1 month mortgage free wannabe

lifechanging

OK my plan is more than a little out of the ordinary but I wanted to post here to get some support and cheerleading from you lovely peeps. The reason my plan is out of the ordinary is I've not yet got the mortgage I wanna pay off.

I have had an offer accepted on Saturday on a property which I am going to let out. Tenant sorted already on a shorthold assured tenancy

Anyway, I now have 4 weeks in which I'd like to raise the entire £159,500 (plus fees) to buy it cash and not have to take the mortgage in the first place.

On a plus note, I run my own company so the limit to what I can pay against the house is defined by how hard I sell and how much effort I put in. Granted August isn't the best month to do this but I'm being positive (law of attraction people!) and going for it!

I have a big colourful pie chart in front of me that shows what I've got saved already, what each project I complete or sell at work will pay towards the house whilst still leaving good cashflow in the business.

I've been terribly organised and I have even advance planned for VAT and the lovely big tax bill I get to pay just after Christmas

So I'm gonna post as many posts on this thread as it takes for me to achieve this goal or damn well near to it!

I am just getting a mortgage sorted with no tie ins, so worst case scenario I can pay it off in September / October BUT the core plan is to not need it in the first place.

Hope a few of you can support me on my journey.

Lifechanging

lifechanging

Here's my first post on where I'm at financially.

2 mortgages being looked at by my broker as my safety net. Principality BS (as recommended by someone on these forums) and Coventry BS. Backside covered.

Cash-wise, here's what I've got saved up so far.

ISA - £6,000 (2 years worth, plus interest - I'll check that when I get home)
Savings - £15,000

Total - £21,000 (13% of mortgage)

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Have work worth £17,500 due in this week but most of it I can put against the property as last week, I fervently paid every company bill I could think of to give me this 30 days free to focus on this goal.

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Wish me luck!

mancitychick

No advice to offer, but I wish you good luck!

itgirlinuk

Good luck! And hope you sell and manage to be debt-free.

looneyleo

Good luck...sounds like you've got good cash flow in the business so you are in with a good chance...my business would be doing a lot better...if i didn't spend so much time on this b****dy website!!!!!!

lifechanging

Thanks all.

To be honest, it's nice to have this open whilst I work. I'm keeping my eye on the prize as it were.

The nice thing about my work is the fees are large so the mortgage will drop down quickly, and I'm gathering momentum as we speak!

hilstep2000

Good luck is all Ican say!

lifechanging

Amazing what you get organised to do when you REALLY need to make money.

I have an ongoing small fee earner (like an affiliate scheme but not) which I've had since 2003 and never invoiced to claim our money. Just requested an up to date figure so I can finally invoice and it's £924.10. Yay.

Doing the invoice now!

nellis10

Ooo Good luck with raising the cash! Your business must be doing really well!! I wish you every success!! :T

Dead_Eye_Jones

what line of work are you in? Tell us more about you small fee earner?

GL!

lifechanging

I'm in sales, don't want to go into too much detail as I like to be anonymous! And mysterious!

The fee earner was basically like an affiliate scheme picking up £20 a month ish but it's gone on since '03 so it's now totted up to a nice amount.

Been touting for lots of business today so I think August will be fairly prosperous.