Nice people thread part 8 - worth the wait

Spirit_2

Ours is £1059 pm. Repayment. 26 more payments to go.

lostinrates

Our mortgage is bigger than Michaels and smaller than ndg's. we are repaying not interest only. my head is thumping and I have lost my torn envelope with the figures on now.

We've also ploughed another six figure number in to the north side (so kitchen, indoor loo downstairs, and the study. We added working klargester so we could go to the loo without causing environmental disaster. Oh, secured the planning for the four bed and one reception room extention and the business development of the other bit.

Not sure what else we have done that might have added value.

michaels

PasturesNew wrote: »

No!!! It doesn't. Here I sit, cramped in a converted garage with swirly artex walls that look like they were painted in nicotine yellow..... so no, no it doesn't help at all

And I earned under £4 today

I probably shouldn't suggest this but how about a little white lie that you are buying a buy-to-let (when really you are planning to live there) and thus for some companies your income will not be a factor - then put in 75% of your own money, borrow what you feel comfortable with paying a month on interest and you have some capital left to live off while you wait for your income to build meanwhile saving each month because your mortgage payment is lower than the rent you pay now.

I've no idea if mortgage companies check up on rental agreements but when we last had a btl 5 years ago they never did.

lostinrates

Spirit wrote: »

Ours is £1059 pm. Repayment. 26 more payments to go.

Are you getting excited? I would be.

michaels

Spirit wrote: »

Ours is £1059 pm. Repayment. 26 more payments to go.

26 - each time that ticks down by 1 month you must :j

lostinrates wrote: »

Our mortgage is bigger than Michaels and smaller than ndg's. we are repaying not interest only. my head is thumping and I have lost my torn envelope with the figures on now.

We've also ploughed another six figure number in to the north side (so kitchen, indoor loo downstairs, and the study. We added working klargester so we could go to the loo without causing environmental disaster. Oh, secured the planning for the four bed and one reception room extention and the business development of the other bit.

Not sure what else we have done that might have added value.

My D Sis and D Bro-I-L are in a similar business to FIR (and in fact even more similar to the NDGs) and they swear by their offset due to the punishing tax rate and the need to pay tax once a year.

Currently mine is offset but fuly drawn as DW earns more in tax free interest than we pay n the mortgage - in fact we probably almost break even on the mortgage at the moment from the rate differential. However if the investment goes through the money will have found another home for a while. Got the first set of drawings from the architect today. He has put new build on the right place on the site but gone with a different floor plan to my suggestion and I can't see why his is 'better.

lostinrates

michaels wrote: »

26 - each time that ticks down by 1 month you must :j



My D Sis and D Bro-I-L are in a similar business to FIR (and in fact even more similar to the NDGs) and they swear by their offset due to the punishing tax rate and the need to pay tax once a year.

Currently mine is offset but fuly drawn as DW earns more in tax free interest than we pay n the mortgage - in fact we probably almost break even on the mortgage at the moment from the rate differential. However if the investment goes through the money will have found another home for a while. Got the first set of drawings from the architect today. He has put new build on the right place on the site but gone with a different floor plan to my suggestion and I can't see why his is 'better.

If their method of payment is more like ndg they might have more flexibility than fir's paye. We, er, he, cannot even salad sacrifice.:mad:

The plan was for him to invest some capital in the business this year. But money is running light again....we spend it like rain through our fingers ATM.:eek::mad: the ability and very real need for us to use his income as investment for the business is there, but at, we just cannot make it available because it has prior demand for other things.

Offset seems great when the other spends aren't so great. ATM with so much going into the house. (Say another 25 in property improvements, oh, no hang on heating, say 35 k) I'm not sure it quite makes sense to offset because their is little left to set off against anything . If we lived in a non fixer upper it would make much more sense I think. We have the benefit and drawbacks of self assessment and paye.

Note to self, need to factor two new trees into my household budget, cannot put it off much longer...

misskool

we pay the least in mortgage so far but we have another 23 years of payments to go

HAMISH_MCTAVISH

lostinrates wrote: »

We, er, he, cannot even salad sacrifice.:mad:..

I know what you meant to type but I :rotfl: anyway.

vivatifosi

HAMISH_MCTAVISH wrote: »

I know what you meant to type but I :rotfl: anyway.

Oooh, I didn't catch that. Fab spot Hamish.

To !!!!!!!ise Shakespeare "for that was in her salary days when she was green of judgement"

Sorry but that's a brilliant lirism.

lostinrates

HAMISH_MCTAVISH wrote: »

I know what you meant to type but I :rotfl: anyway.

I sacrifice salad all the time.

Hamish, are you off the bottle still? I am meant to 'avoid' alcohol on new pills. I've thought a fair bit a bout summer cocktails for the last week.

Lol...it's bad tonight, innit! It's the air pressure...it's too much for my skull, pressure within, pressure without. I barely moved all day...it's going to be a bit of a week for my head