Goodbye Mortgage - the beginning of the end!

Beckyy

Absolutely, Goldiegirl. I couldn't imagine having to sort through all of this if I was an accidental LL or just thought I'd make a quick buck (the chance would be a fine thing!)


Progress is coming along. Tenant is happy to move to new property and we will mutually end their tenancy at the end of this month. The quote for the stripping work has been approved so that will start very soon.


I've had £400 of outlays so far, and still have to pay another week of alternative accommodation, potentially a van and a lot of boiler parts/repairs. Progress getting money back from the insurance seems to be slow, and I'm guessing I won't see income from the loss of rent cover kicking in until after the tenant would have normally paid the next month's rent so the mortgage payment will be another outlay.


I really can't stress how important having an emergency fund has been.


On a plus side, I've been so caught up with it I haven't overspent on our groceries and we're currently still under budget - every cloud has a silver lining :rotfl:

Beckyy

It's been a while since I've posted!


Our tenant has agreed to mutually end his tenancy and has now moved out into his new home. Whilst this is a weight off of our shoulders I'm dreading finding a new tenant after the work as chances are it's going to be right by Christmas.


Our insurance policy should pay loss of rent while it's uninhabitable, but I'm still waiting for any money to come from them. Will be chasing this up today as rent is usually paid in advance so it would be overdue now.


I'm not sure what to do with regards to OPs. Normally I would use the remaining rent after BTL mortgage payment to OP our own mortgage, but I think I may be better keeping that all in BTL account to cover the cost of the mortgage if we have a long void after the work is done. At least then it's there to OP in the future if we can.


I had to order a new hen house as we had a small infestation of red mite and our one proved not to withstand pressure washing very well. It's due to arrive today but cost me a small fortune, it should last but has used up all my overtime pay this month.


We've had just about all the family birthdays, however I till struggled to keep within £25 per person on a couple, though they were close family and I don't begrudge it at all.


I've got loads to get done around the house so plenty to keep me busy and starting my new course this week - fingers crossed it goes well.


£6 from £co put into the pot.

Beckyy

We're still waiting for our payment from the insurance company to cover our current outlays and also loss of rent for the month. I chased it up yesterday but no sign so far. Once we get that through I can pay back our savings for all the expenses we've incurred so far. I think I may leave the 'rent' money separate as we'll still need to pay the insurance excess and possibly other expenses. Our OPs will just have to take a back seat for now.


I started my college course. The workload is heavier than I was expecting as I'll likely have to do a work placement to satisfy some of it ontop of my current job. I'm going to have to cut down on overtime significantly as I won't be able to juggle everything and give each one 100% with the amount of extra shifts I normally do. As it stands I don't have a day off for over a month so I'll need to calm it down a little bit, at least until I've got a good grasp on the workload.


On the plus side I have a new student discount card :j


I also need to start thinking about (*whispers*) Christmas. If I can get some presents earlier it will make life much easier closer to the time.

Beckyy

It's been a long time since I've posted!

BTL has been stripped out but still waiting to dry, and still waiting for the builders quote for reinstatement. The insurance company have processed our payment for ongoing expenses but we haven't received it yet, so we're still spending a lot on electricity for the drying equipment because it's on keycard. :eek:

I've also worrying about when the work is done (although it seems so far away). Finding a new tenant is daunting, I didn't really enjoy doing viewings etc. and was always worried about the paperwork, however I don't trust an agency in all honesty as we would still be managing the property if we did a 'tenant find only' and I don't think they wouldn't care all that much about who they put in (sorry for massive generalisation, but going on local opinions of agencies) and the fees are also sky high.

Our TV broke also. It was a freebie with a mobile contract quite a few years ago so no love lost there, but we had to buy a replacement which is on route now. I don't begrudge it as we don't often buy things like that, but it would be nice to go a month without having a big expense.

I haven't been able to OP, or put anything significant into the pot as we're still waiting on the loss of rent cover to come through from the insurance company.

I haven't started Christmas shopping yet, but have every intention to soon.

Just off to do my to-do list for the house. On the plus side, being stupidly busy has meant we still have a food budget remaining this far into the month which is almost unheard of! :rotfl:

Crumpets

Hi Beckyy, what a lot you have had to put up with recently, but you still seem so upbeat :T I hope you get your insurance money through soon, the companies are so quick to take it off you but not in such a hurry to give it out.

How's the college course going? I'm thinking of doing a short course to dip my toe into the area I want to get into, it will be strange to get back into studying after a 10 year break! I really want to have a NUS card again though

I sympathise with your red mite problem, mine have had them too this week :eek: I have an eglu though so they're pretty robust. I hope your chooks have settled into their new abode.

CathT

Sorry to hear about the flooded BTL.

I really didn't maximise my NUS card last year as was so busy retraining I didn't get chance. Now finished but card doesn't expire for another 2 years - would feel Sooo naughty using it but the MSE in me tells me I should do it!

Beckyy

Hi Crumpets - The course is going well, I think. The college have been quite disorganised so I don't have total faith in them yet but I'm feeling positive about it. I found Smite cleaner and Diatom powder good for the red mite, though all the crevices and roof of our old coop made it difficult, even with pressure washing.

CathT, don't feel bad at all! When you pay for the NUS one, some of the money goes to your student union so they are benefiting from it, it's only fair that you do too - the amazon discount that you can get if you log into the NUS website is a very helpful one!

Current mortgage balance: £91,439.17

We're just getting the quote through for the reinstatement by the builders. So thankful of the insurance as it's a massive amount of money, I just hope they approve everything quickly and the whole process goes smoothly.

lilmissmup

Hiya!

Glad to hear things are getting sorted with the house albeit slowly.

Oh NUS discount, sounds great, not that I have any cash to spend ha ha ha

Beckyy

I hope alls well with you lilmissup!

I made a £50 OP today, not much but I didn't want to have a 0 for September. I've received some reimbursement from the insurance company but am trying to keep all finances from BTL separate at the moment due to flood, and also because I haven't done our tax return yet and I'm not sure if I might use an accountant as I haven't quite got my head around it, and time is tight just now.

I've just had a look on the MSE mortgage best buys comparison and it's quite an eye opener! We are currently paying £554 a month, and could be paying under £400. We're fixed for less than a year on this current one but will need to have a good think about the long term before we dive into a remortgage, that throws up having a family too. Which would likely halt moving to a bigger house as we would have a much lower income. Plenty of time to mull it all over though and see how the next few months pan out.

Beckyy

Managed another small £25 OP for September, so a total of £75. Better than nothing!

Having one of those days today a little bit. Roll on the weekend...