RenovationMan's 50% Equity Challenge!!

RenovationMan

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black_taxi_2

its good you hav a plan

id say ease yourself into o/p--dont want to over-stretch yourself at beginning


all the best

greent

Welcome and good luck on your (somewhat challenging!) target!

I'd guess (although you may need to clarify with your lender) that the 10% OP allowed each year is of the reducing balance at the start of the year/ end of previous year (so this year the balance was £301995, so you can OP £30199.50. Next year the starting balance would be (Total random figure) £265 000 - so you could OP £26 500 in year 2. Year 3 the balance would be (another random figure) £235000 - so max 10% OPs in year 3 would be £23 500.

I look forward to reading your updates

setmefree2

with the house move and Good Luck with your MF journey.

We started with a mortgage of £250k and savings of about £30k.

Now (7 years later) we have a mortgage of £85k and savings of £105k (plus an endowment due to cash in 2 years worth about £35K). The trick is to spend so much time working that you never have time to spend any money LOL.

Good Luck and I hope you enjoy your new house.:T

startingagain_2

Good luck in your journey....:beer:

empy

Hi, just want to wish you good luck with the move and your adventure. My husband and I did a self -build, I will not lie and say it was easy or fun! But we have learnt soooo much about ourselves, the house we want and also how to do various building type skills which I anticipate we will be using in the future when we build on the second part of our plot. Like you we have a huge mortgage, £325,000 however unlike you our equity in the house is about 10% as soon as I have cleared my current CC debt I will be overpaying to try and get the amount we own to about 50%. I will be subscribing to your thread and look forward to your updates.

empy

setmefree2

Are you renovating the main house RM?

setmefree2

How are you financing the renovation - from income?

Moving day must be soon ?

startingagain_2

OMG!!!:eek: I get exhausted just thinking about decorating.....going to need a lay down now that I have read your post!!!!:rotfl:

setmefree2

Good Luck!

greent

Sounds lovely!!