£195,000 mortgage for a single mum!
pollyanna24
Posts: 4,370 Forumite
I think I will start another mortgage free diary. I do have one on here somewhere, but the situation has changed somewhat.
House worth approximately: £340,000
Current mortgage as of today: £106,962.44
Equity in house: £233,037.56
Unfortunately, only half of the equity is mine, so £116,518.78. However, my brother has agreed that if I pay him £100,000 for his half, we will be done and dusted and he will move on and buy his own place with his fianc!e (although by the time we do this, she will be his wife as I will not be buying him out until January).
I will have a mortgage of approximately £195,000 made up as follows:-
Current mortgage down to: £105,000 ish by the time we go ahead
Additional mortgage of £90,000 (I aim to have £10,000 in savings to go towards what I am paying my brother).
So for now, while I am madly saving to buy him out, I will use this diary as a savings (ish) diary. Then in January, the overpaying will hopefully start in earnest!
Currently have £4,168.36 in savings which I have saving since the beginning of the year. Before that, any extra money I had would go on the mortgage (with my brother matching me penny for penny).
I extended our current mortgage to 31 years a month or so ago as I didn't think I would be able to cope with the repayments under the 25 years that would be left on it by myself. They wouldn't let me extend any more than that as they said you couldn't have a mortgage for longer than 40 years and I took out the current mortgage 9 years ago.
Thought I would add that my initial reason for overpaying is to make the mortgage payments more affordable on a monthly basis, but of course, the overall aim is to be mortgage free earlier than originally intended.
Thought I would add the previous diary I've just found before everything changed and my brother found love! http://forums.moneysavingexpert.com/showthread.php?t=4123743
And a diary I did when I thought the only option was to sell up and buy somewhere else cheaper:
http://forums.moneysavingexpert.com/showthread.php?t=5164098
House worth approximately: £340,000
Current mortgage as of today: £106,962.44
Equity in house: £233,037.56
Unfortunately, only half of the equity is mine, so £116,518.78. However, my brother has agreed that if I pay him £100,000 for his half, we will be done and dusted and he will move on and buy his own place with his fianc!e (although by the time we do this, she will be his wife as I will not be buying him out until January).
I will have a mortgage of approximately £195,000 made up as follows:-
Current mortgage down to: £105,000 ish by the time we go ahead
Additional mortgage of £90,000 (I aim to have £10,000 in savings to go towards what I am paying my brother).
So for now, while I am madly saving to buy him out, I will use this diary as a savings (ish) diary. Then in January, the overpaying will hopefully start in earnest!
Currently have £4,168.36 in savings which I have saving since the beginning of the year. Before that, any extra money I had would go on the mortgage (with my brother matching me penny for penny).
I extended our current mortgage to 31 years a month or so ago as I didn't think I would be able to cope with the repayments under the 25 years that would be left on it by myself. They wouldn't let me extend any more than that as they said you couldn't have a mortgage for longer than 40 years and I took out the current mortgage 9 years ago.
Thought I would add that my initial reason for overpaying is to make the mortgage payments more affordable on a monthly basis, but of course, the overall aim is to be mortgage free earlier than originally intended.
Thought I would add the previous diary I've just found before everything changed and my brother found love! http://forums.moneysavingexpert.com/showthread.php?t=4123743
And a diary I did when I thought the only option was to sell up and buy somewhere else cheaper:
http://forums.moneysavingexpert.com/showthread.php?t=5164098
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
0
Comments
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Similar mortgage, similar situation..on my own with two children, work fulltime.
Good luck!Mortgage 22 years £190,419 at 2.84% fixed for 2 years from 1st July 2014
Mortgage 21 yrs 6 mths £186,059 as of February 2015
Mortgage 20 years 7 months £178,644.68 February 20160 -
happydays_70 wrote: »Similar mortgage, similar situation..on my own with two children, work fulltime.
Good luck!
And to you Happydays! Do you have a mortgage free diary on here? I won't be updating mine too much at the moment as I'm not overpaying on the mortgage, just saving saving saving.
I was on track to be saving £1,050 in June, but went to Haven at the weekend and we ate out all three nights, eek! Total cost of dinners for the three of us was only £85, but still will probably make a dent in savings and will most likely aim for closer to £1,000 by the end of the month.Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
Thought I would post my current SOA. This will drastically change next year when my mortgage jumps sky high.
Childminding - 500.00
Mortgage and joint bills - 450.00
Groceries - 150.00
Me (clothes, everything social) - 150.00
Pension - 104.00
Girls (clothes, days out) - 100.00
Petrol - 50.00
Breakfast Club - 32.00
Tax Credits Debt - 22.65
Mobile Phone - 15.00
Cat Insurance - 5.44
These are bills that crop up that aren’t monthly or that I’ve paid in full and I’ve divided them by 12 to get the monthly amount
Dentist - 3.50
Car Insurance - 29.17
Car Service - 16.67
Dog Insurance - 14.79
Car Tax - 10.83
Car MOT - 3.75
AA - 7.08Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
These are the joint bills between me and my brother:-
Mortgage - £470.00
Housework - £150.00
Council Tax - £148.00
Gas/Electricity - £108.00
BT Phone and Broadband - £35.00
Water - £29.38
TV Licence - £12.12
House Insurance - £9.55
Insurance for fridge - £4.79Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
Following as my mortgage will be increasing a lot when I finally move from my flat to a house (hopefully this century!)
Do you know what your new mortgage payment will be next year?0 -
chelseablue wrote: »Following as my mortgage will be increasing a lot when I finally move from my flat to a house (hopefully this century!)
Do you know what your new mortgage payment will be next year?
I've done all my spreadsheets already, but of course, they are all dependent on rates.
1st mortgage (one we have now) - £415.64 (2.5% on £105,000 ish)
2nd mortgage (one I will get to pay brother off) - £348.16 (2.34% on £90,000), so
£763.80 in total.Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
That's not as bad as I thought it was going to be :-)
If only interest rates would stay this low forever!
We're looking to increase our mortgage to about £190,000 when we move0 -
chelseablue wrote: »That's not as bad as I thought it was going to be :-)
If only interest rates would stay this low forever!
We're looking to increase our mortgage to about £190,000 when we move
This is all with a term of 30/31 years though. Originally took the mortgage out over 35 years (9 years ago) and have just extended by 5 years to make the payments easier on me when I have to do it myself. I will still overpay, but at least if I can't one month, then I will just pay the basic payment.Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
pollyanna24 wrote: »And to you Happydays! Do you have a mortgage free diary on here? I won't be updating mine too much at the moment as I'm not overpaying on the mortgage, just saving saving saving.
Hi, yes, my diary is called £192,737 mortgage, I think.
I was torn between saving and OPing but I have a little put to one side so trying to OP as and when.
Hope you enjoyed yourself at Haven..kids love it don't they?Mortgage 22 years £190,419 at 2.84% fixed for 2 years from 1st July 2014
Mortgage 21 yrs 6 mths £186,059 as of February 2015
Mortgage 20 years 7 months £178,644.68 February 20160 -
Don't know why that didn't highlight as a quote?Mortgage 22 years £190,419 at 2.84% fixed for 2 years from 1st July 2014
Mortgage 21 yrs 6 mths £186,059 as of February 2015
Mortgage 20 years 7 months £178,644.68 February 20160
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