The slow but steady road ....
MFWSouthCoastGal
Forumite 16 Posts
✭
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!
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
Savings - £5,752 May 2016
0
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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
Savings - £5,752 May 2016
Mortgage Oct '17: £305,399
Daily interest at start: £38.23
Daily interest Sep '17: £12.09
Savings - £5,752 May 2016
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
I notice your HP says 0%, is that right
Great budget, by the way
EF 2016 £700/£1,000 Debt [STRIKE]May 09 £30,217[/STRIKE][STRIKE]Oct 17 £14,093[/STRIKE]Nov 18 £6,336.12[/B]
Re mortgage August 19 £110470, HSBC 0, Hfx £5800, MBNA £6000
… Mortgage £96500
1%MFW - £316.15 / £1070
SIPP - £2264.40 / £3000
(PAYE pension conts £107.56)
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.
Savings - £5,752 May 2016
Thank you both! I'm looking forward to catching up on everyone's journeys.
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.
Savings - £5,752 May 2016