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1 month mortgage free wannabe
Comments
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If you knew how petrified I am of spiders you wouldn't say that. They mess up my vibes for a day or two at best.
If it was a money spider it was a billionaire spider - bloody huge!OVERDRAFT TODAY:£36,100
CASH PAID TOWARDS SISTER'S HOUSE NOW: £123,9000 -
Well done for giving this a go but I just want to clear up a couple of points. To my knowledge it is generally accepted that paying off a buy-to-let mortgage is not the best thing to do as someone else mentioned earlier for tax reasons. If you are working for yourself then I suspect it’s highly likely that you if you don’t already will be doing self assessment for your tax return - you will have to declare it. Why bust a gut to pay it off only to give so much back to the tax man? I have heard this on many occasions from more than one accountant and FA’s. I’d be surprised if your accountant recommended this action. Does anyone else have an opinion on this? Surely your own mortgage should be the priority unless for whatever reason believe you’ll get a better return from a 'property development' point of view?0
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I would do this on my own house too but I am tied in until June next year. Whereupon I shall pay off either a lump sum or all of that.
As I say I appreciate that I will be taxed however, I do not want the hassle of 2 mortgages. I am a cash kinda girl and don't believe in debt, including mortgages!OVERDRAFT TODAY:£36,100
CASH PAID TOWARDS SISTER'S HOUSE NOW: £123,9000 -
Up from £500 to £2800 now. Woo! Invoiced another £6000 which will hopefully be in by the end of the week. So currently got 15% in cash and expecting that to rise a fair bit this week.
Solicitor STILL hasn't called back. Estate agent rang and chased me (the cheek - I'm the only 1 in the loop being efficient!) so I asked her to speak to the solicitor as it's one who they recommend. So hopefully, tomorrow that will all start moving.OVERDRAFT TODAY:£36,100
CASH PAID TOWARDS SISTER'S HOUSE NOW: £123,9000 -
Double post.OVERDRAFT TODAY:£36,100
CASH PAID TOWARDS SISTER'S HOUSE NOW: £123,9000 -
OK, here's an update.
I now have 18.8% in cash based on the sales I got in last week. Next week I have deals worth a further 10% completing so without any new business I expect to have a little under 30% of the property value in cash.
As I only have 3 weeks to get the other 70% next week I'm seriously ramping up on new business and have a list of people to call and follow up on and a few techniques to get my phone ringing.
Also, I still don't have a solicitor doing land searches as the one I have been recommended still hasn't called back. So that could now delay things.
In addition, my broker has gone on holiday for 2 weeks without confirming a mortgage deal (as I didn't have the right ID - I'm waiting for my tax code notification from the IR to deal with this) so I'm going to have to try and cook up my own negotiations with Principality. What a challenge!
Despite all this obstacles I'm still completely confident of doing this. Moreso, as every obstacle confirms this is something I really want to achieve and I guess I'm treating it like a game so it's fun not stressful.
The only downside is I went shopping yesterday to pick up a £40 top I'd seen. Unfortunately, the high street is full of amazing stuff right now so I'm down about £500-600 (in less than 3 hours). Oh and they didn't have my top! But hey, I gotta look good when I'm a landlord, eh!
Hope a few of you are still checking in to see how I'm getting along. All the kind works of support have been like rocket fuel to my motivation.OVERDRAFT TODAY:£36,100
CASH PAID TOWARDS SISTER'S HOUSE NOW: £123,9000 -
Well I for one am fascinated with your challenge!! I really wish you well and here's to another 30% next week!!!!:T2024 Challenges
- Grocery Budget (January £0/£300)
- Decluttering (Underway!)
- Frugal Living (January £0/£500
- 24 in 2024 (0/24)
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Major progress on the practicalities front today. Finally made contact with solicitor and by way of apology for not getting back to me, he's starting all the land searches today and doesn't want any money from me til the end. Lovely.
Still no tax code notification though so that's holding up the mortgage - all the more reason not to need a mortgage!
A 2% of house job I was hoping would pay up today is now paying Wednesday which is a bit of a let down, but at least I know it's coming.
I have decided to focus on shipping out jobs for my income this week rather than taking on more as otherwise I put too much pressure on my team - and they aren't daft enough to buy a house in cash so they shouldn't suffer for it.
Wish me luck as I race on to get more pieces of my pie chart in!OVERDRAFT TODAY:£36,100
CASH PAID TOWARDS SISTER'S HOUSE NOW: £123,9000 -
i would love to know how you get paid so quickly wheni struggle getting payments with 60 - 90 days on EXISTING business let alone new business
Are you a gangster or a drug dealer? - hey i am joking ,
best of luckdonstermonster0 -
Hardly! No I work in the IT sector. We don't operate credit for our clients. If you want it, you pay for it. If we've finished it, you pay for it. Keeps life simple.
Just found out we have £14,000 coming in next week which is a whopping 9% of the house. Whoopie!OVERDRAFT TODAY:£36,100
CASH PAID TOWARDS SISTER'S HOUSE NOW: £123,9000
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