mortgage advance to clear debts

slimjim

IN_LIKE_EVERYONE_ELSE! wrote:

Food?
Remember to eat Slim Jim! That is at least £50 per week or £2600 P.A.

I weight train and have a fairly boring diet. I doubt whether food will come to more than £25 per week. But you're right, that budget plan gets worse....

IN_LIKE_EVERYONE_ELSE!

Lidls pasta for the next 25 years, the olive oil is excellent.

Or get a lodger.

slimjim

IN_LIKE_EVERYONE_ELSE! wrote:

Lidls pasta for the next 25 years, the olive oil is excellent.

Or get a lodger.

No lodger!!

my salary should increase to approx 30K over the next few years which should help.

Debt_Free_Chick

slimjim wrote:

Ok here's a rough budget...

Incomings: £1300 approx (overtime can add up to £300 per month but this may finish)

Outgoings:

Mortgage £350
Rent (shared ownership): £166
Cahoot Flexible Loan: £130
Morgan Stanley CC: £95 min payment
Barclaycard CC: £30 min payment
Car Loan: £176 (due to finish Apr '06)
Council tax: £62
Gas and Electric: £30
Car insurance: £50
Petrol: £120
Gym: £25

Total: £1234

This doesn't include contents insurance and annuals like MOT etc. Nor any socialising, haircuts, clothing....

Essential items for the house are sofa, fridge freezer. A lodger really isn't an option. I may end up asking my girlfriend to move in a few months down the line.

Water?
Phone?
Internet access?
Food?
Other household e.g. cleaning stuff, loo rolls etc....
Allowance for car maintenance & MOT?

Download, unzip and run the MSE budget planner here or a different less comprehensive one here

On these numbers, you are going to struggle. Why is a lodger not an option?

For free stuff, try Freecycle - this is about people who have stuff to give away e.g. people give away a perfectly decent sofa, cos they've bought a new one or their circumstances have changed. Pick one or two areas close to you, see what's on offer and be prepared to go and collect. Honestly, you can't afford to buy very much at the moment and certainly not several "large" purchases.

slimjim

Debt_Free_Chick wrote:

Water?
Phone?
Internet access?
Food?
Other household e.g. cleaning stuff, loo rolls etc....
Allowance for car maintenance & MOT?

Download, unzip and run the MSE budget planner here or a different less comprehensive one here

On these numbers, you are going to struggle. Why is a lodger not an option?

For free stuff, try Freecycle - this is about people who have stuff to give away e.g. people give away a perfectly decent sofa, cos they've bought a new one or their circumstances have changed. Pick one or two areas close to you, see what's on offer and be prepared to go and collect. Honestly, you can't afford to buy very much at the moment and certainly not several "large" purchases.

Im guessing my water will be approx £10 per month on meter. As for household items i really don't have a clue what they'll come to. Internet i'll miss but get to use at work anyway. As long as overtime's is available at work i should be able to get the large items i need.
Im really not comfortable with a stranger living in my house, especially if my girlfriend moves in.
I got a payrise at work today, this added to the money i'll save once my car loan is paid next year should free up £300 per month. It's the first 6months or so which are gonna be the hardest.
This is the reason i thought it would be better if i could consolidate my debts and spread them over a longer period to make things a little easier now

ianm41

Hi I'm no expert but.. just looking over what you have said you may well be much better off clearing you £11000+ dept before buying as you say you don't think the market will crash..who knows but neither will it still continue to rise..so if you throw the £466 a month at the credit cards (mortgage and rent combined) and in April the car loan cash you will be free of the dept in about 2 years... Then buy...running a house so really expensive believe me...also in your budget you have not included food..house insurance phones internet ect... In your position I would really have a long hard think about what you’re taking on. In my opinion I would clear the existing dept first. Good luck in what you decide.

Debt_Free_Chick

slimjim wrote:

Im guessing my water will be approx £10 per month on meter. As for household items i really don't have a clue what they'll come to. Internet i'll miss but get to use at work anyway. As long as overtime's is available at work i should be able to get the large items i need.
Im really not comfortable with a stranger living in my house, especially if my girlfriend moves in.
I got a payrise at work today, this added to the money i'll save once my car loan is paid next year should free up £300 per month. It's the first 6months or so which are gonna be the hardest.
This is the reason i thought it would be better if i could consolidate my debts and spread them over a longer period to make things a little easier now

Is your girlfriend going to contribute to the household budget? If so, how much? And if not, why not?

I agree that the next 6 months will be the most difficult, but it won't exactly be plain sailing after that.

You need to fill out the budget sheet to show you how much you need to live the lifestyle you want. And then, cut back on things to get your expenditure down. My guess is that you will still have more expenses than you have income. So your girlfriend will have to contribute and you'll also need extra income. If you are so dead set against a lodger, then you're really looking at an extra job e.g. behind a bar.

Debt_Free_Chick

slimjim - another thought. Have you had the bill from your solicitor for the buying costs of the house? That could easily be another few hundred pounds.

And will you have any costs associated with moving in?

slimjim

Debt_Free_Chick wrote:

Is your girlfriend going to contribute to the household budget? If so, how much? And if not, why not?

I agree that the next 6 months will be the most difficult, but it won't exactly be plain sailing after that.

You need to fill out the budget sheet to show you how much you need to live the lifestyle you want. And then, cut back on things to get your expenditure down. My guess is that you will still have more expenses than you have income. So your girlfriend will have to contribute and you'll also need extra income. If you are so dead set against a lodger, then you're really looking at an extra job e.g. behind a bar.

Yeah she would contribute, not sure how much though as she only earns 14K. I'm about to start advertising and doing some work freelance which could earn extra cash. At least buying the house has made me realise that i can't continue wasting money the way i have. I need to keep up the overtime and hope my freelance work brings in some cash. or else find a way to cut down my credit/loan repayments

slimjim

Debt_Free_Chick wrote:

slimjim - another thought. Have you had the bill from your solicitor for the buying costs of the house? That could easily be another few hundred pounds.

And will you have any costs associated with moving in?

haven't had the solicitors bill yet, will be approx £700. I've got that. There shouldn't be anymore costs.