DC's on a mission to own Kingston

debt_cruncher

Hi everyone

It's been a long time since I have posted on the forums but I have finally become debt free as of 23 August and I am now on a mission to own our house which is called Kingston.

A bit about me: I am 36 and DH is 38 no kids yet and a dog called GW. We bought a 4 bed detached house in December 2013 and spent the next 2 years renovating it finally moving in 2015 and just got the final rooms decorated this summer.

The current mortgage is a tracker mortgage 1.99% above base balance £59709.75 which is currently due to finish November 2033.

The plan is to overpay by £600 pm and hopefully clear the mortgage in 5 years. I think I will be able to earn 5% in regular savers so plan to maximise these first and then do a lump sum overpayment when they mature.

So need to research current regular savers before September when we will be able to save our first £600.

I look forward to getting to know fellow MFW's along the journey.

DC

wishingthemortgaheaway

Ooh subscribing.
Enjoy the journey.

Kittenkirst

Lovely shiny diary! £600 is a cracking amount to OP!

How's the regular saving searches going? I have two- one at 5% first direct and another at a small 2.5% tsb but didn't want to change current accounts (lazyI know!)

debt_cruncher

Hello Wishing and Kittenkirst it's nice of you to pop by. Kittenkirst I have a few options in regards to the regular savers namely Nationwide, Santander and First Direct. I might open a joint Flex direct account and save the maximum £2500 first before I open the regular savers. Will look at this tomorrow.

DC

debt_cruncher

Yesterday we had to have a blocked drain cleared at the front of our house after the recent heavy rain. The drain has been blocked since we purchased the property but this has been the first time that the water had come halfway up our drive.

It was time for the professionals to do there thing. After an hour the first drain was unblocked but drain number 2 beside our garage could not be unblocked something to do with a blocked soakaway. Only thing to do was to dig up our tarmac drive and put a new soakaway in costing 1000's of pounds.

We have had a think and came up with a new plan of moving the existing drain from the front of the garage to the back of the garage and connecting this up to the current drain system at the back of the house. This will only cost a few 100 pounds and our local handyman should be able to carry out this work saving us a lot of money.

My phone contract is coming up for renewal in October and I have been looking round for a cheaper deal. I had a look at what I have been using over the last few months and it is nowhere near what my current deal is. I am currently paying £17.54pm and I think I will be able to reduce this to £10 with a different provided. So in preparation for moving I have asked my current provided to unblock my phone and this should take about 10 working days.

We also have a one month free trial with Netflix at the minute as we as considering cancelling Sky in November. At £50pm is is getting very expensive and we mostly watch free view channels anyway. So I am on the lookout for a cheaper broadband provider.

All these little savings can be added to the overpayment pot.

DC

smallholdingsister

Welcome and Good Luck! I thought you were planning to own the whole of Kingston!

pinkypig

Good luck with your journey. 5 years to MF sounds a brilliant goal.
Looking forward to hearing about your progress and will be cheering you on

PP x

debt_cruncher

smallholdingsister wrote: »

Welcome and Good Luck! I thought you were planning to own the whole of Kingston!

Ha ha no some of the houses on our street has names and ours is called Kingston. I don't know where the name has come from as the previous owners have since died. Thanks for dropping in.


DC

debt_cruncher

pinkypig wrote: »

Good luck with your journey. 5 years to MF sounds a brilliant goal.
Looking forward to hearing about your progress and will be cheering you on

PP x

Hi Pinkpig thanks for the support.


DC

debt_cruncher

Ok so today has been busy with paper work but had to been done. I paid £135 to tax the car and had to buy a new battery for the laptop at £18.21. Just need to put £20 of fuel in the car and that should be it for todays spending.


I have also applied for our joint Flex Direct account at 5% interest. So hope to get that set up in the next week or so. I can't wait to start putting money into it.


Otherwise plans for tonight are to enjoy our crispy chicken taco dinner and start a new box set on Netflix.


DC

debt_cruncher

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................ 1645
Partners monthly income after tax....... 1355
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3000
Monthly Expense Details
Mortgage................................ 365.5
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 40
Gas..................................... 0
Oil..................................... 80
Water rates............................. 0
Telephone (land line)................... 16.99
Mobile phone............................ 35.04
TV Licence.............................. 13.65
Satellite/Cable TV...................... 17.4
Internet Services....................... 7.5
Groceries etc. ......................... 280
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 22
Car Insurance........................... 80
Car maintenance (including MOT)......... 90
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 56.34
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 35
Entertainment........................... 100
Holiday................................. 150
Emergency fund.......................... 25
(Unnamed monthly expense)............... 0
Savings................................. 600
LISA.................................... 333
Dog food................................ 40
Personal spends......................... 80
Union fees.............................. 20
Charity................................. 10
Window cleaning......................... 10
Total monthly expenses.................. 2887.42

Assets
Cash.................................... 22300
House value (Gross)..................... 175000
Shares and bonds........................ 1900
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 209200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 59709....(365.5)....2.24
Total secured & HP debts...... 59709.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 3,000
Expenses (including HP & secured debts). 2,887.42
Available for debt repayments........... 112.58
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 112.58
Personal Balance Sheet Summary
Total assets (things you own)........... 209,200
Total HP & Secured debt................. -59,709
Total Unsecured debt.................... -0
Net Assets.............................. 149,491
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.


This is September's budget. The amount left over is £112 which should cover any miscellaneous spends during the month. This month for example we had to pay £50 to unblock a drain and £18.21 on a new battery for the laptop. All suggestions in trying to reduce any of these expenses welcome. Minimum savings towards mortgage overpayment this month is £600. I hope to save another £100 of top of this.


Thanks DC