A new start... a long journey...

edited 15 October 2019 at 1:44PM in Mortgage-Free Wannabe
5 replies 527 views
northwestboynorthwestboy Forumite
8 Posts
edited 15 October 2019 at 1:44PM in Mortgage-Free Wannabe
Well hello to all in here

Where to start, a bit of background. I am 36, and this year have my wife an I have divorced. I was left with nothing (including no job at the time as had just had surgery)

However, I am shortly completing on a new home, via the shared ownership scheme. I have done this so that my two boys (stepson and son, 5 and 3) have somewhere to stay that is a constant (the eldest is Autistic) and is close to the schools and wont have to change throughout their childhoods

Anyway, as is the norm, and despite it being a smallish mortgage I still would love to clear it. Once completed i'll maybe have a couple hundred left in the bank (after necessary furniture - been picking anything on my 'list' up over last 2 months if have seen it reduced, Clas Ohlson closing down sale, supermarket end of line sales for kitchen bits etc etc, bedding, curtains etc etc)

Since May I have cleared all of my debts, so own nothing until move in here. This includes an old CCJ (of £0, that I had to ask them to reinstate to £733 to pay) and all credit card debt (about £2500) … I got lucky in being offered a long term NHS contract that has enabled me to do this, and a broker who managed to work with me and lender to make this happen. This should have had a diary in its own right!

Anyway, have done an SOA and it is very tight, which I expected. My income is a tiny bit under what it is (to be prudent for any times I cant do full hours, ie docs appointments, school plays etc)

Statement Of Affairs And Personal Balance Sheet

Household Information
Number Of Adults In Household 1
Number Of Children In Household 2 (3 nights per week)
Number Of Cars Owned 0

Monthly Income Details
Monthly Income After Tax1,800
Partners Monthly Income After Tax 0
Benefits 0
Other Income 0
Total Monthly Income 1,800

Monthly Expense Details
Mortgage 178 25% share
Secured/HP loan repayments 0
Rent - 317 75% share
Management charge (leasehold property) 13

Council Tax 105
Electricity 40 estimate before I move
Gas 40 estimate before I move
Water Rates 40 estimate before I move
Telephone (Land Line) 0
Mobile Phone 60 Due for renewal Dec
TV License 12
Satellite/Cable TV 10
Internet Services 20
Groceries Etc 250
Clothing 40
Petrol/Diesel 0
Road Tax0Car Insurance 0
Car Maintenance (Including MOT) 0
Car parking 0
Other Travel 117 Monthly train pass
Childcare/Nursery 40 Taxis to school
Other Child Related Expenses 200 Child Maintenance, Football club, £20 per wkend
Medical (Prescriptions, Dentist Etc) 10 Paid quarterly certificate
Pet Insurance/Vet Bills 26 Vets,Pet Insurance (one labrador)
Buildings Insurance 20
Contents Insurance 12
Life Assurance 0
Beauty 0
Presents (Birthday, Christmas Etc) 60
Haircuts 10
Entertainment 100
Holiday 0
Emergency Fund 50 Would love to up this,esp in the short term
Professional Subscriptions 10
Total Monthly Expenses 1,780

House Value (Gross ) 46,250
Shares And Bond s0
Car(s) 0
Other Assets 0
Total Assets 46250

Secured & HP Debts

Mortgage £41,625 £178 per month, 3.09%HP Fixed until Jan 2022

Budget Summary

Total Monthly Income1,800

Expenses (Including Hp & Secured Debts)1,780

Amount Surplus Or Short20

There are a few bits of money due to come in, Wonga reclaim will be buttons, 2 lots of PPI so far, few things that are up for sale when I can get them out of storage, all of which will go to an emergency fund. Hopefully, as is a new build, there wont be any unexpected costs in the short term while I build this

If the job goes well on the contract basis, the permanent role will be a nice increase and start an NHS pension too. This should be able to fund driving lessons, which I was doing pre-surgery and divorce

Other bits of expenditure over next few years may be CIMA exams (have included membership fee above), love at some point to have a holiday but not a concern currently

Ideally I would like to start overpaying this mortgage regularly, and clear as soon as possible

Any savings above would help, an increase in income, doing some self employed work around year ends (accountant, so self assessments, my dad is a taxi driver so I used to do a lot of these)

So any ideas? Anything i've blatantly missed?
Either way I plan on keeping this updated as a focus and record/diary of the journey


  • beanieloubeanielou Forumite
    77.8K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Happy shiny new diary :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • MoneyfordreamsMoneyfordreams Forumite
    2.2K Posts
    Sixth Anniversary 1,000 Posts Name Dropper
    Welcome :D
    Mortgage restart June 2018 £119950
    Re mortgage August 19 £110470, HSBC 0, Hfx £5800, MBNA £6000
    … Mortgage £96500
  • CosmoCatCosmoCat Forumite
    681 Posts
    Part of the Furniture 500 Posts Combo Breaker
    Welcome and all the best with everything!
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - £273 499
    Current Balance - £268 225
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036 :dance:
  • LeighofMarLeighofMar Forumite
    459 Posts
    100 Posts Second Anniversary Name Dropper
    Welcome. It looks tight, but it seems you have a great handle on your finances and anything beyond, like you mentioned, as far as sales, overtime, bonuses, raises, side money, whatever, will do wonders for your bottom line and your mortgage repayment. Best wishes to you.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance end of July 2021 - $28,550.00
    Hope to be mortgage-free by 2023 
  • helibobhelibob Forumite
    54 Posts
    In case you're unaware, if you're paying your own CIMA fees and can justify that they are necessary for your job, you can get get your tax code amended so that you effectively don't pay tax on it. Not sure if the same if true for exam fees.
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