanks and I have posted my SOA below.


I do cover some bills yearly by moving £250 a month into a yearly bills account. This covers my car and motorbike insurance, contents, management fees (which are really expensive!) parking permit etc.


I do smoke (not willing to quit) but I have swapped to rolling tobacco to save money and I haven't included going out funds below as some months I don't really go out all that much.
I'm always currently doing my current flat up and modernising it myself, which is where a chunk of my spare money has gone to in the past.


I have increased my mortgage DD by £11.19 to round up the payment amount and i'm looking at sending over an extra £200 to my loan this month (and hopefully every month!)


If anyone has any hints or tips to help i'm welcome to suggestions.
I would like to get my loan paid off by October 2017 and hopefully bring my mortgage down to the £60k mark by 2020 or save around £8/9k.


I'm probably rambling now but any help will be appreciated!


Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income1,480Monthly expenses (incl. HP & secured loans)991.65Available for debt repayments488.35UNsecured debt repayments105.4Amount left after debt repayments382.95
Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)108,350Total Secured & HP Debt-69,126.5Total Unsecured Debt-2,935.86Net Assets36,287.64Household Information

Number of adults in household1Number of children in household0Number of cars owned2Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1480Partners monthly income0Benefits0Other income0Total monthly income1480
ExpensesAmount(£)Mortgage340Secured/HP loan payments0Rent0Management charge (leasehold property)140Council tax58Electricity27Gas0Oil0Water Rates15.79Telephone (land line)17.4Mobile phone23TV Licence12.12Satellite/Cable TV0Internet services12Groceries etc.75Clothing10Petrol/diesel35Road tax17.1Car Insurance67Car maintenance (including MOT)10Car Parking8Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills22Buildings Insurance0Contents Insurance5.4Life Assurance21.84Other Insurance0Presents (birthday, christmas etc.)25Haircuts0Entertainment0Holiday0Emergency Fund0Cigarettes50Total monthly expenses991.65
Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage69126.5 (340) 3.75Secured & HP Debt totals69126.5 - -
Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)loan 2935.86105.411.3Unsecured Debt totals2935.86105.4 -
Asset DescriptionValue (£)Cash1350House Value (Gross)105000Shares and bonds500Car(s)1500Other assets (e.g. endowments, jewellery etc) 0Total Assets108350
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