MFW in 5 years

golfiematt

another £500 o.p. im still managing to find the money but its very hard, looking back on my diary it looks easy and doesnt show the day to day things that money is needed for. jan is always a tough month, my next target in my head is to get below 30k for april!

linz

Good luck Golfiematt, hope you get there in April. I'm due to be sub £40k in March and like you, just manage the £500 op's most months at the moment. Will follow your progress with interest.

Linz

sarahevie

Well done GM (love your thread as OH works for the MW and people are always shocked thar we overpay/eat etc:rotfl:

Shows it can be done - as for second prop they are great if you have cash. IE if there's no mortgage so it doesn't matter if tenants trash the place, don't pay, it's vacant - but can be scary when mortgaged.

We were going to get another this year as I've still got my previous house, which overall has been great, but was too risky for us.

Our two mortgages come to £1550 our income is £1900 per month so if there's no tenants it really is tight:rotfl:

We decided to leave it til we're mortgage free on our home then there's breathing space as you can hopefully top up when the house is vacant needs repairs etc.

golfiematt

thanks for replying linz & sarahevie much appreciated.
the 2nd btl property is on the backburner at the moment unless a property jumps out at me.with uncertain times in the mortgage market and rates due up it is a very risky time to gamble but with my low mortgage i can borrow enough for a small 2 bed terraced and i could lower my repayment so that if no one was renting the 2nd property it wouldnt matter all that much security wise although it would set back our mortgage free date somewhat. Im 32 at the moment and want the 2nd property before im 40 or its not worth bothering as much.

setmefree2

well done on all those OPs :T:T and good luck with the £30k milestone.

someday_soon

Hi Golfiematt

Just popping in to wish you all the best.

I saw on one of the pages that you had hurt yourself and you were going to struggle with your overpayments for a while.

You seem to have a similar way of going about this to me- twothirds of our income goes to the mortgage every month. So in a funny sort of way we are pretty well placed when things go a bit TU. I can imagine you must be a bit frustrated though, as I know I would be!

Hoping you enjoy the enforced rest-it will go by all to quickly- and come back refreshed. Maybe the next break you take will coincide with the end of the mortgage, and will be thoroughly planned and truly deserved.

Someday Soon

golfiematt

thanks smf2 & ss. Its an old injury ive had for a while, docs didnt pick up on it with x-rays. I finally had an mri scan and it showed a piece of bone on my ankle had come away on the inside. I cant walk on it for 6 weeks and after that who knows but im hoping to be back at work asap. At least ive got peace of mind knowing that ive got the mortgage down to a less scary amount now!.

setmefree2

Awww get well soon. I once couldn't walk for 6 weeks (a bad spain) and it was one of the most frustrating experiences I've ever had in my life!!!!

golfiematt

just a quick update on my situation.... im off sick with my ankle until march. I got a letter from work saying they are offering voluntary redundancy. i have been quoted 20k which sounds tempting. given the economic climate its a big risk and as i normally only do my hours over 4 days i get extra time to spend with my son, pick up from school etc. Just wondered what you all think?

wynnvegas

Hi Matt,

Didn't realise until today that you had a diary so it's taken me a wee while to catch up! Hope the ankle is recovering as expected. Is that VR offer more than you would get under compulsory redundancy? If it is, I'd be tempted to go for it as I know a good few folk who have turned down relatively generous VR offers only to then be compulsarily redundant a few weeks down the line. There may also be some room for negotiation as you're both giving them an out to remove your cost from the business quicker than would otherwise be the case and you're all but giving away your right to legally challenge the redundancy decision. Best case scenario, you'll get another role in the next few weeks which will give you a massive boost in the mortgage free stakes. Best of luck with it.

Cheers,

Billy