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  • FIRST POST
    • AlexLK
    • By AlexLK 8th Mar 15, 11:07 PM
    • 5,693Posts
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    AlexLK
    Renovations and Repayments.
    • #1
    • 8th Mar 15, 11:07 PM
    Renovations and Repayments. 8th Mar 15 at 11:07 PM
    Hello and welcome to visitors familiar with my journey thus far and are surprised to see me on such a sensible board and a further warm welcome to the new faces wondering what they've let themselves in for.

    Let me begin by clarifying a few points: the first one is I am not sure whether I'm actually serious or not about clearing my mortgage and the second is the fact my house needs quite a bit of work doing to it. This work I do myself and in the time my wife and I have lived in the house we've learnt all kinds of new skills. The current project involves renewing the windows and I am making the frames myself, two are done and I'm pleased to say look great.

    I plan to use this mortgage free (how very grown up) diary to document the renovations and my savings activities, out of which overpayments may or may not be made. However, I am fully committed to long term saving and making as much money as possible. A long term goal of mine is to add to the BTL portfolio I shall one day inherit and am already becoming more involved in which is perhaps a good reason to pay my mortgage off and make my current property into an investment.

    Aside from the recent interest in moneysaving I have a four year old son, run my own company, play and teach the violin and piano whilst studying for my own interest. Oh and don't mention the cars.

    Those familiar with my debt-free diary will know I'm not exactly great at record keeping but am trying to improve, so please don't expect the detailed financial updates others seem to put on here. To kick things off, I suppose I ought to confess the mortgage debt is a total of circa £185,000 and I have no real timescale or plan in mind to pay it off.

    Sorry if this is not a particularly articulate introduction, as I seem to be at a loss how to tailor it to both those who've read my debt free diary and to new readers frequenting mortgage free.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
Page 1
    • gallygirl
    • By gallygirl 9th Mar 15, 6:11 AM
    • 16,382 Posts
    • 107,291 Thanks
    gallygirl
    • #2
    • 9th Mar 15, 6:11 AM
    • #2
    • 9th Mar 15, 6:11 AM
    Welcome Alex and good luck . Impressed (but not surprised!) by your window making skills .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • tootallulah
    • By tootallulah 9th Mar 15, 6:33 AM
    • 1,998 Posts
    • 6,898 Thanks
    tootallulah
    • #3
    • 9th Mar 15, 6:33 AM
    • #3
    • 9th Mar 15, 6:33 AM
    Hiya Alex how lovely to see you over here. I am impressed by the windows, what a brilliant skill to have, and I should know as the woman who paid £1500 per handmade window when I renovated my house.

    Looking forward to hearing how your house improvements progress.
    Mortgage House £173,000 July17th 2016.
    • AlexLK
    • By AlexLK 9th Mar 15, 2:24 PM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    • #4
    • 9th Mar 15, 2:24 PM
    • #4
    • 9th Mar 15, 2:24 PM
    Welcome Alex and good luck . Impressed (but not surprised!) by your window making skills .
    Originally posted by gallygirl
    Thank you, gallygirl. As for the window making, clearly I'm a talented boy.

    Hiya Alex how lovely to see you over here. I am impressed by the windows, what a brilliant skill to have, and I should know as the woman who paid £1500 per handmade window when I renovated my house.

    Looking forward to hearing how your house improvements progress.
    Originally posted by tootallulah
    Thank you.

    They take a long time to make and the project is no where near finished but so far I'm pleased with the results.

    Regarding the house improvements (it can't get any worse ), I suppose that's the biggest reasons I've made this diary. The other one helped me to stay focused on paying my debts off and starting afresh with the finances and this one I hope will give me a push to do what is needed to the house.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • abouttimetoo
    • By abouttimetoo 9th Mar 15, 6:27 PM
    • 1,855 Posts
    • 7,060 Thanks
    abouttimetoo
    • #5
    • 9th Mar 15, 6:27 PM
    • #5
    • 9th Mar 15, 6:27 PM
    Welcome Alex


    I've seen you posting on Gally's thread so good to see you've started your own diary on this board


    That's an impressive debt reduction you've achieved so wishing you every success with your current plans for renovations and savings


    Regards
    ATT
    MFW Start Date 1.4.08. Updated 23.1.17. MFW date 1.8.18
    Original Mortgage o/s £187,643 / £109,725 (-77,918)
    Repay o/s £92,661 / now £59,872 (-32,789)
    Int Only o/s £94,982, now £49,852 (-45,130)
    Total daily interest 75p [a) £0.41 b)£0.34
    Total OP's:2017 target £TBC YTD £0, 0%
    • AlexLK
    • By AlexLK 10th Mar 15, 12:10 AM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    • #6
    • 10th Mar 15, 12:10 AM
    • #6
    • 10th Mar 15, 12:10 AM
    abouttimetoo: Thank you. I don't really do things by half measures, unfortunately that meant the spending has been rather bad in years gone by. At least this is more productive.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • AlexLK
    • By AlexLK 11th Mar 15, 11:16 PM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    • #7
    • 11th Mar 15, 11:16 PM
    • #7
    • 11th Mar 15, 11:16 PM
    Wednesday 11th March, 2015.

    Dear Diary,

    Unfortunately I have not had the time to do any work to the house in recent days but I did manage to tidy away some books and sheet music in the music room. For those who've followed my debt free diary will know that's quite an achievement as I'm not usually tidy, neat or organised.

    Since starting this diary, it has prompted me to think about the house a little more and whether or not the jobs are worth doing and it is worth paying the mortgage down. Whilst I still don't have a definite answer, I am quite sure about some of the jobs that I need to complete as they will increase the value of the house. My biggest concern is spending so much money on the house that will not be recovered.

    Yours Faithfully,
    Alex.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • maman
    • By maman 11th Mar 15, 11:31 PM
    • 16,223 Posts
    • 96,831 Thanks
    maman
    • #8
    • 11th Mar 15, 11:31 PM
    • #8
    • 11th Mar 15, 11:31 PM
    Wednesday 11th March, 2015.

    Dear Diary,

    Unfortunately I have not had the time to do any work to the house in recent days but I did manage to tidy away some books and sheet music in the music room. For those who've followed my debt free diary will know that's quite an achievement as I'm not usually tidy, neat or organised.

    Since starting this diary, it has prompted me to think about the house a little more and whether or not the jobs are worth doing and it is worth paying the mortgage down. Whilst I still don't have a definite answer, I am quite sure about some of the jobs that I need to complete as they will increase the value of the house. My biggest concern is spending so much money on the house that will not be recovered.

    Yours Faithfully,
    Alex.
    Originally posted by AlexLK

    If you spend money on the house would you get back what you spend if you moved sooner rather than later? Many people would think that spending money on making their home more comfortable is worthwhile as they'll be living in it so they're doing it for them. That leaves you with the question of how long you plan to stay but that's a decision fraught with problems as MrsK is of a different mindset I believe.
    • gallygirl
    • By gallygirl 12th Mar 15, 8:08 AM
    • 16,382 Posts
    • 107,291 Thanks
    gallygirl
    • #9
    • 12th Mar 15, 8:08 AM
    • #9
    • 12th Mar 15, 8:08 AM
    In other matters - I dreamt about you last night Alex . I didn't expect you to be that tall and gangly somehow . I liked how you'd revamped upstairs and made Little K's room into a den .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • AlexLK
    • By AlexLK 12th Mar 15, 10:43 AM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    If you spend money on the house would you get back what you spend if you moved sooner rather than later? Many people would think that spending money on making their home more comfortable is worthwhile as they'll be living in it so they're doing it for them. That leaves you with the question of how long you plan to stay but that's a decision fraught with problems as MrsK is of a different mindset I believe.
    Originally posted by maman
    I'm fairly certain that if all the work was done, there's a profit to be made. However, getting the work done and selling it would be a false economy as we couldn't move to somewhere I'd actually want to live without moving to my parents' house or unless they decide I'm worthy of their financial backing.

    As for spending money to make a home more comfortable to live in, I completely agree though to me the house is just a property. My wife is of a different mindset because she sees it as her "home".

    In other matters - I dreamt about you last night Alex . I didn't expect you to be that tall and gangly somehow . I liked how you'd revamped upstairs and made Little K's room into a den .
    Originally posted by gallygirl
    Was it a dream or a nightmare?
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • gallygirl
    • By gallygirl 13th Mar 15, 8:14 AM
    • 16,382 Posts
    • 107,291 Thanks
    gallygirl



    Was it a dream or a nightmare?
    Originally posted by AlexLK
    It was very bizarre, that's for sure. Also involved Gary Lineker and square sausage .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Muser1
    • By Muser1 13th Mar 15, 10:33 AM
    • 775 Posts
    • 4,091 Thanks
    Muser1
    Yey Alex is here

    Good luck!
    Mortgage Jan 13 99260.00 87253 April 2017
    Emergency fund 700.00
    • Goldiegirl
    • By Goldiegirl 13th Mar 15, 3:24 PM
    • 8,337 Posts
    • 47,610 Thanks
    Goldiegirl
    Hello Alex, nice to see you 'over here'.
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
    • AlexLK
    • By AlexLK 13th Mar 15, 11:01 PM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    It was very bizarre, that's for sure. Also involved Gary Lineker and square sausage .
    Originally posted by gallygirl
    This could only happen in your world, gallygirl.

    Yey Alex is here

    Good luck!
    Originally posted by Muser1
    Hello Alex, nice to see you 'over here'.
    Originally posted by Goldiegirl
    Thank you both for the welcome.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • AlexLK
    • By AlexLK 13th Mar 15, 11:07 PM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    Friday 13th March, 2015.

    Dear Diary,

    I hadn't realised it was Friday 13th until writing this! Fortunately, nothing too horrendous has happened as yet.

    Between restringing an old violin that I bought a while ago and bidding on a nice violin at an auction, I've started to do a little more work towards the windows and Mrs. K. is now hoping they will be done by the time winter is here once again. In an odd way I like this house, the fact there are still lots of original features is still appealing.

    The finances are not looking particularly good at the moment and my savings have more or less slowed to nothing as it seems every bill going has arrived at once.

    Yours Faithfully,
    Alex.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • AlexLK
    • By AlexLK 27th Mar 15, 11:47 PM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    Friday 27th March, 2015.

    Dear Diary,

    It appears I am not doing well in updating this diary and yet still post on the old debt one. On the positive side the savings are up, although I would have liked to see a little more saved this month.

    On the house front, I'm afraid to say I've done absolutely nothing and the recent record keeping exercise is not quite as detailed as it should be, either. A part of me is considering making an overpayment on the mortgage at the end of the year with whatever amount I have managed to save, yet I am still unsure this is a wise move.

    Yours Faithfully,
    Alex.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • AlexLK
    • By AlexLK 29th Mar 15, 5:34 PM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    Sunday 29th March, 2015.

    Dear Diary,

    I thought I'd done rather badly on the savings front this month but have in fact saved £1,405. Considering my target for the year is £10,000, I'm still over target. The record keeping is something I'm still yet to face and it's starting to get to that point were I want to forget all about it. As usual, the initial novelty and good intentions have started to wear off.

    Regarding progress on the house, that and the record keeping have something in common, excuse for today has been the weather and no sleep last night. In reality, I could have done something this afternoon instead of watching the Grand Prix.

    April looks to be an interesting month with both my wife and I going on holiday but not together. She will, I've no doubt, be spending a fortune as this is likely her last "girl's holiday"; the last one to settle down is getting married this summer. I shouldn't spend too much as I'm just going away for a week to Spain with my parents and son, it was free.

    Here's hoping the business picks up to February levels as that month I saved over £3,000, even though I've still not a clue what to spend it on.

    Yours Faithfully,
    Alex.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • edinburgher
    • By edinburgher 29th Mar 15, 5:51 PM
    • 10,650 Posts
    • 55,315 Thanks
    edinburgher
    £1,405 is a very solid amount, do you have specific plans for your £10k target?
    • AlexLK
    • By AlexLK 29th Mar 15, 6:09 PM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    £1,405 is a very solid amount, do you have specific plans for your £10k target?
    Originally posted by edinburgher
    The amount is actually a not so solid, under target £875. I realised I'd missed January's total from my calculation when updating the Save 12k thread.

    As for the plans, is this a plan to reach the £10k target or a plan to spend the £10k? If the former, the plan is to keep up the antiques side of the business which fits quite nicely into my main business anyway and if it's a plan to spend the money, in all likelihood I won't spend it. At the moment I am in the process of becoming more involved in my parents' BTL business and eventually I would like to see their 12 properties become a round 20.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • AlexLK
    • By AlexLK 29th Mar 15, 11:35 PM
    • 5,693 Posts
    • 29,354 Thanks
    AlexLK
    Well, I've had an evening updating my records which I thought was going to be a lot worse than they actually were. My finances are slightly down but I was expecting this due to the large bills I've had over the last month or so. In an effort to keep on top of things, I've written down all the bills for April, which aren't too horrendous.

    On the not so positive (apparently I need to stop saying (and being) negative) side my Land Rover has a large bill looming and is currently off the road. Trying to stay positive means I can smile about my current daily being a mobile drawing room Daimler 4.0ltr borrowed from the parents as it has a tow bar. When not needed and the weather not too bad the classics will be out instead. However, Landy must have some money thrown at it for once instead of just being abused on a daily basis.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
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