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

gallygirl

AlexLK wrote: »

If I recall correctly you have 6 BTLs? Sorry to pry but are they all mortgaged?

As for your son, are you set on giving him money to buy a house or can he fund himself?

Keep up Alex .
2 in joint ownership, 1 other with Mr GG's brother living in it, 1 in my name.
27k os on 1 property, 55k on another (though that is a remortgage on our house at 1.5% so although I refer to wanting to pay it off, in reality will be saving up instead).
Will give DS deposit as mum wanted to leave DD and DS something but left it all to me instead . Have already given to DD.After that they're on their own. It's for their own good .

cathybird

Gallygirl, have no particularly sensible advice to offer on the decisions facing you, just wanted to add my agreement to those who have said it is a nice dilemma to have.

AlexLK

gallygirl wrote: »

Keep up Alex .
2 in joint ownership, 1 other with Mr GG's brother living in it, 1 in my name.
27k os on 1 property, 55k on another (though that is a remortgage on our house at 1.5% so although I refer to wanting to pay it off, in reality will be saving up instead).
Will give DS deposit as mum wanted to leave DD and DS something but left it all to me instead . Have already given to DD.After that they're on their own. It's for their own good .

OK, thank you for the clarification.

In regards to your houses, I do know if one of my parents owned all their houses, tax wise they would be much worse off than they are jointly owning everything. Not sure you're at that stage yet with some mortgages still owing but something to look into for the future?

I see re. your children. Really I'm not one to speak about leaving them to it. However, I am starting to wonder if our son would be better off in the long run not getting a load of money given to him at a young age.

edinburgher

77k houses? Sheesh, I think I'm in the wrong part of the country!

The cheapest I could find in our neck of the woods was offers over 95k and in pretty good nick, so it's unlikely seller will take a bath/haircut/other jargon on it...

ajmoney

edinburgher wrote: »

77k houses? Sheesh, I think I'm in the wrong part of the country!

The cheapest I could find in our neck of the woods was offers over 95k and in pretty good nick, so it's unlikely seller will take a bath/haircut/other jargon on it...

You are at the wrong end of the M8, there are plenty of places in Fife that you can get a house for 77k it just depends what sort of area you want to be in. We bought our first house, a lovely 2-bed end terrace for 63k, luckily we sold it for 82k

edinburgher

It's ok AJM, I like our area, it is lovely

If we really wanted to go all BTL, I'd probably go for compact tenement flats that were cheap enough to rent to commuters, but too expensive to rent to jakies

ajmoney

I love mine too, I loved my first house but our little town is lovely and I wouldn't change it for anything. The only reason I would move would be to move to the East Neuk but I am more than happy with where we are.

HelenDaveKids

We frequently toy with btl but think the plan is more pay off morgage then buy a do upper and sell as a hobby, although Dave's works for the county council and they have just announced 800 more job cuts (1 in 3). He's safe as his colleagues is taking vr but if he did get made redundant that's the plan rather than another job, he's very "handy" and a qualified electrician.

gallygirl

Well, Mr GG agrees with me that probably best to keep it, going to see it this afternoon to decide. An added bonus to not buying another is that I won't be competing with Lula for the same house :rotfl:.

84p TillyTidy so that's made a big difference .

Email from one of the bosses last night with hopeful news about not losing a big chunk of work :T.

Looking forward to the solid rain forecast today - after getting completely soaked yesterday afternoon I can't wait .

Tahlullah

Laughed out loud at your 84p Tilly Tidy. Such small amounts, but give a great feeling of satisfaction that everything is in whole numbers, no messy bits hanging around.

Have a good day and stay out of the rain!