Tessiesmummy pre mortgage debt clearout

System

hello again!! well yesterday and today weren't too bad with spending. today was just £6 in aldi again and £5 on a bottle of power steering fluid as i thought the car was about to die but thankfully that was all it needed!!! finished my weekly spreadsheet and had £636 in and £424 out so got £200 to pay off some debt with.

I am really stuck on the house buying front. I am still waiting for the offer price to come through but the later the better really as i can't do full time hours for the mortgage until the new tax year starts. If it's cheap (like really dirt cheap) less than £60,000 then ill go for it. but if its more then I am thinking of getting a fulltime contract in September and working and saving for a year and moving elsewhere.

reading all these forums has made me feel even worse about my credit file and where I can go from here. ideally I'd like to buy the house this summer but in reality i don't think it's gonna happen.

I've got my money in my current account at the minute which isn't the most savvy thing. I'm gonna go to nationwide on Monday and open a htb isa and transfer £1200 into that then put £50 a week into it so that way wherever I do buy i can get the bonus.

I feel like I am running up the down escalator in life. my debts are small but still stopping me progressing. I work on the bank for family convenience but if I want a mortgage I need to get a contract. it jist feels like no matter how hard i try im stuck.

System

well this morning was the start of week 2 spreadsheet!!! I've been looking back at my spreadsheet from 2015 when money was tighter but bills were a lot less for some reason.

week 1 totals were:
£70.64 on groceries
£228.81 rent and bills
£33.56 fuel and car costs
£95.48 on kids/ entertainment (most was friday and saturday before i was really counting)
£8.90 on coffees. (I've done this seperate from entertainment to shame myself into cutting down. this is good though. I easily spend £20+ weekly usually)

my spends havent been too bad for a family of 5 over half term they do eat a lot!!! The entertainment/ kids budget includes anything at all non essential- the amount wasnt too bad but the things it was spent on could have been distributed better.

clyndu

Hi Tessiesmummy, with regard to the coffees, lots of the students where I work
bring a flask from home. You could perhaps treat yourself once every couple of weeks,to a fancy coffee:)

enthusiasticsaver

You will find it extremely difficult to get a mortgage with defaults within the last 6 years so that should be the first task.

You will also need to save a deposit, money for fees and stamp duty and an emergency fund.

You have an £800 surplus so it is doable but you will need to be much more disciplined with your money. Saving for things rather than living from paycheck to paycheck is the way to go. Keep money for fuel, food and entertainment and budget weekly for it.

I wish you luck but realistically I don't think this year will be doable as you will need usually at least a 10% deposit to get a decent mortgage rate.

System

I know Clyndu. My uni does have a hot water tap too to make our own coffee its just that I'm so disorganised but I am determined to improve!!!

I don't think I could cut them out pre early shift in work though otherwise id be the world's grumpiest nurse lol!

I'm also chipping away at the bills.. got £100 paid off my water underpayment so just another £50 which will hopefully reduce the payments next year then. Next i need to pay off dd1 communion dress I owe £194 on that it's a lot of money for an hour but she will look like a princess and I'll try and sell it on straight after whilst its still in season. I have 4 current bills totalling £900 so I am getting them sorted before I mess around with the old defaulted ones.

System

Thanks for the input enthusiasticsaver!! I'm not really living paycheck to paycheck. I have £3000 saved and get paid twice weekly so money just flows along rather than being a big lump sum then budget as such.

I also get £9000 discount on the house price which some mortgages take as the deposit but I know what youre saying.

Tbh I'm just waiting on the offer letter before I decide if I even want the house. I do love it and have spent a fortune doing it up but its in an awful street and I would be stuck with it for life as ots not resellable so I am not really prepared to pay more that £60000 for it. So with the £9000 + £6000 cash id be looking at 75% Ltd mortgage

plan b if I'm not going for this is to get contracted full time hours; save for another year by which time the defaults will be gone and get a house round the corner which are more desirable and resellable and cost about £110000-£140000 So therefore id need about £15,000 cash plus fees and broker.

System

Hello!! Well today I have £100 more savings than this time last week and have been paying bills/ dabts off. Still not had chance to go to nationwide yet. Spending has been ok but not had any money in off DP which has made budget much tighter.

Ive just had someone from HA round to order new windows and doors. If I have them then purchase the house then the cost will be added to the price but I am going to see what the price is first because right now I am in limbo. The windows and doors are 20+ years old so do need doing but I dont know if I want them as if im going to pay then I want the grey upvc not white.

I am swaying more and more towards just saving bigger deposit and moving elsewhere when credit report is sorted.

System

Well today looks like it might be my first NSD!!! upto now ive not had to get anything and i dont think i will do.

Im feeling a bit poop. im bridesmaid for my friend in august and the dress is slightly small on the back. I just seem to be gaining about half a stone a year (2 stone in 4 years) despite being quite active and not eating that bad. Im really gutted as i have eaten hardly anything all week and have been cycling and the gym.

Anyway back to the DFD... still havent had a price for the house. was on zoopla last night and theres some very nice houses locally for less than £100 grand so might just continue to save and escape this place!!!

System

well the end of week 2 and have a +£113 but prepped week 3 spreadsheet and its the end of the month so a bad one... my outgoings just for direct debits are £60 more than my income so i need either dp to get a good few jobs and contribute some pennies or ill be going well into my savings again. Its no surprise. I get weekly pay and the end of the month is always my bad week!!! i usually recoup it in weeks 2 and 3.

Still no sign of the offer letter for the house. I think they have until 2nd march to make me the offer. Im in no hurry just very curious. I have read some ha's take upto a year dragging it out which isnt a bad thing for me because it gives me time to restore my credit report.

only 3 weeks left on the tax year then im going onto 3 nights a week which will give me more £££s to save and pay off debts!!

System

Well definitely not had a no spend weekend with 2 parties and the kids wanting to go to the car boot this morning. I am already aware this week will leave a deficit but as long as I only use my current account and not the overdraft or creqdit cards by the end of the week then ill consider that a win.

Tomorrow I need to go to nationwide and open a help to buy ISA, i just messed about last week mooching around and going on bike rides. I think ill get a credit union account too. I know a few people who have them and it will definitely take the stress off at christmas.

I think my HA have until friday to send me the offer price so hopefully itll come this week. I have March to do my uni work then ill be working 3 nights a week so need to get on top of that now.