My 5 a Day way to becoming MF

craftingmad

niftythrifty33 wrote: »

HI crafting mad, your diary is very inspiring, I've stopped doing mine a while ago but think I might start again.
How did you go about getting your buy to let properties? Did you have to save up a big deposit for each? Also did you just approach the bank and have a normal mortgage but using the equity on your own house? We really want to do this as I dont have a pension and DH's is not good but not sure how to go about it all.
Also you seem to have a lot in savings, do you keep that separate or transfer it as a lump sum mortgage pmt?
Thanks and keep up with the diary, its great

Thank you niftythrifty. I definately find a diary on here keeps me motivated to continue. I look forward to reading yours

With regard to the buy to let properties, we save up a 25% deposit plus around £2k in fees and then get a BTL mortgage. I don't think this is the cheapest way to do it (ie we could borrow against the equity in our own house) but we wanted to keep the rental properties totally seperate from our own house just in case things go wrong. Also if we were to change our mortgage now the rate would drastically change - we are on 1.6% at the moment on our house and the BTL's are average 4%.

This is why we have a lot of savings - once we have saved up enough for a deposit we go house hunting. We are hoping to have at least 3 BTL houses (although the dream is 5) for our pension and then we shall start paying off all the mortgages as quickly as we can. In the meantime the rent from the tenants living in the BTL properties is paying the mortgage and giving us a bit extra each month to cover repairs etc.

Hope this helps - I am by no means an expert but if you have any other questions just ask away and I shall tell you how we do it - like I say I'm no expert and I'm sure there are better ways out there - but this way works for us.

I was really nervous about investing in property but I am now so glad that we have done it. I think about the houses we now have (2 at the moment) and stop worrying about the future. At least we know we will have something to live on when we grow old and grey

craftingmad

OK sorry for three posts in a row but its time for my update for 12th April:-

1. Cancelled several DD's for magazines, lotteries, warranties on items no longer required etc which will save a massive £42pm :j

2. Requested refund on unused magazine subscription - £27.50 cheque being sent within 28 days

3. Read electricity meter and requested credit balance be refunded - £140 to be deposited into bank hopefully on Tues

4. Wahoo Bingo - 83 stars won :T

5. Swagbucks - 63 earnt

6. NSD - :j:j:j:j

All in all - I feel like I had a good day yesterday with lots of money being saved or refunded x

Mrs_Money_Penny

Just came across your diary very inspiring. Have subscribed.

kirstypark

really interesting to hear about the btl mortgages, it is something i have thought of, but very nervous about. I did not realise you could do it without touching the equity in your own home, thanks for that.

By the way, have tried watching the ads on the nectar site to add to your points there. bit boring, but they add up quite quickly.

craftingmad

Hi all,

Update for yesterday 14th April:-

1. Sent for free wallpaper samples to use for crafting

2. Posted off letter to cancel Chocolate Tasting Club - £18.50 every 3 months = £6.17 pm saved :j

3. Wahoo Bingo - 33 stars won

4. Swagbucks - 11 earnt

5. Nectar Adpoints - 91 points earnt from watching ads

6. Cashed in left over holiday money - £1300 left (£500 of that I'm taking credit for) :j:j

craftingmad

Hi all,

Well things have been hetic here for the past few weeks hence no posts but I have been plodding on with the little things which will hopefully pay dividends in the future.

Updates will be commenced now.

For 1st May:-

1. NSD :j
2. Applied for £20 mystery shop

3. Checked free postcode lottery (not a winner )

4. Watched Nectar Adpoints - 82 points earned

5. Swagbucks 103/90 - target met 9 bonus bucks end month

6. Wahoo Bingo - 19 stars won

craftingmad

update for 2/5/2013:-

1. Sent off for free toothpaste sample

2. Wahoo Bingo - 20 stars won (at this rate I will be 86 by the time I win enough for a £10 voucher )

3. Swagbucks - 17/90 :mad:

4. Paid in money and cheques and transferred straight away

5. Used free parking in town - saving £1

6. Made 10 items ready for craft fair at weekend

newgirly

Hi crafting mad, I think I may have read your older diary? Love the new one especially the five a day and the 1% challenge, I think I might have a go at copying that , best of luck

craftingmad

Hi everyone (and thanks newgirly x),

well 5 a day for yesterday (3/5/13) completed:-

1. Nectar Ad points - 54 points earned

2. Wahoo Bingo - 13 stars

3. Freepostcode Lottery checked - did not win

4. Used a £7.50 coupon on craft stuff needed for craft fairs

5. Made 10 things for upcoming craft fairs

6. Swagbucks - 47/90 target :mad:

craftingmad

Hello, quick update before I dash off for a craft fair:-

4/5/2013

1. Swagbucks - 52/80

2. Sent for wallpaper samples for crafting

3. Wahoo Bingo - 45 stars won

4. Global Test Survey - 35 points added to account

5. You Gov Survey - 25 points added

Every little helps - I hope