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  • FIRST POST
    • tessiesmummy
    • By tessiesmummy 6th Feb 18, 9:52 PM
    • 146Posts
    • 126Thanks
    tessiesmummy
    Tessiesmummy pre mortgage debt clearout
    • #1
    • 6th Feb 18, 9:52 PM
    Tessiesmummy pre mortgage debt clearout 6th Feb 18 at 9:52 PM
    Hi!! I'm starting the diary in the hope of getting a mortgage sometime in the next 12-18 months!

    After reading many threads in here I've decided my best option is to clear my debts / old defaults prior to applying for a mortgage. I've done myself a little spreadsheet and am hoping to pay off £50+ weekly to clear it all by July!
    I have
    £231 h&m (defaulted 9/12/12) pay on 29/6/18
    £345 Orange (defaulted 22/12/12) pay on 25/4/18
    £1797 Very Ccj (defaulted 27/8/13) pay on 25/4/18 (paying £20 monthly now)
    £361 bursary overpayment. pay by 1/6/18 (paying £5 weekly now)
    £167 jcp overpayment pay by 11/5/18 (paying £15 fortnightly now)
    £100 water pay by 16/3/18
    total £2995

    brief income
    £268 tax credit and chb weekly
    £120 weekly wage (£360 from april)
    one off payment student loan 25/4/18 £3400

    weekly outgoings
    £100 rent
    £28 council tax
    £45 gas and electricity
    £60 shopping
    £11 water
    £45 car/ travel

    it's gonna be hard going as well as saving £100 a week from April but i am hoping that the settled rather than defaulted accounts will improve my chances of getting a mortgage.
Page 2
    • tessiesmummy
    • By tessiesmummy 25th Feb 18, 7:39 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    Well definitely not had a no spend weekend with 2 parties and the kids wanting to go to the car boot this morning. I am already aware this week will leave a deficit but as long as I only use my current account and not the overdraft or creqdit cards by the end of the week then ill consider that a win.

    Tomorrow I need to go to nationwide and open a help to buy ISA, i just messed about last week mooching around and going on bike rides. I think ill get a credit union account too. I know a few people who have them and it will definitely take the stress off at christmas.

    I think my HA have until friday to send me the offer price so hopefully itll come this week. I have March to do my uni work then ill be working 3 nights a week so need to get on top of that now.
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 26th Feb 18, 5:18 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    today has been a big spend day. had to pay for dp to fix his car and his insurance so that was £150 out and him unable to bring anything in.

    been looking at lending criteria for high street banks and its not good. 1 wont lend with ccj. 1 ont lend to ad hoc workers (which they probably class me as) 1 wont lent to anyone with unsettled ccj and defaults in past 3 years.... there is scope for these but it wont be in 2018.

    Id be able to get a contract in work and aim at getting a mortgage in 12 months once everything has been paid amd ive built up the payslips.

    still no offer letter off HA. I suppose theres no rush but i sti!!!314;l want to know. if the price is low enough then can go to an adverse credit broker and see if i can get a mortgage via those.
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 28th Feb 18, 10:58 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    well this weeks just gone from bad to worse.. dp car was broke all weekend. fixed monday afternoon. i used it in the snow tuesday (incase i crashed his is cheaper to replace than mine) then today he finally goes to do some work in it amd the radiator bursts. so ive had no money off him for a good 2 weeks and spent an extra £200 on his car.

    I havent even logged on my bank today to update my spreadsheet. i just cant face it. its much less than when i started saving 2 weeks ago.

    I need to change broadband asap. im with utility warehouse and have been for 6 years. the monthly cost for basic broadband has crept up to £32 when im sure theres much cheaper out there. seen a talk talk offer £120 uofront for the year. im thinking of going for that. gets rid of a direct debit then.
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 2nd Mar 18, 9:34 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    well i got the letter today!! I knew i would the very last day possible. They valued the house at £82,000 and offered £9,000 discount so £73,000. Im gonna have to mull it over now. Its at the top of the price range I was expecting really I was thinking it would be 73 before discount.. theyve probably added it on but not a lot i can do.

    My finances have been dire this week. I ended up with £19 less than at the start of my dfd. Things will pick uo with the weather and when i work full time hours from april.

    My savings are now down to £2600. Ill need £7400 cash plus my £9000 discount for an 80% ltv mortgage. plus ill need another couple of grand for mortgage broker and conveyencer so quite a lot of money to get in a short time.
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 8th Mar 18, 6:05 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    well its been a week since I got my offer and i am very much swayed to buying the house!!! Everybody i have spoken to has said dont because of the area and price but im not asking them to live here! Ive looked at what else I can get locally for around £73,000 and mine is well worth the money.

    My debt free diary and spreadsheet has gone a bit off this week but im still around +100 from last week. tbh its pointless budgeting until i start work properly in april.

    So yeah im feeling much happier today now ive thpught it over. Id be over the moon if I could get 85% LTV mortgage but ill aim to save as close to 80% LTV as i can.

    Im deffo gonna get an adverse broker. tbh i dont think my report is that bad. the ccj will be 3 years old in july and the 2 defaults will be gone in december.
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 9th Mar 18, 9:47 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    well today has been spent working out whats the best plan for work??? I want to buy the house but that doesnt mean i want to rock the work-life balance. the thought of going back onto nights makes me feel very ill. the constant exhaustion is torture.

    heres what my calculations show:
    sun & mon days £21761 + £8320 tax credits
    sun, mon tues days £29254 + £5603 tax credits
    sun mon tue night £30660 + £4992 tax credits
    sat sun mon days £31690 + £4576 tax credits

    once ive deducted pension, tax, ni and student loan theres literally £40 a week between the top and bottom pay so im thinking just go for 2 days a week but then i dont want to risk the mortgage aoplication!!

    oooh this is seriously doing my head in. i know earning more looks better but why earn more to pay it out? i wish the system wasnt this way but it is. id rather not be reliant on anything but whilst theres 3 young kids in the house then time is more valuable than money!
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 10th Mar 18, 9:38 AM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    Morning diary!! I am getting back on track this week with the spreadsheet! Just need to start the numbers going up now!! was +£51 in week 4.

    Today I need to collect dd1 communion dress. Im going to pay with the credit card and then pay it off within the 28 days. £250 for a dress. I hope I'll be able to sell it on!

    I have about £28 cash in my purse so fingers crossed thats all i spend today or even this weekend. I dont know what we're doing over the weekend but the kids will need entertaining some way.

    I have got very little confidence in myself getting a mortgage. I really hope it happens but its not the end of the world if I dont. I'll be in a much better position next year with the defaults gone. I need to get back onto the big food shops and my car has been using loads of diesel this last 2 weeks so i need to look into that.

    Im feeling at a bit of a lull right now because ive only been working a week on week off ive had no money in every other friday. Thankfully next week is last week off then im back to being a real worker!!! I can't wait tbh. Its funny how im growing to love my job after never really being into it. I think getting older and more experienced has relaxed me a lot more!
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 15th Mar 18, 9:56 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    oh fear what a god awful day!! went to go the shop for ham on the way to school amd my purse wasnt in the car. 2 mi utes later I had a text saying theres a capital 1 fraud alert because of suspicious transactions. I felt sick to the stomach.

    Somebody had stole my purse out of my car (which was on the drive unlocked so my own fault) and between 03.57 and 08:32 managed to spend £360 on contactless transactions over 3 cards. Capital one and natwest were bith good and reassuring and said i wouldnt lose the money but i was still livid. we got the lads face on cctv in one of the shops and now the police are looking for him. DP has been on my case all day becaise im daft which i know so its been a pretty poop day.

    Ive got mice in the house and very peed off woth life at the minute. Ive decided to declone the right to acquire. It was valued £10000 more than expected and the area is just not worth it. Im gonna work harder amd save more amd look to biy elsewhere in another year or 2 when I hopefully wont need to spend £1000 on a broker.

    I feel a bit gutted that I wont be buying it but everybody has said dont and i just have a feeling ill end up regretting it if i do. the area is a dump. theres police and gun crime everywhere and now ive been a victim of the thieving rats. I still have the freedom to get up and walk away which i wouldnt if i bought it.

    I will continue my diary and clearing my debts but its gonna be a slower process than 12 weeks! I need to be realistic i think. I aim to have everything paid by september and to be putting £200 a month in a htb isa.

    Next week im back to workimg properly! I cant wait!
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 18th Mar 18, 11:34 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    well it seems every cloud has a silver lining! The lack of cards has meant 3 no spend days for me! where my tally would easily be £100 by now. All the fraudulant transactions have come off the credit cards and ive settled one of them (was only £21) i had to put the communion dress on the other (£179) but ill have that paid before it charges me interest.

    My current account isnt looking good at all. Because of the lack of work ive been living off that rather than adding to it. I NEED NEED to open a credit union and HTB isa asap. I want a decent amount of money away for xmas and for next year when i do hope to buy somewhere.

    This week is my first week back working 24 hours. Im already getting anxiety at the thought of it but I'll settle in quick enough. Just have to think of the paydays!!!

    Im hoping to book a caravan for the weekend of DD1 communion its only £180ish and will make it special for her to remember. Still got £150 to pay off the france holiday in august too.

    I feel like a weight has been lifted now ive decided not to buy. These are all things that I just dont want to be missing out on and as long as i clear the debts and save slowly and steadily then ill still have everything we want/ need.
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 19th Mar 18, 4:02 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    Yay ive opened up my credit union amd set up £15 a week standing order so that should sort christmas out!!! Ive also applied online for Nationwide HTB isa so that should be set up in a week or so. Planning on putting just £800 to start with then the £200 a month which should set me up nicely for next year then.

    The other £400 ive got saved is going on paying off the holiday and communion dress (credit card) so they're not hanging over my head then ill continue to save more when im working properly too.

    Im glad ive done this. I still need to decline the RTA asap really so I can return to normal tenancy and get my windows and doors done.

    Feeling a bit positive today! x
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • onedaysomeday
    • By onedaysomeday 19th Mar 18, 4:16 PM
    • 505 Posts
    • 719 Thanks
    onedaysomeday
    Well done and glad you are feeling positive
    Just trying to make up for past mistakes and work towards the future I want
    • tessiesmummy
    • By tessiesmummy 19th Mar 18, 4:18 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    thankyou onedaysomeday!!!

    Ive just paid my last £50 off this years water bill too so thats 1 more bill cleared and will mean im not carrying over any debt over to next years bill!! its like a weight off my shoulders clearing my spreadsheets!
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • onedaysomeday
    • By onedaysomeday 19th Mar 18, 4:29 PM
    • 505 Posts
    • 719 Thanks
    onedaysomeday
    Hooray
    Just trying to make up for past mistakes and work towards the future I want
    • tessiesmummy
    • By tessiesmummy 27th Apr 18, 12:12 AM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    Well ive kinda fallen off the wagon (everybody does ot once at least!) Today I got my new credit report and the 2 scottish power defaults have gone!! I am so happy. they were worth £2500 apparently for 3 months leccy and gas in a 2 bed terraced house in 2011! Just got another 2 to drop off in december then im sorted!

    Ive decided not to accept the right to acquire for now. with my credit report im just not in a position to be paying a broker and higher interest mortgage. I'll be better doing it after december.

    Ive opened a credit union and put £15 a week into that so thats £600 for xmas. Ive also opened my htb isa and put the £1200 into that.

    I am not able to work full time yet. i really wanted to but it was too much pressure on myself and i was having anxiety attacks. im having 2 weeks off to finish my uni work then will get back to earning more.

    I need to start the money diary again. ive spent a fortune on pub dinners takeaways and fast food the last couple of months. not to mention the weight ive gained doing it.

    so.. plan at the minute. decline right to acquire... pass this msc.... get back to work.. save £200 a month in htb isa and £60 a month in credit union... bills r all on top of now so thats good... could do with changing broadband supplier and also paying car tax in advance rather than monthly to reduce outgoings... and lose at least a stone preferably 2.

    Target: aim for £12,000 saved this time next year (got £3000 now) and look for house on the nice side of the road for less than £120,000
    forums.moneysavingexpert.com/showthread.php?t=5789716 Debt Free Wannabe
    • tessiesmummy
    • By tessiesmummy 16th May 18, 2:23 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    hello diary!
    well ive finally finished the first half on my MSc!!! Its taken me a week to get over it and now im booked into work tomorrow night going to wean myself back into work then get that bank balance increasing!!!

    upto now i have £5000 in current account
    £500 in htb isa
    £125 in credit union.
    no credit card, catalogue or overdraft debt and just 2 old bills I'm paying off at £50 a month.

    I have literally just written the letter declining the right to acquire this house so that will be in the post today; ive sorted all my training out for work so need to get back into the swing of things.

    got an extremely busy summer planned but hopefully wont eat into what ive saved too much. i gave up coffee about 3 weeks ago! that was a difficult week. the headaches were awful bit im so glad ive done it. that was costing me a fortune.

    i havent kept my spreadsheets up to date but will be once the summer is out of the way. I aim to have a couple of quid more each tuesday than i did the previous.
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