Lulabelle's MFW Diary

lulabelle1

Fortune_Smiles wrote: »

Obviously not working hard enough at Body Combat then Lulabelle

Fortune x

Yup -must work harder

Not today though, I can barely move my arms...... That's me done now for this week - perhaps Body Combat on Sunday if we don't have plans to go out with the children.

lulabelle1

Accounts checked and a tidy to the MOP pot.

Could do with going food shopping, but I'm going to try and wait until Monday/Tuesday which is when we get paid. It will be a challenge but I'm up for it... although, I do need to get some breakfast cereal as we have nothing left but DH's shredded wheat.

B2L is rearing it's head again - we really need to get a move on with this and get our act together. So, will request letter from employer today to prove income, once I've got this I'll get the mortgage sorted and start viewing properties. I've already started a spreadsheet to give me an idea of what we're looking at.

Whilst I know that it's a sensible thing to do in regards to planning for the future/pension etc etc, I hate the idea of taking back some of my OP's to fund the 25% min deposit required for the B2L property. It's almost like taking a step backwards and I don't like it.

Secret_Saving_Squirrel

You are brave.... And do need to move fast now that prices are rising again. I would do the same if I were ten years younger. Good luck.

lulabelle1

Secret_Saving_Squirrel wrote: »

You are brave.... And do need to move fast now that prices are rising again. I would do the same if I were ten years younger. Good luck.

Thanks a squirrel, been thinking about it for such a long time.... I've got my income letter. So, DH is going to try and organise the mortgage and I'm going to meet with some letting companies. We both feel safer going through a letting company to start with until we're a bit more savvy with everything. And then, let the hunting begin.

Gallygirl - feel free to chip in with any tips and hints you might have. Advice very gratefully received xx

lulabelle1

Gym club called me earlier, I was on the reserve list for yoga tomorrow lunchtime and a space has become available, so much for having a few days off. Yoga's easy as peas though and quite relaxing, so I'll look forward to a bit of that.

We can't all go out tomorrow until parcel force have been anyway as ds2s birthday bike is being delivered.

That reminds me, I need to get organised for little chaps birthday and birthday party......... Cake, party bags, wrapping paper etc etc

lulabelle1

Oh, a neighbour just popped in, DH has a flat tyre. Hopefully it can be repaired as we just had 4 new tyres on the car a month or so ago.....

gallygirl

lulabelle1 wrote: »

Gallygirl - feel free to chip in with any tips and hints you might have. Advice very gratefully received xx

I may have a house for sale if you're interested :rotfl:.

The biggest tip is to remember you're buying to let - not for you. So it doesn't matter if you like THIS kitchen - you'll be paying extra for it so THIS one or THIS one would be better. No point of a conservatory etc, you just want a basic, decent house. (I know it's not your area, just picked somewhere at random). Look for something durable, not fancy. Same with bathroom. I'd go for a newer property as less major maintenance, make sure it's PVC double glazed and got a newish boiler. No big trees in yours or neighbour's gardens. Not a massive garden.

Aw that last one reminds me of the kitchen in my 1st BTL .

If you're looking for capital growth that's a whole different ball game and the one time we tried it didn't work so best ask someone else .

lulabelle1

gallygirl wrote: »

I may have a house for sale if you're interested :rotfl:.

The biggest tip is to remember you're buying to let - not for you. So it doesn't matter if you like THIS kitchen - you'll be paying extra for it so THIS one or THIS one would be better. No point of a conservatory etc, you just want a basic, decent house. (I know it's not your area, just picked somewhere at random). Look for something durable, not fancy. Same with bathroom. I'd go for a newer property as less major maintenance, make sure it's PVC double glazed and got a newish boiler. No big trees in yours or neighbour's gardens. Not a massive garden.

Aw that last one reminds me of the kitchen in my 1st BTL .

If you're looking for capital growth that's a whole different ball game and the one time we tried it didn't work so best ask someone else .

Thanks GG - that's the biggest thing I'm struggling with - remembering that its not for me.

Capital growth would be a bonus but the main intention is that we get a property, take a repayment over say 15 years and just use any rental income to pay straight off the mortgage with the idea that it ends up being mortgage free and then starts to deliver monthly income once we're older. Ideally we'd like to get a few if it all goes well. I'm planning to use what would have been pension contributions to save towards the deposit of the next one and so on etc.....

I was thinking something around the 100/110 mark, semi with a garage etc. basic but tidy. I know that terraces on older streets might give me a higher instant return but I'm just not keen on going down that route and I'm presuming that they might require more maintenance.

Send me details of the house you're selling! Can't remember if you have my email?
L xx

gallygirl

lulabelle1 wrote: »

Thanks GG - that's the biggest thing I'm struggling with - remembering that its not for me.

Capital growth would be a bonus but the main intention is that we get a property, take a repayment over say 15 years and just use any rental income to pay straight off the mortgage with the idea that it ends up being mortgage free and then starts to deliver monthly income once we're older. Ideally we'd like to get a few if it all goes well. I'm planning to use what would have been pension contributions to save towards the deposit of the next one and so on etc.....

I was thinking something around the 100/110 mark, semi with a garage etc. basic but tidy. I know that terraces on older streets might give me a higher instant return but I'm just not keen on going down that route and I'm presuming that they might require more maintenance.

Send me details of the house you're selling! Can't remember if you have my email?
L xx

Can you afford to pay the mortgage indefinitely if you get tenants who won't pay and it takes ages to get them out?

How about an IO mortgage where you can make capital payments? That way your tax relief wouldn't drop year on year but you'd still be paying off the capital. Our mortgage is a repayment but that's what I'd do now.

lulabelle1

gallygirl wrote: »

Can you afford to pay the mortgage indefinitely if you get tenants who won't pay and it takes ages to get them out?

How about an IO mortgage where you can make capital payments? That way your tax relief wouldn't drop year on year but you'd still be paying off the capital. Our mortgage is a repayment but that's what I'd do now.

Yes, we could it would just mean less OP's on our own property - are you thinking it would be best not to pay too much to a letting agent for that sort of cover etc?

I'd never even thought of that in regards to the mortgage, good idea......