Pay off mortgage and start having fun!

newgirly

I think we will do it greent, along with making the kids shareholders (but the type with no dividends).
Dh is very unhappy at work this week, he is really pushing and traveling around getting new work in and I’m not sure the new owner particularly wants that anyway. They have all but said they what to get rid of ds2 who is doing brilliantly there as they what to keep the other factory in London open too now as he may well be surplus 🙁 he possibly could work there instead but is reluctant as the manager is a nightmare (stealing parts off our machines on their way to us, lying etc. It’s all very unprofessional and odd) plus it’s north west London which is a pain journey and going to cost a lot in travel. 

I don’t know, dh has a meeting next week to discuss it all but I’ve persuaded him not to do anything rash! We need to get all our ducks in a row if he really does want to go, but I don’t think he really does as he’s been there since he was fifteen. The management side is not enjoyable, but they are happy to let us tick over really supplying them with products to sell in their shop so he could be way more hands off really if he chose to be.

If they insist on cutting staff (ie. ds2 last one in) I may consider offering to train him in my job and leaving. It’s a shame because he is a quick learner and good at what he does but it’s an extra wage, although I’m only part time it would pay a good chunk of his wages. He has always wanted to work there and there are very few types of our business left to work at, the college courses the staff did thrifty years ago don’t exist anymore, so he is  learning from some of the best in the country at an old craft, along with dh paying privately to get him trained in newer methods the other staff don’t use. It’s a great opportunity I don’t want him to lose. 

That being said it’s a major pain to lose my wage at this point in time! We could manage but the mortgage would take longer 😢 we will see what happens next week I guess, either way it’s not the end of the world as I’ve had a look at the company finances and the factory mortgage stands at about £60k now, rent is under the going rate now at £2000 plus vat pm, we have less than four years left on the mortgage, so we are very lucky having something we could fall back on. Onwards and downwards with the mortgage in the meantime I guess. 

Sorry for the long post! 

newgirly

Not a great weekend, so far 🙁 dh is very stressed and unhappy and I’m panicking a bit about what will happen in this meeting. A few weeks of lots of travel and many extra hours plus an unpleasant incident with the offsite manager Friday (being sworn at on the phone for not being at work when we were at the crematorium first thing for our first dd’s anniversary) which he knows about already as they have known each other for many years and it’s Valentine’s Day. He did get an apology but it seems like he is the closest he has ever been to leaving a job he has been in since he was fifteen and he loves (or used to!). 

That really annoyed me as I’m sure they have no idea but it was also the anniversary of losing my little sister on Wednesday but I didn’t visit as I was working and had so much to do, I wish I had gone now! 

Its probably a build up of stress from the builder being useless too, we are moved in now with all our new posh plug sockets - that can’t be used! They are touching the top of the skirting boards and sunk in so plugs won’t go in 🤦🏼‍♀️ Apparently we can fit white plastic (they are chrome) thick borders to make them stand out again so we can use them.... other than that it looks really good.

I can’t see my mood improving much today although it does feel quite cosy in here with the rain lashing outside, A good excuse to vegetate in front of the tv and potter about. Poor ds2 hasn’t chosen the best weekend to go to York, they got stuck in a dead end road with water two thirds of the way up the road signs in town yesterday in girlfriends elderly Nissan micra, hopefully it will be a slow drive back. 

Sorry for the miserable rant, normal service will be resumed soon 😁

themadvix

Oh new girly, I hope things improve got you soon. It does sounds like it might be the end of DH’s time there soon, but definitely agree that he shouldn’t do anything rash and you need to get your ducks in a row first. 

And the plug sockets just sound plain annoying!!

 Hope things improve soon and DS2 and gf get back safely.

newgirly

Thanks Vix 🙂 
One plug socket has been fixed by dad who has added a white plastic thin rim to it, need to buy more to do others that are too low.
I’ve had a very lazy weekend, I did pop out to £1land and h@me bargains as I wanted to make some small flower arrangements for the fireplace. Got some tea/coffee tins for £1 and three bunches of mother day flowers for £1.99 and managed to do three tins, much cheaper than 5r posh glass ones I’ve seen in the shops. I shall attempt to load my first photo! 

themadvix

They look lovely!

newgirly

Ooh hooray it worked, even if they are massive 😆 First photos in ten years! 

Moving on to the point of he diary- paying off the mortgage. I’ve spend a lot of time thinking about and working out various scenarios that could happen regarding work. I can’t really plan for dh leaving, however I’m wondering if as a whole we should now be looking to switching all home mortgage op’s to the factory mortgage. 

After a chat with dad (who has lots of business that own properties so is knowledgable) I can’t see a financial reason not to clear the factory mortgage first, we lose a bit of tax benefit , but the higher rate cancels that out and probably a little more, along with the benefit of it being a “loan” to the company that can then be repaid tax free in the future. I’ve always resisted this as both mortgages were higher and I’ve always felt home first is the priority, along with the fact it would be painful to halt my home mfw journey 🙁 

I’m now wondering if the time is right to flip the ops , here are the basic facts:

Factory value £450k (conservative estimate) 

rental value £24K plus vat PY, this is the lower end as we are renting to our bosses, five year lease which we can’t get out of but they could if they close this new business they opened (thus protecting their original business from a five year lease) rental value more likely £30k 

mortgage 4.25% with 10% per year op allowance , 5 year term with 3 years 9 months remaining

monthly payment £1444 off top of head! 

Current balance around £60k 


Home value £450k 

mortgage balance £71,092 

interest rate 2.19% interest only 

remaining term 2 years and 2 months to 2 years 5 months - tie in is from July so Chelsea said they would extend to fit deal, official end date was April 2022

I’ve worked out that even if I chose to stop work in six months and trained ds2 up (worst case) the factory mortgage could be cleared by feb 2022 ie. before then end of the residential mortgage finishing. We would clearly have to remortgage the home only having a few months left on the term, but that shouldn’t be a problem with the rental income as well as whatever wages are then coming in.

Have I missed anything very obvious? 

South_coast

Not going to pretend I know enough to advise you on the figures NG, but just wanted to say the photos look great. Very classy ☺ Keeping my fingers crossed that the work stuff reaches some sort of conclusion soon and you can make some more of your legendary plans

newgirly

Thanks southcoast, the meeting is today so will more later perhaps.
Planning is something I do well, just not sticking to them always 😁. I forgot to mention that Geraldine failed her MOT last week, she’s going in today for repair at the garage near work who are cheap and quick, we have a pot for insurances and mots but it only stands at £100 right now due to home and car insurance being bought before Xmas. 

Weight loss still going ok even though I’ve had lots, of slip ups, 1&1/2 pounds off this week, since I ditched WW last year it’s so much easier and I find I’m naturally eating better, but eating what I want when I feel like it. Which yesterday lunchtime was lots of bags of chocolate covered rice cakes and crisps, then in the evening I fancied fat free yoghurt and a salad, so I guess it balances out 😀

Moneyfordreams

your photos look great  
I hope your DH feels better about work soon

themadvix

Poor Geri (and your bank balance). Sadly, that's the way things go with older cars, isn't it? 

Weight loss is sounding good though - love your diet yesterday! I'm not sure that's entirely the way to do it!