Forever House then MFW

124

Replies

  • It will be a stagger round their local town I believe. They are prudent people and I believe the one half of his family are not well to do so abroad will be off the cards for sure.

    £50 OP made- We will be finishing our mortgage 5 months early in September 2042! I will pop that in the dairy now.....

    Signature will be updated and I am going to a SOA now and post this to see if anyone can see where we can save some money....
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • I use a spreadsheet to manage our finances as I am good at these and far too [STRIKE]tight[/STRIKE] prudent to pay for a service that does this for me.

    We tend to piggybank several pools of money for a set purpose, and save for these monthly.

    For example our yearly fund will pay for the Line Rental Saver, Christmas fund(tree, nights out etc), Green rubbish collection, Home Insurance and Costco membership fee.

    Our other pools are:
    • Car
    • Dog
    • Emergency Funds

    Clothing, Gifts, Haircuts and personal pensions we do separately.


    My partners income is heavily reduced as a result of the £500 sharesave scheme. And I am on a reduced tax code as a result of an underpayment a few years ago.

    As you can see we run a seriously tight ship!


    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.................... 1

    Monthly Income Details

    Monthly income after tax................ 1463
    Partners monthly income after tax....... 850

    Total monthly income.................... 2313[/b]

    Monthly Expense Details

    Mortgage................................ 753
    Secured/HP loan repayments.............. 0
    Council tax............................. 107
    Electricity............................. 40
    Gas..................................... 35
    Water rates............................. 32
    Mobile phone............................ 20
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 25
    Groceries etc. ......................... 200
    Petrol/diesel........................... 125
    Road tax................................ 11
    Car Insurance........................... 40
    Car maintenance (including MOT)......... 20
    Car parking............................. 5
    Medical (prescriptions, dentist etc).... 29.7
    Life assurance ......................... 31
    Entertainment........................... 80
    Holiday................................. 100
    Emergency fund.......................... 60
    Mortgage OP's........................... 50
    Car..................................... 200
    Dog Fund................................ 35
    Total monthly expenses.................. 2010.82



    Assets

    Cash.................................... 2000
    House value (Gross)..................... 220000
    Shares and bonds........................ 2500
    Car(s).................................. 12000

    Total Assets............................ 236500[/b]


    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 143970...(753)......4.49
    Total secured & HP debts...... 143970....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 2,313
    Expenses (including HP & secured debts). 2,010.82
    Available for debt repayments........... 302.18
    Amount left after debt repayments....... 302.18[/b]

    Personal Balance Sheet Summary
    Total assets (things you own)........... 236,500
    Total HP & Secured debt................. -143,970

    Net Assets.............................. 92,530[/b]

    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • Wow what a difference two weeks makes!

    So the extension idea to prolong the life of the house for us is now completely dead. We are now opting to make a few small improvements such as laminate flooring, replace misted double glazing and put in a block paved driveway. I am a little disappointed as doing an extension would have justified spending on some new power tools! I have been reassured if I am good I can have some for Christmas.

    This new tatic will mean that when the sharesave's mature in a few years we will have more money to push forward for the forever home. I did see one on a website in Wales, a grade II listed farmhouse with 23 acres! You can imagine the state it was in.

    I have just finished two exams, which means providing I pass them both that I only have one left in March and then I will be Chartered!

    Job for this weekend entails smashing up the garage floor with a big breaker we hired, putting in a damp proof membrane and mixing and laying 1m3 of concrete.

    We also have the other halves parents coming to stay for a while, the benefit is normally they make dinner and do the ironing and odd jobs around the house. Not too bad.... for a short while.
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • Extension dilemmas, verses moving, i know them well...

    We have a Victorian terrace, so can't physically extend, but we've just had the loft converted to an office, and now need to decide whether to get the cellar converted, or move to a house with a garage.
    Mortgage outstanding: [STRIKE]£47,750 (August 2014)[/STRIKE] [STRIKE][/STRIKE]£46,950 (Nov 14)[STRIKE][/STRIKE] £44,900 (June 2015)
    Student loan: Paid off June 2015 - 10 years & 2months.
  • Extension dilemmas, verses moving, i know them well...

    We have a Victorian terrace, so can't physically extend, but we've just had the loft converted to an office, and now need to decide whether to get the cellar converted, or move to a house with a garage.

    For us it was the ceiling price on the road and the doubts as to whether we would see our money back in terms of increase in house price. We had our doubts.

    We love houses with cellars, perfect games/cinema room. Or maybe just fill it with wine and have fun emptying it!
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • We do have wine in our cellar, but potential conversion will be for a 'tech store', and prep area for hubby's business. Current
    Y the flight cases are stacked in the dining room....
    Mortgage outstanding: [STRIKE]£47,750 (August 2014)[/STRIKE] [STRIKE][/STRIKE]£46,950 (Nov 14)[STRIKE][/STRIKE] £44,900 (June 2015)
    Student loan: Paid off June 2015 - 10 years & 2months.
  • We are beginning to look at remortgages now, its not due until Feb but we are interesting in locking in early in anticipation of the rate rise.

    The hard work we did on the house means that based on our new LTV of 65-70% down from 90% means our monthly payment can drop almost £225! But that is over the 28 year term and that is something we are not interested in.

    We can drop our mortgage to 20 years and still pay £25 less than we currently do. Which given our tight budget and the sharesave scheme I think is a positive move.

    Things are a bit gloomy in our house at the moment, it started when the dog cut his paw. Luckily it wasn't too bad, but then my partners parents came to stay as her father may have cancer.
    Fingers crossed it isn't, or if it is then it is of a treatable form.

    I have had a couple of phone calls in relation to the job hunt from a few I applied to ages ago, so that is good news. I have cooled off applying for any more on the basis March is bonus month and also I will be Chartered by then.

    Enough for now I think, dinner is ready!
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • SRGFCSRGFC Forumite
    8 Posts
    I'm not sure if this information is helpful at all but it was something I was unaware of before.

    I recently re-mortgaged with Nationwide initil term ending Jan 2015(3.94%).

    When I called 3 months early to take a new deal period on (2.34%) I assumed I would be waiting until January before moving onto my new, lower rate.

    This actually comes into effect next month, so it may be worth looking into the 3 month early offer if your mortgage company offers one. Could mean you having a new interest rate as soon as December rather than having to wait until Feb.
  • SRGFC wrote: »
    I'm not sure if this information is helpful at all but it was something I was unaware of before.

    I recently re-mortgaged with Nationwide initil term ending Jan 2015(3.94%).

    When I called 3 months early to take a new deal period on (2.34%) I assumed I would be waiting until January before moving onto my new, lower rate.

    This actually comes into effect next month, so it may be worth looking into the 3 month early offer if your mortgage company offers one. Could mean you having a new interest rate as soon as December rather than having to wait until Feb.

    That is superb news! As I too am with Nationwide.

    I will have a look into that because I think they will be the easiest in terms of no hassle.
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • So the tidying up the house do to list has expanded... We are now switching our dining & living room round and redecorating them both. This isn't costing alot but is taking time. I think we have spent around £50 in paint, a longer tv cable and other odds & sods.

    I have almost completed the garage! I am pleased we dug out the floor installed a damp proof membrane and added insulation before laying a concrete. This cost about £180 as I borrowed the mixer and at least 25% of the insulation I got from skip diving- A dangerous sport I may add, always take a pair of gloves and watch out of the broken pane of glass.

    We also have built some shelves in the garage out of some spare wood and some wood we had to buy.

    I am now being convinced that some expensive tailor made curtains for the through diner lounge are the way to go. But I cannot get my head round how expensive they are. I personally cannot justify spending that much on curtains for a house that we are not looking to stay in.
    Is there a compromise here, any idea?
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
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