Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • BookmobileBadGirl
    • By BookmobileBadGirl 25th Feb 18, 5:25 PM
    • 57Posts
    • 85Thanks
    BookmobileBadGirl
    Balancing mortgage free and single life
    • #1
    • 25th Feb 18, 5:25 PM
    Balancing mortgage free and single life 25th Feb 18 at 5:25 PM
    Hello,

    After reading for a while now I have decided to start a diary to keep track of what I am doing.

    Background
    I am 31, love my job (even though it is a four hour round commute each day), so utterly single it is ridiculous, and love running (once I have made myself leave the flat). Last year I bought a shared ownership flat in an "up and coming" area of East London, I currently own 25%, and have been trying to overpay that since I got my mortgage. I am in the process of looking to staircase to buy another 20/25% when my two year fix is up. I do want to be mortgage free, or at least feeling comfortable I am making good progress with it but I still want to be able to enjoy my 30's in London so am slightly torn with my money.

    UPDATED 30th AUGUST

    SOA
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1

    Monthly Income Details

    Monthly income after tax................ 2265
    Total monthly income.................... 2265


    Monthly Expense Details

    Mortgage................................ 248
    Rent.................................... 460
    Management charge (leasehold property).. 161
    Council tax............................. 79
    Electricity............................. 18
    Heating and hot water........... 45
    Mobile phone............................ 25
    TV Licence.............................. 13
    Internet Services....................... 35
    Groceries etc. ......................... 200
    Clothing................................ 80
    Train to work........................... 360
    Medical (prescriptions, dentist etc).... 10
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 10
    Entertainment........................... 200
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 2024[/b]


    Assets

    Cash.................................... 10500
    House value (Gross)..................... 100000
    Shares and bonds........................ 300
    Total Assets............................ 110800



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 66600....(248)......1.9%[b]
    [b]

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



    Monthly Budget Summary

    Total monthly income.................... 2,265
    Expenses (including HP & secured debts). 2024
    Available for debt repayments........... 241
    Amount left after debt repayments....... 241


    Personal Balance Sheet Summary
    Total assets (things you own)........... 110800
    Total HP & Secured debt................. -66600
    Net Assets.............................. 44,200


    Last edited by BookmobileBadGirl; 16-09-2018 at 2:22 PM. Reason: Updating SOA
Page 2
    • BookmobileBadGirl
    • By BookmobileBadGirl 3rd Apr 18, 11:24 AM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    Not the best start to April for me, picked up a stomach bug from my niece whilst at my parents so haven't left the house for days.
    One upside is that the only money I have spent in the last few days has been this morning on tickets to Swan Lake at the ROH. As I am still a student there I got stalls tickets for 25!

    My current account switched to HSBC today for the 150 switch money. My goal for today is to make it to the cash point beneath my building to change the PIN.

    TT 22.20 this morning
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • BookmobileBadGirl
    • By BookmobileBadGirl 7th Apr 18, 2:42 PM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    Finally feeling like I have got over the norovirus, but feel so far behind with my half marathon training now.

    I have realised that my interest is 3.66 a day!! renders my little overpayment of 3.24 to round down a little pointless

    Why do toiletries all run out at the same time? I just spent lots of money in superdrug buying:
    - shampoo (better than half price)
    - conditioner (better than half price)
    - multi vitamins (3 for 2)
    - toothpaste (1/3 off)
    - body wash (1)

    Right, time to tidy my flat
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • BookmobileBadGirl
    • By BookmobileBadGirl 15th Apr 18, 6:39 PM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    Went out for a run this morning, was only a short one for me so am still concerned about being back to full fitness at the end of May.

    Have tidied the bathroom and hallway today, and will work on the ironing during countryfile

    Not much of an update money wise, but am on track to be left 250 at the end of the month so am planning 100 into savings and another 150 overpayment.

    On the job front I have found another job to apply for that I really want, it is slightly outside my area but I meet the person spec so fingers crossed. Would still be a big commute though
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • BookmobileBadGirl
    • By BookmobileBadGirl 19th Apr 18, 7:31 PM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    Have finally sorted changing phone contracts.

    My contract has gone from 34.72 a month to 23 with the exact same gb, minutes, and texts. Plus I have got a new phone for free, as my current one can't be off the charger for longer than a couple of hours...

    ...BUT best of all I got (well will get) 50 through TopCashBack for doing it!
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • beanielou
    • By beanielou 19th Apr 18, 8:14 PM
    • 56,783 Posts
    • 230,974 Thanks
    beanielou
    Great deal
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • pennystretcher
    • By pennystretcher 22nd Apr 18, 11:54 AM
    • 398 Posts
    • 1,457 Thanks
    pennystretcher
    I have realised that my interest is 3.66 a day!! renders my little overpayment of 3.24 to round down a little pointless
    Originally posted by BookmobileBadGirl
    No it's not pointless. It'll all add up in long term. Like mentioned in my previous posts my smallest OP was 80p. But when you add it up with the other small OPs it'll add up to so much more in the end. Keep at it. It'll be worth it.
    • pennystretcher
    • By pennystretcher 22nd Apr 18, 11:59 AM
    • 398 Posts
    • 1,457 Thanks
    pennystretcher
    My contract has gone from 34.72 a month to 23 with the exact same gb, minutes, and texts. Plus I have got a new phone for free, as my current one can't be off the charger for longer than a couple of hours...BUT best of all I got (well will get) 50 through TopCashBack for doing it!
    Originally posted by BookmobileBadGirl
    Well done. However... (did you see the "BUT" coming?!? Sorry....) Are you using the allowance every month? If not, look for a better deal elsewhere as soon as your contract ends. Yup new phones are expensive to get, but you may have been better off paying at front and then going for cheap PAYG SIM. Always, always do a comparison

    Well done on starting the journey, I'm sure you'll make it!!!! And keep us posted.
    • BookmobileBadGirl
    • By BookmobileBadGirl 30th Apr 18, 7:05 PM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    Got paid on Friday so put the remaining money from the month towards the overpayment; 245.76

    With my usual mortgage payment and usual 100 going in tomorrow I will be in to the 67,000!

    Two interviews coming up, both roles outside my current niche area. I want one more than the other but neither are perfect.
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • Runders
    • By Runders 30th Apr 18, 7:31 PM
    • 215 Posts
    • 564 Thanks
    Runders
    Hello! I've just read through your diary, congratulations on getting into the 67,000!! I find I get stupidly excited/happy when I go into a new thousand - I am hoping to make it into my next thousand tomorrow too.

    I've subscribed and am looking forward to seeing how you get on. Good luck for the interviews too!
    MFW Start: September 2014 - 110844
    Current: 87,999.08 Offset: 17101.13
    70,987.95 until mortgage neutral
    • BookmobileBadGirl
    • By BookmobileBadGirl 6th May 18, 11:15 PM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    This evening I have been looking at mortgages and what deals are out there.

    The big plan was always to get down to 75% LTV by December this year (two year fix up) so I could get a better deal for the remortgage but have found some amazing rates if I get down to 65% LTV. So I will have my work cut out for me to get there but seen as I can't afford to staircase this time round I may as well just pay down as much as I can.

    I have the money needed to reach that target in savings but I would like as much as possible not to have to dip into those too much. I always like to have the option in the background to just quit my job and have a few months to find something else.
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • BookmobileBadGirl
    • By BookmobileBadGirl 9th May 18, 10:35 PM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    In money news it has not been a good week. Lots of travelling and buying food over the long weekend, but I had a lovely time and was great to see so many people.

    In work news, I have been offered a job. It all depends on references etc but fingers crossed it all goes to plan. My travel costs will still be very high but in terms of time it will be down to 75 minutes door to door. Plus there will be a very very small pay rise but I will be on a scale that will take me up into the high rate taxpayer window!
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • beanielou
    • By beanielou 9th May 18, 10:54 PM
    • 56,783 Posts
    • 230,974 Thanks
    beanielou
    Hope works out job wise.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • BookmobileBadGirl
    • By BookmobileBadGirl 19th May 18, 11:28 PM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    Today has been an admin based day:

    - went to TSB to sort out my credit card account that hasn't worked properly since the IT "upgrade"
    - went to HSBC to finally get my online banking sorted, was stuck on the phone banking
    - sorted out my new BT contract (I can't change from BT, everyone in my building is stuck with BT)
    - returned a dress I bought online that wasn't quite right, 40 back in my account soon
    - finally was able to cash out some money from TopCashBack. Opted for vouchers so I can buy more Clinique stuff, should work out for "free"

    Tomorrow:
    - final training run before event
    - cancel my gym membership, the classes were fun but I am back to fitness so can go back to just running outdoors
    - tidy flat
    - get euro
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • beanielou
    • By beanielou 20th May 18, 11:29 AM
    • 56,783 Posts
    • 230,974 Thanks
    beanielou
    Did you gert your TSB CC sorted out.
    I have given up.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • BookmobileBadGirl
    • By BookmobileBadGirl 1st Jun 18, 9:53 PM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    I had a lovely long weekend on the continent, my run didn't go to plan due to the 28 degree heat but I got round, ended up spending a bit more than anticipated AND had to lend some money to my travel companion but had a lovely day trip to another site that I wanted to see.

    My new job is finally all sorted and I have handed in my notice, which feels amazing, I have so much leave left that they have allowed me to be paid it so should get a bumper final pay.

    Just made my overpayment of the money left over from May so that is another 67.02 overpaid.

    I finally got to the stage where I could take money out from TopCashBack, I opted for Zeek vouchers as they had the best uplift, then bought a gift card for look fantastic from Zeek (getting 6.30 from TopCashBack for being a new Zeek customer) bought lots of my Clinique products from look fantastic (getting 15% from TopCashBack for being a new look fantastic customer). It was all very exciting for me, so just need to wait until I can take out more money.

    I keep toying with the idea to overpay my student loan each month. I know it makes no financial sense and I would be better throwing it at my mortgage but mentally I would feel much better knowing that my student loan will be gone
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • beanielou
    • By beanielou 1st Jun 18, 10:07 PM
    • 56,783 Posts
    • 230,974 Thanks
    beanielou
    Good news on handing in your notice & the bumper pay
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • BookmobileBadGirl
    • By BookmobileBadGirl 16th Jun 18, 11:16 AM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    Just working out my notice, it seems to be taking forever, particularly as I like to be busy at work and now the days just drag.

    My flat has floor to ceiling Windows which are great for letting in light but extremely difficult to buy curtains for as the drop is greater than any ready made curtains. I have had some ikea ones up since I moved in two years ago but they are so thin and let in all the light. I had a quote from Laura Ashley for almost 200 (and that was in the sale) for made to measure curtains. It just seems such a lot but I am fed up of being woken up at 5am by the sun
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • blocpartyfan
    • By blocpartyfan 16th Jun 18, 11:44 AM
    • 52 Posts
    • 239 Thanks
    blocpartyfan
    Just working out my notice, it seems to be taking forever, particularly as I like to be busy at work and now the days just drag.
    Originally posted by BookmobileBadGirl
    I definitely know that pain I've a countdown diary, and I write something positive that happened at work and cross off each day. It's helped a lot, especially as the days have felt long, drawn out and painful but I now look back at the months and the lovely experiences/comments/feedback that I'd otherwise have forgotten. And now I'm only one week away
    Mortgage when started: 200,999
    Current mortgage (2nd Jan 2018): 135,000
    Mortgage free day planned for: 25th June 2025 (day before my 40th birthday!)
    • beanielou
    • By beanielou 16th Jun 18, 1:08 PM
    • 56,783 Posts
    • 230,974 Thanks
    beanielou
    Why dont you buy the curtains as you know you will have a bumper pay day?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • BookmobileBadGirl
    • By BookmobileBadGirl 30th Jun 18, 3:13 PM
    • 57 Posts
    • 85 Thanks
    BookmobileBadGirl
    End of month overpayment made of 155.55

    It would have been a more but treated myself to some new professional work clothes. This does mean I am not on track to reach my 10k in two years target

    Have submitted all my delay repay claims for last week, I am so glad to not have to commute through Waterloo again
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

135Posts Today

1,372Users online

Martin's Twitter
  • RT @Dora_Haf: @MartinSLewis So many people on here saying they're great until you get your PROPER job. What if Your proper job Is ON zero?

  • RT @hslt88: @MartinSLewis I?m a trustee for a youth charity. We only have a limited pool of funds for flexible youth workers for holiday sc?

  • RT @Dan_i_elle_88: @MartinSLewis Loved working zero hour agency care work. Never out of work and I loved having the flexibility! Only left?

  • Follow Martin