Gallygirl's "A journey of 121,226.67 pounds begins with a single penny" diary

Secret_Saving_Squirrel

Ooh I do like it when we talk about David Cassidy. I do like your plan. Will you sell the btl properties when you go to Spain, or keep them running?

Squirrel

lulabelle1

Been thinking of venturing in to the BTL arena myself.... Came close last year but bottled it, starting to think about it again for next year...... The thought of using some of my OP's to fund the deposit is what makes me nervous....

nattypants

On the plus, it WILL mean that you have to stay on this board for a few years longer.....

Go on lula, buy that BTL, it will look soooo good on you.

See what I did there:D

Southernman

gallygirl wrote: »

Em, yes . Make yourself a drink and pull up a chair.........

#1 btl took out on late mum's hosue to give DD deposit for her house.

#2 btl

#3 btl (but actually a 2nd mortgage on own property)

#4 own mortgage.

To be fair, total os is around 120k so not as bad as it sounds.

Complicated by the fact Mr GG and I accidentally bought another house last year :cool:, but he largely funded it so I need to get back to all square with him. 58k behind :eek:. So, the plan once #1 is paid off is that:
- we both make normal monthly payments on #4
- rental income takes care of #2 & #3 mortgage payments
- I OP like crazy (in reality into savings)
- 58k should be paid off by March (??????) 16
- In the meantime Mr GG saves to build up own pot. Bunging it into premium bonds at the moment :T
- By the time I am level with Mr GG net mortgages will be around 20k
- Mr GG and I both OP, all paid off by Sept 16
- Mr GG and I naff off to Spain

Got it?

Bet you wish you hadn't asked :rotfl:.

I'm...so shocked!!!

You've done really well! I can just about get my head around 1 mortgage and overpaying that one, never mind FOUR! Maybe when i pay off this one i could get a second home but that's way off yet! Maybe when i hit 40 and i'm a bit more financially freeee!

gallygirl

Secret_Saving_Squirrel wrote: »

Ooh I do like it when we talk about David Cassidy. I do like your plan. Will you sell the btl properties when you go to Spain, or keep them running?

Squirrel

Not sure - need to decide - may keep them for a little while or could it be forever :rotfl:.

I wouldn't recommend btl now tbh. We were very lucky and managed to buy very low and make a good profit on 2 we sold to buy place in Spain (ok, value of it had plummeted but we've got it and it's ours ). Now they make a small profit, will be good when mortgages paid off but they are a bit of a hassle. I'm fairly relaxed, would be no good if you were a worrier.

HelenDaveKids

Ive got three morgages but only 1 house if that makes anyone feel any better!

nattypants

HelenDaveKids wrote: »

Ive got three morgages but only 1 house if that makes anyone feel any better!

Ah HDK - your posts always make my day:D

gallygirl

HelenDaveKids wrote: »

Ive got three morgages but only 1 house if that makes anyone feel any better!

A lot of people on here with 'just' one mortgage stull have more expensive hosues than all ours added together - the joys of living in a cheap area .

:j:j:j:j17 days :j:j:j:j

lulabelle1

Yup - we're in a cheap area too - consider moving every now and then somewhere else, but seems nuts to spend double the amount and end up with the same size house iykwim.....

B2L - was thinking of it more of something that covers its costs (at best) with the plan to do a repayment mortgage on it and then just use them as income when I'm old and grey instead of a pension.....

Mortgage_Reduction_Novice

We're not in a cheap area... but hoping for a larger 'forever' house off the back of this MF journey later in life - so much to achieve first... best get cracking!

p.s. glad we've moved on from the David Cassidy chatter... you lot start to remind me of my Mum when you get on that topic!