Busy Mee's Last Leg

Busy_Mee

Good morning. Another late diary entry but my excuse is we have been really busy ( more of that later ). Firstly the November Update:

November
Repayment mortgage.      £39,655.69 (we are in the thirties  )
IO mortgage.                   £156,500.00
Total mortgage                £196,155.69
Mortgage reduction.            £1,951.36

Savings.                                  £215,000.00
Increase.                                       £ 2,000

savings offset mortgage to        + £18,844.31

The savings figures were boosted  by  £1523.19 from the Principality regular saver and £53.46 in interest from the FD regular saver (the actual savings are just recycled from the savings pots so already counted in the totals. I also robbed some of my other accounts to round it up 

We have been super busy despite having Fridays off.( which I am loving by the way)
DS has been having building work done and DD rather unexpectedly has bought a house. She didn't plan to buy a house this year but a lovely cottage came up for sale in the next village. They wouldn't let her view it without a mortgage in principle agreed, so she quickly sorted that out. She was a bit daunted by the scale of the work at the cottage and the online auction sale, so she looked at a few more. Fell in love with a different one, that is empty, has been redecorated and carpeted throughout but has still got bags of potential. She made an offer, which was accepted and the vendor is looking to complete before Christmas (eek !). We are loaning her some money, in a Mum and Dad help to buy scheme, but I am now running round with her buying household goods. 

beanielou

How lovely for your DD. 

themadvix

That's lovely news Busy Mee, exciting times for DD!

Suffolk_lass

Wow! That's amazing! Well done her (and you for your support)

Busy_Mee

Thank you all. I have to admit that it has been a great feeling being able to help her get on the housing ladder, so all that MSEing feels very worth it. 

She had her own deposit of 10 % as she has been saving in a HtB ISA, but she couldn't borrow enough on a mortgage on her own, so we have lent her the shortfall. It was all actually quite simple. She has a 2 year fixed mortgage @ 1.99% and when she remortgages she should have had the two grade promotion that is offered with her role and should be able to return the money at that point. 

I have to say I had a very proud MSE Mama moment when the IFA was going through her finances, a nice deposit saved, a perfect credit score and no silly outgoings. My work here is done  

We went through an IFA and it was really worth it, as not only did he get a good deal, he knew which companies are in backlog with their mortgage applications. She had her mortgage offer through in 33 hours (HSBC). It was the fastest he had ever seen.  The vendor has been in touch to say he his keen to have things concluded by Christmas, so we will see.

beanielou

Proud mama moment indeed. 

beanielou

The one good thing I can say about my DS is that he refuses to have a credit card as he remembers the mess I was in at one point when he was wee.  He won’t have one incase he overspends on it. 

debtfreeoneday

I hope our kids go up as savvy as I am now. Still way for me to go. But I talk to them quite openly about the mortgage and money and how we overpay it / have no credit cards etc. 

Suffolk_lass

Our Son earns a pittance at the moment but still manages to put away his little bit of savings, holiday and car funds after the pots have bailed him out in his times of need. He is a complete convert to saving but occasionally still slips into his agreed overdraft. Not perfect but pretty good!

Busy_Mee

It is lovely to see so many of our kids have had good financial education. My DD also has savings pots for her car, holidays etc and also her house deposit. She has a Halifax Clarity card for using abroad and building her credit rating but it is set up to be paid in full every month. DS also very good with money but is better paid. I think some of the best lessons you can teach kids is not to waste money and that all borrowed money needs to be repaid.

DD has a friend who lives a very extravagant lifestyle, spending constantly on beauty treatments, designer clothes and expensive nights out and holidays. DD thought she had a really good job to fund all of this but it turns out she is putting it all on credit cards and doesn't actually earn much more than DD. She has recently leased a Mercedes sports car for £500 a month on the basis that she needed something to show for her money, rather than spending it on nights out. Actually she still has nothing to show for her money and all the debt needs to be paid back at some point. I think her only hope is to marry a footballer.   We refer to this girls spending as " shaking the magic money tree" . All joking apart, it is actually really sad because you know it will all come crashing down at some point.