Countdown to Freedom

unhappy_shopper

Tilly_MFW_in_6_YRS wrote: »

The fixing business is always a dilemma, as I know I have regretted our Spanish bank one. We have been paying 5.39% for the last 5 years and in that time, if we had been variable, by now we would be almost mortgage free, which is difficult.

The same has been our experience too. We too had a fixed rate product for the last 5 years, which we were overpaying in spite of the ERC. We saved a lot in interest even paying the ERC compared to what we would earn in tax-free ISA products. When we had the chance to remortgage for a lower interest rate product, we shifted to a variable rate and have continued overpaying. Hoping to be mortgage free before the interest rate moves upward (fingers and toes crossed).

Tilly_MFW_in_6_YRS

Morning LB, ooohh the beauty of hindsight - anyway, if the rates stay as is until 2014, I will be one very happy bunny.

Infact, when we get to March I will be one happy bunny. Maybe I can organise a virtual party, pop the fizzy stuff and raise a :beer: to the back of the Spanish bank - I am sure there are many who would join me.

Have a good week, Tilly x

Tilly_MFW_in_6_YRS

Hi SD, it does seem a lot doesn't it - 68! I am working until 66 but I really hope I don't have to. I do have B2L in my mind, and am following Billy's diary with interest. I think a portfolio of 15 properties, would allow me to retire earlier and then manage those as a business, however, very early days....

Have a good week, Tilly

Tilly_MFW_in_6_YRS

Morning US, beng MF before the rates rise would be a fantastic achievement and then you can benefit from increased interest on your savings so a true win win.

Good luck, Tilly x

wynnvegas

Morning Tilly,

Depending on the income you're looking for, I know a couple of folk who are doing very nicely with between 5 and ten properties. With one of these, both stopped work in their mid-forties (albeit having paid off a massive whack of the rental properties in the time that they had them) and, having had very long term tenants in their places, they are making around £3,000 per month between them after tax. This couple aren't bothered about the mortgage debts on the properties at all as the debts are very well insured in the event of death so they've chosen not to pay anything other than the interest on their mortgages.

I, on the other hand, like the idea of paying down the mortgages as quickly and as fully as possible (although we'll never make the mistake of going completely mortgage free again). At it's peak, if everything goes according to plan, we'll have mortgage debt of £3.375m once we've snapped up our 50. I'm not sure there's a challenge on the MFW board to fit that!!

Cheers,

Billy

Tilly_MFW_in_6_YRS

Hi Billy, I think you would need a new thread for the 7 figure mortgage club - I don't fancy joining that one x x

It's been interesting thinking of the future, and I have seen the posts on your diary about kids, and they are expensive. However, I can now see our path, and can feel how close we are - that gives you a clue about my Myers Briggs profile.

I am learning though MF for me, is when offset savings = mortgage, however, I have to keep an on interest rates, plus I want to repay capital also, to help my mind.

It is great having DH on board though, as I couldn't have kept this focus going without him.

Have a good week Tilly x

Tilly_MFW_in_6_YRS

Good morning, well I am working from home today, DH at a client site, kids at school and just me and the animals. It is very rare that I actually spend time alone and I am relishing the thought.

Finding waiting until pay day incredibly frustrating as my fingers are money switching itching, doesn't make sense at all so apologies. The money from the lodgers is proving a great asset and our new lad has settled in well, albeit a week early. Does mean another week in the bank though so there is an upside.

Considering I always have a menu plan, I have an omission to make - we ran out of ink and couldnt print the menu off - not a big deal, but I haven't checked what is for dinner this evening, so right now it's bread and water - will have to grab something from the freezer shortly.

Have a good day all. Tilly x

abouttimetoo

Tilly_MFW_in_6_YRS wrote: »

Hi Billy, I think you would need a new thread for the 7 figure mortgage club - I don't fancy joining that one x x

It's been interesting thinking of the future, and I have seen the posts on your diary about kids, and they are expensive. However, I can now see our path, and can feel how close we are - that gives you a clue about my Myers Briggs profile.

I am learning though MF for me, is when offset savings = mortgage, however, I have to keep an on interest rates, plus I want to repay capital also, to help my mind.

It is great having DH on board though, as I couldn't have kept this focus going without him.

Have a good week Tilly x

Morning Tilly, lol to your Myers Briggs, there are so many of these things aren't there, off the top of my head i've been through that, a few Belbins and a DISC in the last couple of years. I also caught you taking about where the 'noise' was coming from, fight it Tilly fight it or the next thing we'll be hearing is you've done a flight path for the day

I belive MSE are open to new thread suggestions so in all honesty if there was enough people who wanted a BTL thread they may do it. I know many BTL'ers appear on the 'house/buying/rental' thread but they sometimes get lost in all the other stuff

Tilly_MFW_in_6_YRS wrote: »

Good morning, well I am working from home today, DH at a client site, kids at school and just me and the animals. It is very rare that I actually spend time alone and I am relishing the thought.

Finding waiting until pay day incredibly frustrating as my fingers are money switching itching, doesn't make sense at all so apologies. The money from the lodgers is proving a great asset and our new lad has settled in well, albeit a week early. Does mean another week in the bank though so there is an upside.

Considering I always have a menu plan, I have an omission to make - we ran out of ink and couldnt print the menu off - not a big deal, but I haven't checked what is for dinner this evening, so right now it's bread and water - will have to grab something from the freezer shortly.

Have a good day all. Tilly x

Enjoy your day Tilly, I love alone time

PS, re printing out a menu, I'm serioulsy impressed

Tilly_MFW_in_6_YRS

Hiya ATT, I think you will find that's a glide path :rotfl::rotfl::rotfl:

abouttimetoo

lol, it's a flight path in my company, please don't tell me that a glide path is different or they'll want that too :eek: