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  • FIRST POST
    • evansc1
    • By evansc1 5th Sep 16, 3:37 PM
    • 128Posts
    • 115Thanks
    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 £4,000
    - Garden (front - get rid of & back - remove the jungle)
    - 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; 21-10-2016 at 2:48 PM.
Page 3
    • evansc1
    • By evansc1 3rd Oct 16, 11:28 AM
    • 128 Posts
    • 115 Thanks
    evansc1
    Annual spending month!

    Few annual things need paying for this month:
    - MOT for Car 1 (expired a few days ago whoops ) c. £75 - in the garage now....hopefully nothing major needed. The old girl is 11 years young now so getting to that point in her life where things just stop working.
    - Home insurance c. £200 - carried this over from the contents of our rental (added buildings don't worry)
    - FIFA 17 £50 - sure....not exactly a normal annual payment but it is released annually so.....yeah

    Car 1 insurance next month!

    Had a very good start to the month with MB (£500 for the month so far) so have made £350 OP for November. Will add some extra through the month. Hit the 2016 target for OP. Should have made it more challenging

    Not a clue what is happening with the old rental deposit dispute. We submitted our evidence to the deposit company and few days later the LL emails confirming they received it PLUS asking our excess level on our insurance AND whether we had public liability cover. We think they are scrapping the barrel massively in an attempt to sting us. Not happening. Politely told them that if any independent body deems that important to know (which they won't as it is so totally irrelevant), they can ask for it themselves. Not heard a thing since!

    Happy money saving everyone
    Mortgage - £124,903 Sept 2016-Jan 2017 OP target £1,750/£1,550
    • evansc1
    • By evansc1 11th Oct 16, 4:11 PM
    • 128 Posts
    • 115 Thanks
    evansc1
    Ahh hello TV licence renewal! What an unpleasant surprise when checking my account this morning! That coupled with forgetting to take claim form to the dentist for my 6 month check up is making for an expensive week!

    Could do with winning £151 million on the Euros tonight...I often wonder what my first purchase would be after winning the lottery. Probably something completely stupid that I have not even the slightest use for in the world
    Would surely have to be the finest bottle of Champagne i could find, from somewhere open at that time on a Tuesday evening ha! That or an Audi Q7

    Not much money saving going on at the moment sadly. Lots of guests = lots of food!! Can't they bring their own?

    Actually, I lie! Changing DW over to a rolling phone contract with more data as she is going £25 or so over each month!

    Bathroom costing now stands at something more like £5,500-6,000 gah! Depends what layout we want to go with.
    New 0% CC taken out yesterday - £7,000 transferred to the main account to be safe...racking up the affordable debt

    Any money saving tips when refurbing a bathroom? We are going to remove tiles/plaster and later re-tile it all ourselves. Anything else??
    Mortgage - £124,903 Sept 2016-Jan 2017 OP target £1,750/£1,550
    • evansc1
    • By evansc1 19th Oct 16, 4:32 PM
    • 128 Posts
    • 115 Thanks
    evansc1
    Spend, spend, spend!
    So much spending going on!

    Have an actual quote in now for the bathroom. That takes our grand total to £4,000 for a shiny new bathroom! Need to start buying everything now before the work begins next month!

    Npower have a special offer going for the Nest Learning Thermostat - £129 ex. installation which is a great offer. Snapped that up as was already looking at getting a digital/smart thermostat. That's £200 all together inc installation.

    Loft hatch extending and ladder installing is going to be another £250....

    All adds up!!

    £1,400 profit for the matched betting so far this month. Good few offers on tonight so over the £1,500 mark comfortably by the end of the weekend. Really going to help with paying off the bathroom which will free us up to do the kitchen/diner which I'm so so excited about!!

    Job hunt continues although a few of my old recruiters have been in contact lately which hopefully brings something through - fingers crossed!
    Mortgage - £124,903 Sept 2016-Jan 2017 OP target £1,750/£1,550
    • Lrimas
    • By Lrimas 19th Oct 16, 10:09 PM
    • 80 Posts
    • 94 Thanks
    Lrimas
    We have a nest and I think it is one of the better investments we made. It should pay itself back in no time (especially if you are bad at switching things off when you leave).

    Well done on the MB. That is a seriously impressive amount. Is that just sport offers, or do you arb/casino/bingo as well?
    • evansc1
    • By evansc1 20th Oct 16, 12:01 PM
    • 128 Posts
    • 115 Thanks
    evansc1
    We have a nest and I think it is one of the better investments we made. It should pay itself back in no time (especially if you are bad at switching things off when you leave).

    Well done on the MB. That is a seriously impressive amount. Is that just sport offers, or do you arb/casino/bingo as well?
    Originally posted by Lrimas
    Yeah we are really looking forward to getting it installed now! For me the major thing is being able to put it on from bed

    Yeah very happy with the amount! Thankfully around half or so this month has come from casino offers thankfully so not expecting any further arbs just yet.
    Not really touched bingo for a long time as I'm usually working in the periods I think are optimal for profiting (early afternoon IMO). Generally bust out on them because of the number of players!

    Arbing for me is a no go unless it's a bookie that I have been gubbed on for offers so mainly free sports bets and acca insurances.

    Good night last night with Man City getting a red card after I had laid them to win in-play in anticipation of placing the 365 in-play risk free bet. £50 free money in 5 minutes!

    How's it going for you these days?
    Mortgage - £124,903 Sept 2016-Jan 2017 OP target £1,750/£1,550
    • Lrimas
    • By Lrimas 20th Oct 16, 8:35 PM
    • 80 Posts
    • 94 Thanks
    Lrimas
    Yeah we are really looking forward to getting it installed now! For me the major thing is being able to put it on from bed
    Originally posted by evansc1
    Yeah, that's great. Eventually you will have it set to your schedule and you'll hardly notice that it's there. You can also integrate it with IFTT (although fairly limited) and a few other apps which is fun. Towards the end of winter I set mine so that it switches off when I leave home. I then have to manually switch it on if I'm too cold. Eventually I just stop switching it back on.

    How's it going for you these days?
    Originally posted by evansc1
    I have to admit that it's been a really bad month for me. I'll be lucky to make a profit. The issue with casino and bingo offers (especially if you play the triple up method) is that a bad run can decimate your budget. My favorite was when I lost 12 x £25 odd bets on the roulette while I was playing through wagering requirements.

    The big problem with a bad run is that it is easy to start thinking that you are unlucky. I'm fully aware that it doesn't matter who clicks the button logically, but emotionally it's a different matter .
    Last edited by Lrimas; 20-10-2016 at 8:37 PM.
    • Maximum Saving
    • By Maximum Saving 20th Oct 16, 8:46 PM
    • 151 Posts
    • 265 Thanks
    Maximum Saving
    I am on also in a 5 year fixed mortgage deal. My deal ends on 31st August 2017. Since 2013 I have been overpaying my mortgage. I had my car fail its MOT and it cost me over £150 for car repairs. I had that happen on a Saturday and then my direct debit mortgage payment came out on the Monday. It all made me short of money. Good luck with earning extra money.
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