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  • FIRST POST
    • evansc1
    • By evansc1 5th Sep 16, 3:37 PM
    • 122Posts
    • 108Thanks
    evansc1
    The (fixed) 5-year plan
    • #1
    • 5th Sep 16, 3:37 PM
    The (fixed) 5-year plan 5th Sep 16 at 3:37 PM
    Hello fellow Money Saving people!

    So, the journey begins. My DW and I completed mid-August 2016 on our first home and moved in at the end of August with our 16 month old DD We are so very delighted and I invite you along for the ride of becoming MF some day sooner than the 30 year mortgage we currently have in place! This will hopefully be a MFW diary with a twist.

    We know it isn't our forever home as we plan on having another sprog at some point down the line, so don't actually expect to become MF on this property. That doesn't however mean that we won't be on that same main goal of everyone in this forum - maximising equity on their home in the shortest possible time frame possible. We have full intention of overpaying whenever possible (alongside saving for work on the house and building a bit more in to the emergency fund).

    The property we have bought is a 1970's brick 3-bed semi. It was a rental before the previous owner put it on the market so isn't in amazing condition but is far from a complete renovation project.

    Current financial situation:
    - Mortgage - £126,209.63 (5yr fix at 3.49%) - it is higher than a lot of what is on the market because DW is currently on 1 yr contract at work so a lot of lenders were unwilling to add her on for purposes of affordability.
    - 6 yr interest free loan from Bank of Mum & Dad (in-laws) - £22,500 (we were very blessed to be able to loan this. We would have struggled to by this side of 2020 without them!)
    - 0% Credit Card - £4,423.51 (This is my main source of creating overpayment funds - Detailed later: I actually have the money in another account so don't really count this as real debt)

    Going to attempt a lot of things to help finances along the way:
    - Here's the 'twist' that I mentioned earlier and where the CC funds lie. I have recently reignited an old flame that is matched betting. After a period of keeping my credit file sparkly clean for the mortgage application I am able to start it back up. If you haven't heard of matched betting, please don't for a second start thinking "oooo he's gambling his house away" as it is not gambling in the slightest. You are in in very simple terms battling two bookmakers/exchanges against each other to guarantee yourself a profit. This is by no means a sales pitch and it does have big financial risks if you don't know what you are doing!! Either PM me or alternatively there is a section within this very MSE forum on Matched Betting if you wish to learn more.
    - I really enjoy photography and am actually pretty good at it (no where near a professional level sadly). I am hoping, when everything has settled down home wise that I can get bit of a portfolio of stock images together and ask pubs and such to display them for sale.
    - Create 'stuff' to sell. Namely out of pallets for now (so fun!).
    - Anything and everything MSE related!!!

    The main earner there will be matched betting. My aim for this is to generate a MINIMUM of £500 a month. Believe this should be easy for now (until bookmakers start to restrict my accounts). Everything else will be gravy on top and can go towards overpaying and building work funds.

    My diary will hopefully be nice and regular and detail how everything I mention above is going as well as the many jobs/work that need completing around the house

    The aim for now is to OP by £350 a month (whilst saving for work to be done on the house). After we completed, I made an OP of £500 which has already saved me £916 in interest

    Future house improvements (in current priority order):
    - Electrics (flickering lights so need to assess what is wrong!) Zero cost - neighbours have same issue so not related to wiring
    - Bathroom (aim is to keep the suite but get new floor and walls & add a large standalone shower) Current estimate £3,300
    - Garden (front - get rid of & back - make it pretty )
    - New front door & french doors
    -Create a kitchen diner (with completely new kitchen)

    Anyway - enough for now as my fingers ache!
    Last edited by evansc1; 12-09-2016 at 5:17 PM.
Page 2
    • lippy1923
    • By lippy1923 8th Sep 16, 12:23 PM
    • 1,001 Posts
    • 2,841 Thanks
    lippy1923
    Welcome and good luck with the diary.


    I had a look at MB a while back but I was too nervous about trying it as knowing me I would completely !!!! it up! Really need someone to hold my hand doing something like that lol.


    If you don't mind me asking, how did you go about your pay rise request? I'm planning to do the same next month, so any tips would be appreciated.
    Total Mortgage OP £13,500
    House Value £240,000 Mortgage £102,583
    Emergency Fund £21,000
    • evansc1
    • By evansc1 8th Sep 16, 3:19 PM
    • 122 Posts
    • 108 Thanks
    evansc1
    Your £250 charitable donation puts my £8.58 to shame, Local air ambulance lottery... not won a penny.

    My shelter, blind, action aid and scope donations all were cancelled when money got tight... I did my bit for a time. My over zealous lottery buying will have to suffice
    Originally posted by Moneyfordreams

    Every little makes a difference so power on
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • evansc1
    • By evansc1 8th Sep 16, 4:13 PM
    • 122 Posts
    • 108 Thanks
    evansc1
    Welcome and good luck with the diary.

    I had a look at MB a while back but I was too nervous about trying it as knowing me I would completely !!!! it up! Really need someone to hold my hand doing something like that lol.

    If you don't mind me asking, how did you go about your pay rise request? I'm planning to do the same next month, so any tips would be appreciated.
    Originally posted by lippy1923
    Hi lippy thank you! Need to have a catch up on your diary - subscribed, but not to emails so i lost you!

    Plenty of people here (including myself) that would be happy to answer any MB questions (especially the seemingly silly/obvious ones!!) you may have.

    Salary review - Currently a one line email asking for an annual review and salary review as I have just hit my one year anniversary there ha! However, going to outline in the meeting:
    -Significant things I've done in the year (good and bad - obviously with a positive spin).
    -That I have passed a few work related exams (can't remember 100% but think that's the same for you isn't it??).
    -Company performance...we have hit our target for the year already so obviously a few quid hanging around.
    -And what I think is a strong point being that the job advertised with a starting salary range that maxed out £4,000 more than what I am currently on.

    It's a sales pitch in essence isn't it, so just know yourself and be confident that you are deserving of that extra OP money
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • lippy1923
    • By lippy1923 8th Sep 16, 5:07 PM
    • 1,001 Posts
    • 2,841 Thanks
    lippy1923
    When I get some time I will take you up on that offer to answer my silly questions, which I'm sure there will be plenty of.


    Salary review- Yes same for me, hopefully next month I get to know my final results for my exams so will be used in my justification.
    Company performance is good so a good point to make.
    Hard to justify my job pay as I do 2 different roles so when I look at job scales and roles on the net, I see 2 different pay scales, as in theory 2 people should be doing it, not 1.


    Some good pointers, Thank you
    Total Mortgage OP £13,500
    House Value £240,000 Mortgage £102,583
    Emergency Fund £21,000
    • evansc1
    • By evansc1 9th Sep 16, 10:22 AM
    • 122 Posts
    • 108 Thanks
    evansc1
    Lippy - Sounds like you need to be asking to double your salary

    So..started costing the bathroom yesterday

    We plan on keeping the toilet, basin and bath because they are in decent condition but change the taps and toilet seat. That side of things is nice and cheap.

    The ££££ seems to come when thinking about moving the entrance to the storage cupboard (old boiler housing) from the bathroom, to the adjoining bedroom. DW suggested completely closing it off but given space is at a premium, I swiftly helped her realise the value of that extra space! Phew. Anyway - believe the wall that the door would be created in is load bearing so that obviously ramps up costs. Then the biggie....the walk in shower - HOW MUCH?! Looking at best part of a grand (or more) for decent quality enclosure, basin and shower!! Should have expected it, but still! We feel it a worthwhile investment though as it will transform the room and we love showers every morning

    We are lucky in one sense that labour costs will be small - MIL is a plumber (yep, let's not stereotype now boys and girls ) so a few bottles of red will be payment there and then the tiling which would be around £750-1,000 will be taken on by yours truly.

    Probably going to get someone professional to do the vinyl flooring but would still like to try myself! We'll see - suspect it will be a stern NO! from DW on that part

    Total cost estimated so far..£2,715. Not bad for a refurbished bathroom I'd say! Bit more than I thought it would be, but not having to pay anything to sort the electrics makes that less of a worry! If anyone has done up their bathroom and has tips/advice then please let me know as this will be our first EVER time renovating a room!!

    Final note - £150 profit for the MB yesterday, so more than made up for my loss earlier in the week I keep forgetting to update the total on the home laptop so am never in a position to update the running total here BUT think I'm around the £225-£250 mark for the month so far. Well on the way to £350 after 8 days! All extra WOULD go in saving for the building work but going to get a 0% money transfer CC for the bathroom work so would rather overpay by £500 a month for now. (bit longer than a final 'note')
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • Lrimas
    • By Lrimas 9th Sep 16, 2:26 PM
    • 60 Posts
    • 60 Thanks
    Lrimas
    Good luck with the bathroom! My main tip would be that grout is much easier to remove while it is still wet .

    I guess this sounds obvious, but my partner did not believe me and we have to retile our bathroom now. We are doing it together over weekends (he tiles and I wipe the grout off) but we lost a ton of money having to buy the tiles twice. It would have been cheaper to get someone in.

    It's fun to have your own home where you can change what you want though!
    • evansc1
    • By evansc1 10th Sep 16, 10:36 PM
    • 122 Posts
    • 108 Thanks
    evansc1
    Yes that's definitely one thing that I will not be wanting to do twice ha!!

    Exactly - one of the most exciting thing for us is that we don't have a landlord looking over our backs so can do whatever we wish


    In other news - LL well and truly rinsing!! £500 she wants to take off! A decent amount was expected due to the cowboy cleaners but £100 to sort the garden?! flipping 'eck, they got Charlie Dimmock on the payroll?? Either way - money going straight to in laws to help repay the loan from them. Also getting £100 refund from the cowboys. Need to send damage pics of fridge-freezer and wall to removal company for some reimbursement too.

    Just under £300 for September with MB. Should be over the OP target (£350) for the month by the end of tomorrow as I have at least £35 free bets and £40 or so definitely coming in....a third of the way through the month although I think I should start to challenge myself a bit more...£500 a month??
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • Lrimas
    • By Lrimas 11th Sep 16, 10:10 AM
    • 60 Posts
    • 60 Thanks
    Lrimas
    Are you challenging the landlord? Ours also tried it on (but for a bit more). In total he asked for £1.5k including repainting walls where the check out report showed no difference to the check in report, and £50 for the garden despite the fact that the contract clearly states that he is responsible for maintaining the garden.

    We ended up disputing it with the company that holds our deposit (it is a legal requirement if I remeber correctly that the landlord is not allowed to hold the deposit themselves) and ended up paying only £180, which I felt was fair.

    Remember that it is up to the landlord to proove that whatever they are charging for is worse than when you started letting the property (excluding fair wear and tear) and that it will really cost them what they say it will to repair it.
    • evansc1
    • By evansc1 12th Sep 16, 10:46 AM
    • 122 Posts
    • 108 Thanks
    evansc1
    Sadly, a lot of it is chargeable. Cleaning and the oven is over £200 - no getting round that. Gardening is in the contract as our responsibility and other bits and bobs are a mixture of fair charge/boarderline/wear and tear.
    Sadly, the latter is only around £50 or so. Not going to bother with claiming on that little amount as they have chosen not to charge for a small carpet burn (lighting a candle and the match snapped in half...joys) and couple dents in the hallway vinyl flooring so even themselves out there.

    Just want rid of it all now to be honest!
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • cat683
    • By cat683 12th Sep 16, 1:51 PM
    • 18 Posts
    • 52 Thanks
    cat683
    I remember the same thing happening to me when I moved out of my last student flat into my own flat. The flat was spotless, it had just been me and one other guy, the only thing wrong in the garden was the grass was a wee bit long. They charged about £500 in total, I am sure about £100 of that was the garden, what for mowing a small garden? I queried this with the agency and they just said that they use "professional" gardeners and that's what they had quoted. I am sure they just got quotes and then pocketed the money for it. They also refused another tenant as my tenancy was 2 month away I wanted to get someone else in the flat so I could stop paying them, but they just said he wasn't "suitable"??? What is that supposed to mean, he had always paid his rent on time previously. It was just crazy. In the end I just kept paying and let them do whatever, but honestly I think they were doing things like that to students a lot!


    I absolutely understand how you must be feeling! Soon you will be rid of them
    • evansc1
    • By evansc1 12th Sep 16, 5:09 PM
    • 122 Posts
    • 108 Thanks
    evansc1
    I remember the same thing happening to me when I moved out of my last student flat into my own flat. The flat was spotless, it had just been me and one other guy, the only thing wrong in the garden was the grass was a wee bit long. They charged about £500 in total, I am sure about £100 of that was the garden, what for mowing a small garden? I queried this with the agency and they just said that they use "professional" gardeners and that's what they had quoted. I am sure they just got quotes and then pocketed the money for it. They also refused another tenant as my tenancy was 2 month away I wanted to get someone else in the flat so I could stop paying them, but they just said he wasn't "suitable"??? What is that supposed to mean, he had always paid his rent on time previously. It was just crazy. In the end I just kept paying and let them do whatever, but honestly I think they were doing things like that to students a lot!


    I absolutely understand how you must be feeling! Soon you will be rid of them
    Originally posted by cat683
    Hey Cat

    Yeah some can really try it on! I say some, because I know that the most aren't trying to completely do over the tenants, just get whats is fairly owed to them.
    It is a private rental. The £93.50 for the garden is 8.5 hours (sure, sure) of their own time @ £11. Pro gardeners rates are £22 or something like that but would probably have been done in a couple of hours! There definitely wasn't that level of de-weeding/pruning to be done but oh well.

    That's really unfair what they did to you. Seems to be something that a lot of LLs exploit though. You can only hope that after the 2 months were up, no one was interested in the property and was left empty. Would have served them right then
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • evansc1
    • By evansc1 12th Sep 16, 5:27 PM
    • 122 Posts
    • 108 Thanks
    evansc1
    MB going really well. Currently £425 profit for the month.

    Made a £500 OP today. Was going to call that an early October OP but where is the fun in that?!

    Going to aim for £850 total MB profit this month (to cover the £350 October OP) need to double my current position to get there! Hoping for some great Champions League offers this month to help me out. No more silly mistakes and will hopefully manage it.

    Also, just received my approval for Text Broker (3 Stars....the cheek!) although there isn't a large amount available on there at the moment anyone find it a decent little earner?
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • evansc1
    • By evansc1 20th Sep 16, 4:44 PM
    • 122 Posts
    • 108 Thanks
    evansc1
    Week full of anxiety for me
    LL trying to take £1,700 from us (£500 on top of the deposit). We counter offered £290 ! Seems this is going to end up going to small claims court sadly! We are rather optimistic about it all though as LL is pure loopy now and attempting betterment all over the place!! Will update when I know more!

    Also, no pay rise for me until 2017 recruitment and salary freeze apparently. May start looking closer to home for a new role. Was headhunted today but the job is too far away! This current role was only meant to be a catalyst to allow us to move closer to family. It has been good. Contemplating moving to recruitment. I'm currently in finance/analytics so would probably go for that industry. Can imagine myself really enjoying it. Anyone out there a recruitment consultant?? What's it like???

    Don't want to be negative all the time though. Paid back £2,000 to the in-laws. That debt is now down to £20,500.

    £100 cheque refund from the shoddy cleaners.

    Need to work out what the MB total is looking like for the month now but think it is around the £750 profit mark! VERY happy with that. £100 to go for the month and I will be able to put in October's OP (and whatever else I manage by the end of the month).

    £56 spend. Bought DD her first dressing gown today. It's SO SOFT!! She's only 17 months old but is so tall for her age (99.6 percentile ) so hoping it will fit as it is 2-3 years! Also got A snow suit and rain jacket ready for the next 9 months of rain Whether DW approves of them is another question....
    I put DD's dress on the wrong way this morning...DW asked why her pockets were at the back
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • Cherry Burton
    • By Cherry Burton 20th Sep 16, 9:01 PM
    • 61 Posts
    • 320 Thanks
    Cherry Burton
    Hi,

    Your deposit must be held in one of the Deposit Guarantee schemes. Contact them immediately and say you are in dispute with the L/L over returning the deposit and other items. They should not pay out your money to the L/L until you have been through binding arbitration.
    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269
    Mortgage 1/9/16 £27500
    • evansc1
    • By evansc1 21st Sep 16, 9:43 AM
    • 122 Posts
    • 108 Thanks
    evansc1
    Hey CB,

    Already on it thankfully but thank you for the heads up. Very glad these schemes exist!
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • Tropically
    • By Tropically 21st Sep 16, 11:23 AM
    • 25 Posts
    • 49 Thanks
    Tropically
    In my experience of living in many rented flats, landlords are the worst. Remain reasonable and logical and you should be able to get most of your own money back. Was your deposit properly protected at the beginning?
    • evansc1
    • By evansc1 22nd Sep 16, 9:51 AM
    • 122 Posts
    • 108 Thanks
    evansc1
    In my experience of living in many rented flats, landlords are the worst. Remain reasonable and logical and you should be able to get most of your own money back. Was your deposit properly protected at the beginning?
    Originally posted by Tropically
    Hey T - completely agree. This was my first (and thankfully only) experience of private landlords! I think by not going through agencies, a lot of these LLs have unrealistic expectations and understanding of deposit returns.

    Yep we have an absolute ton of evidence - even photos they are sending as evidence AGAINST us are proving useful!

    They were by the book all the way through in regards to deposit protection. Would have made life easier had they broken the rules ha!
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • evansc1
    • By evansc1 27th Sep 16, 12:58 PM
    • 122 Posts
    • 108 Thanks
    evansc1
    Hurrrrrah! October's OP has been made. Paid in £400 today as it is payday. Means that total mortgage amount should fall below £125,000 once the regular payment goes out and interest is added on. Also, means that I am only £150 from my OP target for the year! (again, fairly conservative)

    Think I need to change my target of OP to be £450 a month. I feel that £350 was very conservative as I didn't know how long it would take me to get back in to the swing of things with matched betting. Have just about hit £1,200 profit for the month with it, so clearly didn't take long!! I would OP by more but given I currently have the 0% CC with £4k out on it (funds using for the matched betting), I don't want to be reliant on it and have my own funds so that I am not recording the short term debt on my credit record.

    Just checked textbroker and a load of jobs have been added there, so will check that out later!

    Sold a load of DD clothes to some friends who are expecting over the weekend. That paid for some more clothes for her, including her first pair of wellies.....so adorable!

    Main money saver right now is my packed lunches. Really yum sausage and pasta with pesto and veggies. 500g of pasta and 6 sausages comfortably makes 4 big portions for the week and we usually have left over meals to make up the extra meal.

    Need to see if I'm on a water meter or not, and get one installed if the answer is that I'm not.
    Also need to ask energy provider to change me over from Economy 7, to a standard meter as we never use power during the cheap hours!
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
    • Lrimas
    • By Lrimas 27th Sep 16, 3:59 PM
    • 60 Posts
    • 60 Thanks
    Lrimas
    I'm jealous. We are only getting paid tomorrow.

    That is a Very impressive MB total for the month. There were an insane anount if offers. Have you lost any accounts, or are you still ok?
    • evansc1
    • By evansc1 28th Sep 16, 5:24 PM
    • 122 Posts
    • 108 Thanks
    evansc1
    I'm jealous. We are only getting paid tomorrow.

    That is a Very impressive MB total for the month. There were an insane anount if offers. Have you lost any accounts, or are you still ok?
    Originally posted by Lrimas
    Yeah, doing alright with accounts currently. I've lost Fred and been restricted to the point of a few pennies on NetB£t, UniB£t and the other one that is part UniB£t. That's all currently. Can't imagine I'll be holding on to C0r@l for much longer....rinsed them this month and sadly had a 20/1 mug bet (£25 stake) come in ha!!
    Mortgage - £125,309.63 Sept 2016-Jan 2017 OP target £1,400/£1,550
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