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  • FIRST POST
    • BookmobileBadGirl
    • By BookmobileBadGirl 25th Feb 18, 5:25 PM
    • 64Posts
    • 88Thanks
    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 3
    • BookmobileBadGirl
    • By BookmobileBadGirl 4th Jul 18, 10:19 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    July direct debit overpayment of 102 has gone out

    New job is going well, am going to have to get used to paying for travel and claiming back. Must make sure that I am hot on that so as not to confuse my budgets too much.

    Still need to overpay by 1k to reach my target by December, am not sure I will be able to manage that
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • Runders
    • By Runders 6th Jul 18, 3:31 PM
    • 215 Posts
    • 564 Thanks
    Runders
    I'm glad that the new job is going well

    I wouldn't beat yourself up if you don't reach your target, the fact you have made it most of the way is pretty good going and life does throw curve balls at us sometimes. I am off target for my savings and will be even more so after a holiday in October, but I am just trying to focus on what I have saved as anything is better than nothing
    MFW Start: September 2014 - 110844
    Current: 87,999.08 Offset: 17101.13
    70,987.95 until mortgage neutral
    • BookmobileBadGirl
    • By BookmobileBadGirl 24th Jul 18, 9:27 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    Well this month hasn't been great money wise, I just haven't got things sorted yet.

    I was still on target to finish the month with 200 left to overpay and then today tickets were released for the Autumn season at the Royal Opera House so bought tickets to a couple of shows. Thankfully my friend paid be back straightaway but it will be more like 100.

    Get my first pay from my new job on Friday so then should be able to do a new SOA. Not great in terms of my pension but my new place doesn't offer the scheme where I can pay an extra 1% and they will add 2%. At least I will have a bit more each month now
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • BookmobileBadGirl
    • By BookmobileBadGirl 27th Jul 18, 8:39 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    Pay day today so could make my end of month overpayment. This month I managed 147.10

    Mortgage is now down to a lovely round 67,000
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • beanielou
    • By beanielou 28th Jul 18, 4:25 PM
    • 56,880 Posts
    • 231,650 Thanks
    beanielou
    Love round figures
    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 29th Jul 18, 9:55 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    Busy weekend; lots of running and lots of MSEing

    1. Have moved myself onto a new tariff with my energy supplier (I am not allowed to change supplier) which is 1 a month cheaper than my current tariff, it also comes with a 40 Argos voucher for switching to it. I don't think I have been in Argos since I was a teenager but I am sure I can spend it on something. It may end up being spent on Christmas presents for niece and nephew. I also sent them an updated meter reading.

    2. I tried to do the same with my heating/water account but discovered it wasn't linked to my online account due to a postcard issue. So have sent an email off to them. This usually happens when some databases put Flat ## instead of just the number so they do not match up.

    3. I have set up a new savers account with HSBC that will be my new spend/save account to cover holidays etc. And a direct debit of 50 will now go into that each month.

    4. Have done two 10ks this weekend. I have signed up for next half marathon so need to up my training again. Fingers crossed no injuries in prepping for this one.
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • kev2009
    • By kev2009 29th Jul 18, 11:01 PM
    • 257 Posts
    • 364 Thanks
    kev2009
    Hi,

    In a similar position to you, bought a place in 2015 on my own, i'm single. I bought my property with a mortgage, didn't do shared ownership. I was fortunate enough that I've not been silly with my money and have been able to save money throughout my life so far so meant I could put down a reasonably deposit on the property and have a reasonable monthly repayment figure. I have a mortgage over 30 years, as I didn't fit into the 25 year term i originally wanted. Have a ok job etc, similar income to yourself, however my travel costs are half yours and also my costs are a bit different to yours such as my council tax is higher and other figures are higher and some lower. I've not made any over payments yet as this was my first property so had other expenses that go along with a first property when nothing to move into it However, I am looking to make a small over payment this year and then hopefully overpaying more for the next 2 years. I can only overpay 10% of what I owe each year which is fine for now as I cannot save that amount in 1 year anyway so i been saving a bit towards over payments for the last 3 years with a view to hopefully paying a chunk off. I took a 5 year fixed rate mortgage, which ends in 2020 and my plan s to overpay a small amount this year and then next 2 year overpay as much as I can to hopefully offset any potential interest rate rises to avoid my monthly payments going any higher. I'm planing on reducing my monthly payment when i make over payments so that i still have the 25 year term when i hope to fix again for 5 years after this 5 years. Then when i make over payments, I will reduce the term as i'm hoping to get my mortgage down a fair bit by then so that if interest rates do rise, it wouldn't be a massive increase as i'd owe much less is the plan anyway, fingers crossed it all works out!

    Ideally i'm hoping to complete the mortgage in 15 years or less and not go the full 30 year term. Hence my plan to keep term the same now till 2020 then reduce the term for 5 years of over payments, by then i will have had the mortgage 10 years so i'm hoping with good size over payments each year from next year, i will start to see the figures tumbling and hopefully a much smaller mortgage will remain.

    Then i'm hoping 3 - 5 years to pay off the remaining mortgage. Currently think 1 or 2 year fixed rate and then go variable rate which I don't think has any over payment limit so i could potentially pay it all off when i down to a low figure and have the money to pay it off, but that's a long way ahead yet and things could change so i'm just concentrating on reducing it as much as possibly by 2020 to hopefully get a good rate for another 5 year fixed deal as people are predicting interest rates being 3 - 4% by 2020.

    Good luck with yours!

    Kev
    • sound mind
    • By sound mind 30th Jul 18, 9:11 AM
    • 17 Posts
    • 21 Thanks
    sound mind
    Hello,
    so utterly single it is ridiculous, and love running (once I have made myself leave the flat).
    Originally posted by BookmobileBadGirl
    This cracked me up - it's like I wrote it. I like running, once I get to the park. And I'm so utterly single! I'm 10 years older than you, I have a child and a bigger mortgage though

    Good luck @BookmobileBadGirl, I'll be following.
    • BookmobileBadGirl
    • By BookmobileBadGirl 30th Jul 18, 10:45 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    Kev, sounds like you have a plan. I have a two year fix so have been pushing myself to get it down as low as I can. My mortgage is 35 years, and I doubt that will ever change.


    . I was fortunate enough that I've not been silly with my money and have been able to save money throughout my life so far so meant I could put down a reasonably deposit on the property and have a reasonable monthly repayment figure.
    I may just be grumpy due to heat, but this sounds like you are implying that I have been silly with my money to only be able to afford shared ownership.

    That is not the case
    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 Aug 18, 10:01 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    Eurgh, I have been paying 35 a month service charge since I moved in, turns out I should have been paying 161 a month for over a year.

    Have just transferred the back pay, and adjusted the standing order.

    This is going to affect the SOA

    So I am trying to move forward with my plans to sell some things on eBay. I have even posted on the eBay board to get some advice!
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • kev2009
    • By kev2009 8th Aug 18, 10:31 AM
    • 257 Posts
    • 364 Thanks
    kev2009
    Kev, sounds like you have a plan. I have a two year fix so have been pushing myself to get it down as low as I can. My mortgage is 35 years, and I doubt that will ever change.




    I may just be grumpy due to heat, but this sounds like you are implying that I have been silly with my money to only be able to afford shared ownership.

    That is not the case
    Originally posted by BookmobileBadGirl
    Hi BookmobileBadGirl,

    No no, I wasn't implying you had been silly with your money, i was just saying I hadn't been was all, wasn't implying anything towards you, just explaining my position at present. Apologies if it came across the wrong way.

    wow 161 a month service charge, what does that include? Seems a bit steep no??

    Kev
    • kev2009
    • By kev2009 8th Aug 18, 10:34 AM
    • 257 Posts
    • 364 Thanks
    kev2009
    My ideal plan is to get my mortgage down and then be in a position whereby I can either pay it off if i needed to OR let the mortgage run its course paying a lower monthly amount safe in the knowledge I have the money to pay it all back so effectively put the money into a separate account, change the DD and forget about it effectively Not have to worry about will i be able to pay the mortgage back.

    Kev
    • BookmobileBadGirl
    • By BookmobileBadGirl 10th Aug 18, 8:52 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    Booked an appointment with my mortgage people today. They have booked in 90 minutes but I think when they find out I am only one month into a 12 month notice period they will laugh me out of the bank within minutes.

    In terms of spending I had a poor evening and am currently drinking a bottle of champagne and having a kit kat chunky.

    I am not sure about my new job in general, I also wasn!!!8217;t expecting to have to start managing somebody out so early. As jobs in my area are so few and far between I will be here for a while
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • BookmobileBadGirl
    • By BookmobileBadGirl 14th Aug 18, 8:28 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    Well I had my first ever NSD on Sunday, I almost didn!!!8217;t as I fancied bananas with my weetabix, but told myself I didn!!!8217;t need them so went without. Hopefully when I get my train travel sorted and don!!!8217;t have to buy a ticket everyday then I may have a few more.

    My account is looking quite empty already this month. I am due over 150 in expenses back from work which will help a bit.

    We were told we are getting a 2% pay rise today, we could potentially get more if the unions get their way
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • Kittenkirst
    • By Kittenkirst 15th Aug 18, 12:44 PM
    • 1,957 Posts
    • 10,552 Thanks
    Kittenkirst
    Yay for your NSD and the pay increase
    2018 MFW #20 - OP 3000.58/ 3000 100%
    June: 182.76 July: 356.59 Aug: 461.02

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • BookmobileBadGirl
    • By BookmobileBadGirl 20th Aug 18, 6:54 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    I was at my parents this weekend so managed two NSDs in a row, something that is unhead of for me.

    I had an appointment at the bank in my lunch break and they said I could borrow more, so hopefully by the end of the year I will have staircased up to 45% ownership! Just need to get on to the housing association now and get the ball rolling

    My flat has gone up slightly more than I expected/hoped (40k in two years) so my new mortgage payments will really limit my ability to overpay. It will mostly be Tilly tidies and little bits here and there, but I will be paying less in rent so that makes me happy.
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • BookmobileBadGirl
    • By BookmobileBadGirl 28th Aug 18, 10:02 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    So my pay rise equals 35 extra a month, not loads but will always come in handy. I thought it would have been slightly more but my student loan repayment has gone up proportionality more than I expected. Not that I am complaining as I can’t wait to pay that off!

    I had an electricity meter installed yesterday, so far today I have used 35p! I am worried I may get a bit too addicted. My first response after seeing how much it had gone up during my shower was to consider showering less. Maybe I should just work on shorter showers!

    I have just made my end of month overpayment of 155.20, I have got very lax about updating my overpayment signature I do not think it is right at all. I am certain that mortgage is currently 66,600

    I finally had my first survey on PA, 2 in the bank. Will have to see how that goes but could be a good way to earn a little bit extra.

    I have also listed my first ever items on eBay. I have a collection of cash kidston mugs that are no longer made. There are some on there for 15/20, but they don’t seem to be shifting quickly. I have put the first five up at 9.99. Let’s see how they go.
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • beanielou
    • By beanielou 28th Aug 18, 10:06 PM
    • 56,880 Posts
    • 231,650 Thanks
    beanielou
    Sounding good
    I like Cath Kidson
    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 Aug 18, 7:39 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    Have updated my SOA in the OP

    My budget is a lot more clear this time, and the amount leftover truly reflects what I am left with at the end of the month, and that is what goes to the overpayment!
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
    • BookmobileBadGirl
    • By BookmobileBadGirl 16th Sep 18, 2:20 PM
    • 64 Posts
    • 88 Thanks
    BookmobileBadGirl
    Well, I had an interview for a job that would have cut down my commuting costs massively and been a 13k pay rise. I didn’t get it, but that wasn’t completely unexpected. Have an interview lined up for one job that cuts done on commute and is a 3k payrise and about to submit for a job that would be a similar commute but a 10k pay rise
    Fingers crossed I get one of them as I made the wrong decision with this job i currently have.

    Have had a bit of a spendy month, but am still within budget mostly. The biggest thing has been buying tickets. I put 40 in my budget pot but this month so many things have gone on sale for the next few months that have come out now but should mean that other months are more reasonable. For September to January I have booked in:

    Theatre ~ 3
    Ballet ~ 4
    London Film Festival ~ 2
    Museums/Exhibitions ~ 2
    Shows ~ 2

    This is one of the reasons I couldn’t leave London! But these are all paid for now and I suspect only a couple of things will crop up before the end of the year. I saw the importance of being earnest at the Vaudiville yesterday with Mummy BmBG and we both thoroughly enjoyed it. We had been to see all of this Oscar Wilde season, and this rounded it off nicely.

    I am slowly plodding away with selling my mugs and prolific, I am leaving all the money in PayPal and circle to the end of the month when I will withdraw and overpay with it.
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (09/09/18) 66,300 Aim (31/12/2018) 65,300
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