The slow but steady road ....

Hello all.

I've been lurking on this board for a little while and I'm enjoying reading all your stories. I thought it was about time I chimed in with my own and started a diary to help me with my money saving efforts. I've subscribed to a few threads and will start saying hello! It'd be lovely to have some company from those of a similar mindset :)

So first, a little about me .... I'm a 31yr old gal, live alone currently, but have a bf. Last year I took the home-ownership plunge as a first-time buyer and purchased a 30% share in a 2-bed maisonette. I would like to pay off the mortgage on my share as quickly as possible so I can buy further shares, and hopefully own my own home outright. I do not have grand ideas of a huge home in the future, but upgrading to a small house with a garden would be the long-term dream.

I'd love to hear from anyone else who has gone down the shared-ownership route. It was a big decision for me to make, as I knew I'd still be 'wasting' money on rent every month, but I'm actually so pleased with my move. I live in a really expensive part of the south coast and getting a mortgage big enough to buy outright just wasn't an option on my average salary. I kept saving for a bigger deposit, but house prices were rising faster than I could save. Anyways, I now live in a spacious flat and can afford my own space instead of sharing a mouldy, crumbly old rental (what I was doing up till last Summer), so it's a great start.

So, mortgage stats:

£57,000 May 2015
£53864 Jan 2016
Monthly payment £277 at 3.2% fixed for 5yrs (Shared ownership mortgage 25year term)
Monthly OP - £300 (some from monthly income, topped up with a little from savings).

If I continue to pay at this rate I could be MF by 2025, instead of 2040. I'd like to reduce this further if I can, but that'll prob be dependent on either getting a better paid job, or my boyfriend moving in and contributing. In the meantime I continue to be as much of a MSE as i can!
30% Shared Ownership Mortgage - [STRIKE]57,000 May 2015,[/STRIKE] 51,908 May 2016
Savings - £5,752 May 2016
«13

Replies

  • Already having quite a strict budget, I thought I'd create my own current SOA, so I know where I'm at. I don't think i've missed anything ...

    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details[/b]
    Monthly income after tax................ 1518
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1518

    Monthly Expense Details
    Mortgage................................ 277
    Secured/HP loan repayments.............. 70.69
    Rent.................................... 350
    Management charge (leasehold property).. 86
    Council tax............................. 90
    Electricity............................. 30
    Gas..................................... 30
    Oil..................................... 0
    Water rates............................. 25
    Telephone (land line)................... 17
    Mobile phone............................ 25
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 130
    Clothing................................ 10
    Petrol/diesel........................... 40
    Road tax................................ 10
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 15
    Car parking............................. 8
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 8.33
    Life assurance ......................... 0
    Other insurance......................... 4.69
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 0
    Entertainment........................... 20
    Holiday................................. 20
    Emergency fund.......................... 0
    Toiletries.............................. 10
    Total monthly expenses.................. 1323.83


    Assets

    Cash.................................... 6700
    House value (Gross)..................... 72000
    Shares and bonds........................ 0
    Car(s).................................. 300
    Other assets............................ 0
    Total Assets............................ 79000

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 53864....(277)......3.2
    Hire Purchase (HP) debt ...... 1272.36..(70.69)....0
    Total secured & HP debts...... 55136.36..-.........-

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

    Monthly Budget Summary
    Total monthly income.................... 1,518
    Expenses (including HP & secured debts). 1,323.83
    Available for debt repayments........... 194.17
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 194.17

    Personal Balance Sheet Summary
    Total assets (things you own)........... 79,000
    Total HP & Secured debt................. -55,136.36
    Total Unsecured debt.................... -0
    Net Assets.............................. 23,863.64
    30% Shared Ownership Mortgage - [STRIKE]57,000 May 2015,[/STRIKE] 51,908 May 2016
    Savings - £5,752 May 2016
  • dark^knightdark^knight Forumite
    508 Posts
    Part of the Furniture 100 Posts Photogenic
    ✭✭
    A quick hello and welcome...and good luck.
  • Petal88Petal88 Forumite
    263 Posts
    Seventh Anniversary 100 Posts Combo Breaker
    ✭✭
    Hi and welcome! Best of luck on your MFW journey and I have to say that I'm impressed with your determination (and SOA!) - I'll definitely be reading your diary with interest :)
    Mortgage Apr '15: £316,384
    Mortgage Oct '17: £305,399
    Daily interest at start: £38.23
    Daily interest Sep '17: £12.09
  • Thanks dark^knight and Petal88!
    30% Shared Ownership Mortgage - [STRIKE]57,000 May 2015,[/STRIKE] 51,908 May 2016
    Savings - £5,752 May 2016
  • shangaijimmyshangaijimmy Forumite
    3.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Welcome to the obsession!
    MFW: Was: £136,000.......Now: £65,000.00......
    Mortgage Neutral Deficit: £46,405.01... Mortgage Neutral Savings: £18,594.99
    MFiT-T5 #8 - £20,682 of £23,100 (89.53%)
    1% Mortgage Challenge 2021 - £707.85 of £705
    Declutter 2022 (minimum of 1 item per day) - 12//365
  • edited 28 January 2016 at 9:54AM
    SueP19SueP19 Forumite
    1.7K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker PPI Party Pooper
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    edited 28 January 2016 at 9:54AM
    Yes welcome to the addiction

    I notice your HP says 0%, is that right

    Great budget, by the way ;)
    Mort Oct 15 [STRIKE]£70,353[/STRIKE] [STRIKE]£66,422[/STRIKE] £58,804 MF [STRIKE]Dec 31[/STRIKE] Jun 31([STRIKE]191[/STRIKE] 176 mnths)
    EF 2016 £700/£1,000 Debt [STRIKE]May 09 £30,217[/STRIKE][STRIKE]Oct 17 £14,093[/STRIKE]Nov 18 £6,336.12[/B]
  • MoneyfordreamsMoneyfordreams Forumite
    2.2K Posts
    Sixth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    good luck with your plans :)
    Mortgage restart June 2018 £119950
    Re mortgage August 19 £110470, HSBC 0, Hfx £5800, MBNA £6000
    … Mortgage £96500
  • turtlemooseturtlemoose Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭
    Hi welcome to the board! I too began my home ownership journey with shared ownership. I bought 50% of a 3 bed house in August 2007, and the mortgage plus rent cost was cheaper than the 1 bedroom flat I was previously living in! I staircased just once, buying the other 50% and the freehold in November 2011 (although I had started the process in May 2010 - I had a nightmare with the HA!). I now own another house (mortgaged) that I live in, and the original shared ownership house is now rented out to long term tenants.
    MFW2021#27 - £364.88 / £1800
    1%MFW - £316.15 / £1070
    SIPP - £2264.40 / £3000
    (PAYE pension conts £107.56)
  • SueP19 wrote: »
    Yes welcome to the addiction

    I notice your HP says 0%, is that right

    Great budget, by the way ;)


    Hi Sue,
    Thanks! I think I'm a bit obsessed already!
    I've got a 2 year 0% credit loan on the carpets I had for my flat (it didn't come with any!) I'm not sure I've really put that in the right column, but yes I spread the cost of the carpets pay off £70 a month which will be paid off by August 2017.
    30% Shared Ownership Mortgage - [STRIKE]57,000 May 2015,[/STRIKE] 51,908 May 2016
    Savings - £5,752 May 2016
  • Welcome to the obsession!
    good luck with your plans :)


    Thank you both! I'm looking forward to catching up on everyone's journeys.
    Hi welcome to the board! I too began my home ownership journey with shared ownership. I bought 50% of a 3 bed house in August 2007, and the mortgage plus rent cost was cheaper than the 1 bedroom flat I was previously living in! I staircased just once, buying the other 50% and the freehold in November 2011 (although I had started the process in May 2010 - I had a nightmare with the HA!). I now own another house (mortgaged) that I live in, and the original shared ownership house is now rented out to long term tenants.


    Thanks turtlemoose! It's really exciting to hear that you started as a shared-owner! I have to admit I do wonder what the process will be like with my HA when I either come to staircase or sell the property, but I guess I've a long way to go before that yet.
    30% Shared Ownership Mortgage - [STRIKE]57,000 May 2015,[/STRIKE] 51,908 May 2016
    Savings - £5,752 May 2016
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