Mortgage Free - so good they'll do it twice! Wynnvegas aiming for the big house

wynnvegas

Haku Froggy,

Alert the authorities! Hammer in hand, stipulated happy face on, a million pieces on the floor (almost assuredly not all of them needed although the forthcoming journey will make see where this prediction leads). Pills for Moyra, Bookcase for Moyra, cars to be cleaned, a few bits of work to be taken care of ahead of what will be a big week next week and Season 4 of Californication to catch up on - well worth a watch for anyone that isn't already familiar - the writing is brilliant!

Cheers,

Billy

Tilly_MFW_in_6_YRS

Morning Billy, I laughed when I read you were building Ikea stuff. Before we moved into our current house my DH decided to build the bedside cupboards and chest of drawers for the main bedroom, on the basis that it would be ready for filling when we moved in. So there we are in the sitting room, just like you, bits and bobs laid out on the floor. I recall saying "there's a lot of small bits darling'.......to cut a long story short, he rebuilt a couple of bits and we were left with a mountain of 'stuff' of left over pieces. I never thought they would stay in one piece.

Happily 10 years later they are still up and running but we were crying with laughter at times that night.

Good luck and I hope Moyra feels better soon. I have spent a couple of hours ironing, off to do volunteering in a short while, then to Gap to ensure we utilise their current voucher and buy our DD two snuggly fleecy tops. She does a lot of outward bound stuff and they are great for snuggling up in when back in the tent at night. After that we will be visiting the cinema. I have vouchers from the red.blue supermarket to use before the end of November......not wasting those.

Yesterday I made the meals for Monday and Tuesday. All the washing up to date and can now enjoy the rest of my day.

My DH is thinking of you with the other Billy..

Figured out we will probably clear the mortgage in under six years now if we stick with the plan.

wynnvegas

Hi Tilly,

We've decided on Ikea stuff as we'll likely leave everything in the house when we go. It's more and more likely that we'll rent out the squalor when the time comes so cheap and cheerful will do fine for the moment.

Six years isn't that long in the grand scheme of things. It'll fly in.

Cheers,

Billy

wynnvegas

Afternoon All,

Here was me thinking that things were complicated enough without another element being chucked in. It turns out (quite obviously in fairness) that there isn't a straghtforward requirement to take out a specific BTL mortgage. In that there are more restrictions and less desirable rates on the BTL products, we can and should probably look at the personal mortgages available as well. That adds a lot of other things to throw into the spreadsheet.

Cheers,

Billy

[Deleted User]

Hope Moyra feels better soon!
Good luck on the ikea bookcase (Tilly your story really made me laugh!! :rotfl:) I leave mrtyo to all the diy building -if it were me there would be bits of furniture lodged through the tv in frustration!

Definitely other options on renting out current property when the times comes- I have found much less restrictions altering the personal mortgage- that said have benefited from low rates so could be a different story if/when rates rise...still am sure that your spreadsheets will help work out what the best way forward is!

Tilly_MFW_in_6_YRS

TYO, I could talk about my DHs DIY antics for hours but sadly too many people would recognise my stories in the 'real' world, so I'll keep quiet. Suffice to say there's never a dull moment in our household and always a twinkle in the eye when the tool box comes out of the garage!

Billy, hope all jobs now complete and your are in front of the TV with a 'wee dram' or whatever takes you fancy.

wynnvegas

Hi TYO,

The Ikea stuff is all now safely boxed away. My nursemaid duties have taken precedence and my efforts on the impending landlordy project have redoubled (more of which later). The last bookcase will have to be done another day. We're now looking at paying off a mortgage every year (albeit there are some tax implications which we need to understand).

Cheers,

Billy

wynnvegas

Hi Tilly,

I'm not at all keen on DIY and I wouldn't trust myself with anything beyond the hammer and set of screwdrivers that I have. A full toolbox would only open up the possibility of disastrous consequences. A hammer could be replaced by a nail gun. Screws could be replaced by nails (inserted by a nail gun), 2012 calendars could be more appropriately tacked to the wall with some nifty diving nail gun shots... OK, no toolbox but I'm off out tomorrow lunchtime to get myself something properly dangerous.

I'm 30 and don't even own a chainsaw!! My best friend sells guns and knives for a living and owns not one but two tanks. Paying off a mortgage is one thing. Building an arsenal and, with it, the capability to mount a coup is a much better achivement. At the very least, I'm making room in the driveway of the intended big house for a Panzer!

Cheers,

Billy

wynnvegas

Evening All,

Enough of my rambling. The Landlordy project is on the go this evening. Investor 1 and I have decided to pick up our first property as soon as we've found it. The only trouble at the moment is that he's got a good bit more money than me (although we're catching up month on month). He has £25,000 to invest right away whereas we only have something in the region of £7,000. I think it's best to combine our interests only at 50/50 so we'll probably pick up property 1 at the start of next year when we've both got £10,000 to kick the process off.

By my estimate, if we can pick up an £85k value house for something around £70k, stick down the required £10,000 deposit (there may also be a 10% finders fee for identifying this type of cut-price property - to be discussed on Wednesday in more detail), factor in around £1,500 for legal (complete guess) and we've got ourself a place. Assuming minimal work required (maybe overly optimistic bearing in mind what you're about to see!), we're left with a mortgage of £60k at c.£400 a month. If we cover off the mortgage, potential letting agent fees, the myriad of insurances that seem necessary and put something in for upgrades and fixes, we're somewhere around £650. A rental income of £600p/m topped up to £5,000 or so by our collective overpayments would clear the mortgage in 12 months - whether it's a good thing to do that or not, we'll take some advice!

With the houses, I've found this amazing thread on one of the other boards. I've become properly hooked - it's a frenzy of decorative mania coupled with a den of !!!!!iness but makes for plenty good humour which I'm all for - https://forums.moneysavingexpert.com/discussion/3403965. Since I've been looking at prospective places to pick up (houses are the favoured approach at the moment), I may even have a few to add myself.

In my current hunt, we're looking at West Lothian, Falkirk and Midlothian for appropriate properties. Some real crackers in there that, in full respect to the !!!!!iness of the above thread, variously:

inspire us as to the possibilities of what we could do with our own kitchen upgrade - http://www.espc.com/properties/details.aspx?pid=293305_espc;
show the dangers of going to town at the local pine sale - http://www.espc.com/properties/details.aspx?pid=307230_espc&sid=31767765762; and
show the world what has happened to the late, great Jimmy Saville's shellsuits - http://www.espc.com/properties/details.aspx?pid=307081_espc&sid=31768024277

Cheers,

Billy

ETA - who knew I'd get done for swearing! For the massive influx of excalamations above, please see "female dog" ...

Tilly_MFW_in_6_YRS

Hi Billy, will be checking out the thread. Looks like you will be buying shedloads of magnolia paint.... Looks like a good opportunity to get you onto the property ladder. From a practical perspective, what are the prices of properties like when 'tidied' up? £70k per year between two is certainly achievable. Good luck from Mr & Mrs Tilly