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

wynnvegas

Hi pawlala,

It was infinitely easier back in the day. When we were waiting to be paid to take a chunk off the mortgage every month, that was the be all and end all of the financial planning. Now it's considerably more complicated. The Doohnibor spreadsheet is a wonder to behold! It's currently sitting at 7 tabs and all the cross-referenced formulae that I could think of. I can absolutely see the benefit of what we're doing - only time will tell if it all works out!

Cheers,

Billy

katsu

I find your situation very interesting as a bystander with no interest in going BTL (I must be a crazy minority here ). For us, I want security and so my horizons are getting us secure and MF. I am sure you will be incredibly successful - so many exhausting (and wonderful) plans going on.

Thanks for sharing it all with us

wynnvegas

Hi Katsu,

We were advised to go into BTL as soon as we finished our mortgage by friends who have bult their own big house as they funded it that way. I was far from convinced at the time but, whilst it is likely to take a bit of money to get it working properly, I can absolutely see the potential of it now. If we had been happy to stay in the squalor, I honestly don't think we'd have been quite as bothered about going into BTL. Security is great but I'm taking the view that we are not losing much security by doing what we're doing. Every six months, we'll be mortgage free again as far as the offset goes. In many respects, if we get through everything that is planned in the next ten to fifteen years, we should be able to retire very comfortably at 45.

Cheers,

Billy

diadeb

Just popping in to say hello again Billy. Loving reading the diary as always. What you are doing is not for the faint hearted and I think is beyond the scope of most ordinary folk.

There's not many of us that could do a couple of the things you juggle let alone the five or six you are planning!

That said, you're clearly a special sort of guy with a goal to reach and a determination to get there. We can only stand by and admire.

I'm thinking it's the not having kids myself. They turn your head to mush, sap all your energy, you worry yourself silly for the rest of your life hoping they'll survive, do ok and not live off you forever! Stay as a cosy couple and I reckon you'll achieve everything your heart desires. :rotfl:

wynnvegas

Hi Deb,

I think there's certainly something to that. If we had kids or planned to have kids, it would be plenty tempting to have gotten the security in place by paying off the squalor mortgage and then starting a family and devoting all the spare time, attention and money in that direction.

I still quite like the idea of fostering down the line for short-term situations. We can hopefully get the best of all worlds at that point as I do sometimes feel as though we're missing out by not having kids. Until then though, the many and varied grand plans continue at a pace!!

Cheers,

Billy

katsu

I agree with you Billy - feeling sometimes a bit like we are missing out by not having kids (I cure myself by reading how hard the MSE parents days are) - it definitely makes life more comfortable tho It is right for us and definitely makes things like a decision to be an MFW far easier.

A friend of mine is doing voluntary work where she sees a child every other week I think and builds a relationship with them, as a caring adult. I think the child might be vulnurable or in care? I am considering looking into doing something similar in my area in the future.

wynnvegas

Morning Katsu,

It's very much a fleeting desire - normally cured by a visit to any of my family who tend to see it as their duty to produce offspring as quickly as they can possibly manage. My older cousin (by a month) has 5 kids and the rest average out at about 3 each. My family on my dad's side now number nearly 120 - not including husbands/wives etc. That said, I can see my pub (with the bar locked and the slot machines turned off) acting as a wee haven for some Billy outreach project down the line!

Cheers,

Billy

misscousinitt

All the BTL stuff sounds really exciting, but I', with katsu and don't want to go down that route - its fun hearing about it all through your diary though!

I think I'd like to have more than one property, but only if I can keep the one i'm in now and buy another - but that is definately something for the future and don't know if it will ever happen.

You certainly have a big family...hope you don't buy for them all a Christmas (HaHa) that would be a complete nightmare!!!!

Interested to hear more about your top secret plan if and when it becomes something you can discuss.....

MCI

wynnvegas

Hi misscousinitt,

We tried buying for them all one year and it was ridiculous - not so much in buying the stuff but getting round on the necessary delivery - how Santa does it, I've no idea!!

BTL clearly isn't for everyone. I'm glad I've got a Colin as the potential for damage and necessary works would be a proper disincentive.

Cheers,

Billy

gallygirl

wynnvegas wrote: »

BTL clearly isn't for everyone. I'm glad I've got a Colin as the potential for damage and necessary works would be a proper disincentive.

Cheers,

Billy

I want a Colin

...... goes off in a huff .......

Can I borrow him for a little while Billy please