Pay off mortgage and start having fun!

newgirly

Thanks greent

It should be a relaxing weekend, but doesn't really feel like it! Just had a text from ds2 at reading at 4 am who said he can't sleep his breathing is bad there due to the cold and fires (he has asthma) so I've offered to go and get him, no reply now of course.

I wasted a whole day looking at the finances yesterday and working out what might happen.

If it all gets signed over ok :

We will add £20k business overdraft to the mortgage (via offset savings)

I've already paid off the personal loan from the mortgage £11,506.07

I'll add a £3k float to the old business account - we are continuing (hopefully) leases on phone, printer and van that they will use and we will invoice the costs monthly , so need a float.

All in all a very moveable figure of course but a mortgage balance now of £70,766

We will take £1k pm from the rent after the mortgage and tax and pay that off our personal mortgage, when that's cleared est. April 2021 if we can do it , we will snowball the mortgage and start oping the factory mortgage , ending that Jan 2023.

Too many big 'if's' to make it an actual plan really

Although I do feel relived we have a much better outcome that expected, I have felt a bit sad the last few days about the plans we had worked towards when mf next year, holidays, work on the house etc. Realistically we can't leave some of the repairs for the new longer length of time, I'll set up a savings pot for low key diy I think, as well as a holiday pot of course.

gallygirl

Too many big 'if's' to make it an actual plan really

That's never stopped you before

Hope DS is ok.

Glad all seems to be going well. It's sad your business is closing and unless you've actually gone through such a situation I suspect none of us can imagine what you, and especially your other half, are feeling. However. You are still coming out in a strong position. How long does the mortgage have to run on the unit?

My only real note of concern is how come the new company think they can make it work when you have been unable to?

Maybe hubby will be able to do some of the maintenance himself when he is working 'normal' hours and with the stress lifted?

Looking forward to next set of plans ��

newgirly

Oops just lost a post!

Hi GG thanks

The mortgage was taken out Dec 2017 for ten years, but hopefully we can hang in there a while to clear it.

The business that wants to take over are one of our customers, they have a successful company selling various luxury products and only we can supply some of them so it will be a problem if we go under. They currently have work they give to other companies they can put through ours - plenty to keep us going and bigger margins for them. We have been dealing with them for over thirty years so im a bit more confident than if they were people we didn't know. They also have all the stuff we haven't had, great marketing and websites etc. Time will tell though I guess!

As for dh doing diy , I am pretty sure he will still do long hours anyway, he used to do them before he owned the company, think he just likes avoiding me :rotfl:

newgirly

zimou13 wrote: »

Wow! mortgage free at 30. Robin you are a star! You could focus on becoming financially free. That’s where our focus is going to be going forward. It’s going to be a fun ride!!!

Hi, think this may have got lost

daisy_1571

I understand the frustration of having the mortgage to back up again but just think how this situation might have looked had you not had your own lbm. 8 years ago u owed 180grand on mortgage and credit cards, over the years you gave been tempted by cruises, holidays, extensions, new houses and many cars :rotfl:. Can you imagine if you had given in to all these short term highs ?

I hope you are able to feel a bit proud of yourself as, although your dh was never against what you were doing, it's mainly been your own perseverance that has got you this far. This has meant you are in a position to switch more over onto the mortgage and sort this situation to the best outcome possible.

You know you will get it paid off and if at all possible once the dust settles, please get your husband to work less hours- there is a life outside work :T and it is good/healthy to have well rounded interests rather than the crazy hours he was doing for a while. :beer:

Take care

Daisy xx

newgirly

Hi Daisy, thanks for the lovely post

I know you are right, we are so lucky that joining mse has made such a big difference (although the there has been the odd car/holiday slip up!) we would have been in a much worse situation. I need to focus on that rather than feeling negative about it all and what could have been.

newgirly

It's been a busy few days again, I'm so tired! We had the paperwork from the solicitors with the break down of the deal, apart from a bit worded incorrectly it's excactly what we agreed on except for one point - we will be liable for the redundancies if they cease trading for four years not the 18months we initially suggested.

Had a chat with dad last night about the tax implications of the rent etc. It's still as I thought better to continue to clear our personal mortgage first (I'd probably do that anyway regardless for security!) however he did make a comment that during a conversation with a very wealthy acquaintance (own aircraft etc.) the guy said he regretted going without to clear a mortgage on his first modest house as it was peanuts now and not worth the suffering.

Even after all this he still thinks it's silly trying to clear the mortgage early, I just don't get it, although if I ever do end up very rich with my own plane I shall apologise for my mf ways

Next step is to have a meeting with the bank to see if we can switch the mortgage over, if we can't we need to find £79k very quickly :eek:

newgirly

Appointment booked with the bank and apparently the manager did not sound too positive about the idea hopefully we can win her over or it's game over. Can't see remortgaging our own home an option as it would take too long, plus I don't think you can borrow for business purposes.

It's a bit difficult to make any plans at all at the moment, I'm pretty much carrying on as normal by trying to not overspend if possible, although I may have spent £20 in IKEA today

PLANS FOR THE REST OF THURS AND FRIDAY:

- clean whole house

- do mountain of ironing

- check accounts

- decorate living room and put out dh's birthday presents for Saturday

- plan some financial mini challenges

- try and work on out a realistic spending budget going forward, as we have been working towards a mf date next year, lots has not been budgeted for longer term which now needs to be. I should probably start keeping proper records too :eek:

themadvix

Good list NG - no spending on there!

Ignore your dad and his rich mate, it might be that the friend wouldn't be where he is now if he hadn't cleared that mortgage - he just might not be able to see it! (And are you (general you, not you you) really going without on the truly important things (time with family, friends, etc.)? (which isn't meant as a judgement *at all*, just a different way of looking at it!)

newgirly

Hi vix no we are not going without really, just still adjusting expectations and plans. It will take a while to get back to how we used to be with money, we have got out of practice

Its dh's birthday today, we went out and he bought new trainers for work with birthday money, had pub lunch (just the two of us so not too dear and I stuck to a Coke and sandwich!) then ds2 bought him three scratch cards for his birthday, slightly random but he's broke and shopped from the local newsagent this morning :rotfl: so he won £5 on one and £100 on another :eek:

It's rather funny actually as the only other time we have ever had them was when dh came home one Xmas eve with about £20 worth, I was livid and decided to use it as a method to teach the kids what a ridiculous waste of money gambling is, he won on EVERY SINGLE CARD! A total of around £250, I had trouble convincing the kids they were a waste of money then :rotfl:

Everything's been done from the to do list, only item left is financal planning, my favourite thing of all