greent's mfw journey

gallygirl

greent wrote: »

Need to start on personal tax stuff for SA purposes, too. Have a feeling that - sadly - the BTL actually made some money this year - so will end up with a tax bill as a result. :eek:Hopefully not too much though! Must ensure I get some (needed) work done on the BTL this year to ensure it doesn't happen again!!:rotfl::rotfl:

Last year I set aside 40% of the predicted rental profit, after deducting for mortgage interest and a nominal 10% for repairs. I put it into Premium Bonds and got a 1.7% return on them :T and hopefully by the time I pay the 14/15 tax bill it will be higher . This year I'm doing the same (If I ever get round to setting my 15/16 spreadsheets up ) but it will be 30% - I will be a lower rate tax payer but Mr GG will be higher rate on some of the income so hopefully I'm over estimating.

Sque wrote: »

I am considering buying to let as an investment for retirement but struggling to make the jump and actually do it. I've done loads of calculations and ofcourse you can never really work it out without knowing what interest rates will be.

Do you think it's worth doing?

Yes - not initially when you have high repayments every month, but when you have the mortgage paid off (or at least fully offset which keeps the tax advantages) you basically get given money every month as if by magic . It's funding my retirement :T.

Alchemilla wrote: »

Tried to switch from a big 4 bank twice and the hassle was so bad I gave up!

I switched to S123 a few years ago and it was stress-free. They were excellent - and that was before this new guarantee where it is done even quicker. Santander have had shocking customer service scores - but a separate team looks after the 123 side and they always score very highly :T. I use as my main current account and also a savings account. A few extra columns on the spreadsheet (which is never a bad thing ) keeps the two amounts separate.

GG you're right, 10 accounts is pushing it a bit :eek:. In addition to the S123, I have a TSB for the interest rate, Hally for the £5 and also M&S and FD as they are required products for the regular savers. Finally a NWide account is the 'house account' where I try to keep all the transactions separate. Crikey, that's 6, maybe I should just go for the 10 after all . M&S is funded by SO, NWide & S123 operate as 'normal' accounts and I money shuffle the others. Doesn't take long to do at all really.

greent

Sque wrote: »

I am considering buying to let as an investment for retirement but struggling to make the jump and actually do it. I've done loads of calculations and ofcourse you can never really work it out without knowing what interest rates will be.

Do you think it's worth doing?

I think if you're going to have one you may as well have another - the hassle factor diminishes (ie: there's a base level which you need for the first but won't apply to the 2nd, such as finding good tradesmen - once you've found them, you've got them) (unless they b*gger off to France to live to do up a couple of barns.... )


There are others, such as GG, who are far more experienced in this than me - and offer way better words of wisdom!!

greent

gallygirl wrote: »

Last year I set aside 40% of the predicted rental profit, after deducting for mortgage interest and a nominal 10% for repairs. I put it into Premium Bonds and got a 1.7% return on them :T and hopefully by the time I pay the 14/15 tax bill it will be higher . This year I'm doing the same (If I ever get round to setting my 15/16 spreadsheets up ) but it will be 30% - I will be a lower rate tax payer but Mr GG will be higher rate on some of the income so hopefully I'm over estimating.



My own fault - I should have got some work done on the BTL last tax year but was a bit preoccupied with other stuff


Yes - not initially when you have high repayments every month, but when you have the mortgage paid off (or at least fully offset which keeps the tax advantages) you basically get given money every month as if by magic . It's funding my retirement :T.





I switched to S123 a few years ago and it was stress-free. They were excellent - and that was before this new guarantee where it is done even quicker. Santander have had shocking customer service scores - but a separate team looks after the 123 side and they always score very highly :T. I use as my main current account and also a savings account. A few extra columns on the spreadsheet (which is never a bad thing ) keeps the two amounts separate.

GG you're right, 10 accounts is pushing it a bit :eek:. In addition to the S123, I have a TSB for the interest rate, Hally for the £5 and also M&S and FD as they are required products for the regular savers. Finally a NWide account is the 'house account' where I try to keep all the transactions separate. Crikey, that's 6, maybe I should just go for the 10 after all . M&S is funded by SO, NWide & S123 operate as 'normal' accounts and I money shuffle the others. Doesn't take long to do at all really.

I WILL do more with our money this year - we have shocking accts at the mo!!

elantan

Ive just had to loose a few bank accounts, was far too much hassle keeping up with them all tbh, will wait for a few years and start looking into some serious savings accounts but not quite there yet

Were thinking of one BTL ourselves once were MF just to help with the retirement plans

greent

Today is DS1's 15th birthday, so we've had fam-a-lam here. Thankfully now all gone and I can get DS3 into bed in just a mo! Far too much food has been consumed these past 3 days - spontaneous lunch out on Mon as DD had an inset day and was deep in revision for A2s so we decided she needed a break. Yesterday I attended a bakery course - soft rolls, & baps, pizza swirls, iced buns, cinnamon swirls, Chelsea buns, lardy cakes, hot cross buns, choc and marshmallow swirls...... carb and sugar overload!!! Soooooo nice though - and such good fun! Shall be putting new skills into practice to go with 'standard' bread making which I already do on an almost daily basis!


Today has been much eating/ sampling of yesterday's goodies again and also the obligatory birthday cake this evening - with HM pizza I am now considerably rounder than I was at the weekend!!!:rotfl::rotfl:


In light of recent OPs, our 'standard' mortgage payment required is now a measly £57 + something pence!!:j


Still checking out kitchens - OH is tempted by these people who he went to see yesterday: www.cotswoldkitchens.co.uk. Believe he is looking to drag me there for a peek in the next couple of weeks. Will probably need a new Washer Dryer before then, though - ours is most definitely on last legs and keeps resetting itself about every 2 out of 3 washes - annoying!! I don't want a separate TD (even with an internal light!!) because I really don't use it enough to warrant it. I have the space (kitchen is the size of a double garage) but am also reluctant to lose a cupboard space!! Anyone else have a washer dryer and can recommend it? Currently have a SMEG. Would ideally like a larger than standard size drum, too, as there are 6 of us - whilst it wouldn't cut down on the amount of washing it would hopefully reduce the number of loads slightly!


Right - off to bed with smallest one - bit late now!!

greent

Today has been the first day this week where I haven't had to be somewhere/ do something in particular - lovely! I've made bread, line dried the washing and ironed it in front of Bluest0ne 42 on catch-up, sorted and priced a load of toys and books for the next NNS in June, vacuumed and generally gently pottered about - fantastic! Tomorrow I'm on a school trip all day as a parent helper, so that won't be at all relaxing!!:eek::eek:


DD has been on a trip to Cardiff today to a UCAS conference - hopefully she found it fun & informative!


ETA: she's just walked in with 7!!! goody bags and a pile of prospectuses!! Looks like she had a good time - I'm now going to investigate the bags with her!

greent

Yeay!!!! Just realised - new tax year = new slate for business mileage expenses for OH - back to 45p/ mile instead of 25p - whoop!!!!:j:j

Firegirl

Greent!!!! You're going to mortgage free in no time!!!!

Alchemilla

Good kitchens...its all in the fitting.

jodles16

Hello! Have just made my way through your diary, interesting reading! Love seeing how people manage their journey toward mortgage freedom, no matter what the lows your OPs were amazing! Congratulations on your amazingly small mortgage! With regards to fitbit, me and hubby got the jawbone up a few years ago, I have more recently given up as I found I wasn't reaching the goals often enough and it made me grumpy! Hubby on the other hand loves it and uses it all the time, it is definately a good prompt and before I got grumpy (mainly as counting cals as well) I loved it! Not sure that helps!

Jodles