Gillybeans MF diary!

evab_2

That's fantastic, well done!

SmlSave

Wow! thats brilliant!

Keep up the good work

setmefree2

Wow and Wow - Brilliant:T:T:T:T

Gillybean

Hi,

Thanks for the :T everyone.

DH announced last night that it's his 'new mission' to get the mortgage paid off. Erm, havent I been trying to get this through to you for the last 6mths or so? Honestly he doesn't listen and now he thinks this is his big idea. Ah well, I'll let him if it makes him feel good and keeps him focussed.

I'm in a bit of a dilemma re OPing though. We have another property that we let out. We're not allowed to OP on it at the mo and the tie in has another 2 years or so to run. We've got about £72k of mortgage and before prices started dropping houses like ours were consistently selling at £125k. I need to look into what they've been selling for in the last few months but I'm a bit concerned about whether we'll be able to find a decent deal and whether we'll be able to shop around (limited as the BTL lending market now is). I know they're reluctant to lend unless there's a bit deposit or a big amount of equity.

I also know that my main focus should be paying off the house I live in, but I wonder if I should also be trying to syphon off some to make sure we don't get stuck with a really high new mortgage rate when our tie in comes to an end, forcing us to sell.


Whaddya reckon?

Kaz2904

Can't advise on the BTL as I have no experience but I will say now MAKE SURE YOU SET UP THE SO NOW! Get that extra £70 moved over to your savings and get it to do it by itself so you don't have to remember.
You sound pretty clued up and switched on but I thought I'd just give you a shout from the sidelines!
Good luck to you in your quest.

setmefree2

I think you should go to the mortgage board and find out what type of deals are out there now. I am no expert but I think the demise of B & B might have had some impact on this mortgage market. You will probably be OK if you have a high LTV (Loan to value) but I would check...

Gillybean

Hi,

Well, I have checked on various websites to see what similar properties to our rental house have been selling for and for the time being they seem to be holding their value. It's a 2 bed semi in a good area with garage, garden and parking so a good buy if anyone was in the market for it.

We've got about £72k of mortgage on it. Houses like it have been at a steady £125k for ages now so even if I take 10k off that for potential valuation purposes I think we're still relatively OK. Plus in between now and the time to renew, who knows what may have happened with the housing market and also we could if needs be pay a 5k chunk off it or find more if it meant getting the deal.

Aside from the whole MFW stuff today, I am totally exhausted. Been running around after several dozen toddlers at my toddler group, then we finally (almost) finished off our bedrooom. New units and carpet arrived today so I worked like crazy to get everything back in the room and back to normal after weks of living in chaos and in between our room and the spare room. I was aiming for the 'boutique hotel' look and we've gone for walnut units and wardrobes, calico coloured walls, a lovely soft carpet and my big indulgence, a chocolate brown leather headboard! Just waiting on curtain pole and tie backs (we have a blind thank goodness), and I'm off to choose a couple of bedside lamps and mirrors this weekend.


This has all been a long time coming, we've been here a good while and now we've finally got ourselves in order to be able to do what we want with the place. It's great to put our stamp on it and we're almost done!

have a great weekend everyone

StuartGMC

Good to hear of the work in the house, sounds great and is always worthwhile. If you can gather some extra cash but then don't need it on the BTL it will be there to OP on your home, so it is still worthwhile.

Gillybean

It's a new week everyone!

I'll get that Standing Order for the OP set up soon as. It'd be tempting to say I'll leave it till after Christmas but I know if I do that it'll never happen.


I've got a query to raise with my payroll dept as for some reason I've had my tax for this month credited back. I've alsready had my self assessment rebate so i can only assume it's a mistake or I've been on the wrong tax code and they're crediting me back. Hope it's not a mistake as it'd certainly help towards the cause.

I can OP by a further £2699 this financial year and I've decided to set myself the target of doing this by the end of the calendar year. I'm over half way so not doing too bad. And of course once thats achieved I'll keep going to give us a head start on next year.

Gillybean

Morning,

Can I have a little 'woohoo' moment?

I set up the standing order for the difference between the old and new mortgage payments, so thats all sorted.

Plus my payroll dept got back to me, my salary this month is correct! So I've put £200 to the OP cause and £200 to my savings.

Yay!