Im going to get rid of this mortgage

TheFactory

Hello again!

Im officially designating myself a PDP - Pay day poster - because guess what???..... ITS PAYDAY! Yaaay!

So whats happened this month?

Well I have had to get glazers out to my property to fix a window which was £120 and I also need to organise another repair but other than that its going fine and the tenants seem to be behaving themselves so im happy there. They have had a baby and turned one of the rooms into a nursery according to the management agency which I suppose is nice and might signal the fact that they want to be there long term, any they are welcome to at the moment.

I also had my best friend stay for a week, that turned out to be a very boozy expensive week so I spent a bit there but I allowed myself as ive been so tight for the last 6 months.

I have got a new mortgage with The Halifax, I have 91% LTV according to them so I couldn't get a BTL just yet, had to settle for CTL with 4.99% + BOE rate which I know is extortionate but I had no choice - I took it because it has no early repayment charge and no limit on over payments which will enable me to hammer this mortgage down whilst the interest rate is low...

So with that in mind I have looked at what I have this month and I have paid £1100 off the credit card!!! yay! that leaves my unsecured debt at just £956.31 now - which I think I will be able to close at the end of July. I have found it easier and easier to pay things off as ive paid things down and its all snowballed.

I also now have £750 in my emergency savings, which is more like what I need as I am a Landlord after all, that will creep up to an acceptable level for my comfort (probably £1500). I have £400 in Liquid savings as its my birthday in a couple of weeks... (I don't wana be 28!!!!, im not ready yet!) so ill have that as a cushion.

So thats it, more progress and closer to my goals!

resilie

I like the idea of being a pay day poster- that's what I have to do as that's the only time any money comes in and I'm too embarrassed to admit to all the spending during the month... :-(

TheFactory

resilie wrote: »

I like the idea of being a pay day poster- that's what I have to do as that's the only time any money comes in and I'm too embarrassed to admit to all the spending during the month... :-(

Me too! and guess what?... its PAYDAY!!!!! :T:T:T


Its been a relatively expensive few weeks, I had some repairs done to the house, we had my 28th birthday which involved lots of :beer: in Mathew Street, Liverpool, me and the mrs have booked a cheapo holiday to Normandy this month and have collected all our spending money. My life long best friend has found himself in a bit of a pickle so ive lent him £500 so that was a bit of money I was expecting to be spending this month but he ho, friends in need and all that...

I do however have some great news.....

after paying my last £1000 off my credit card today I am officially UNSECURED DEBT FREE!!! and I just took great pleasure editing my signature to remove all my debt goals. :A

So now im debt free (5 months earlier than my target of December 31st) I can finally get to the task of what I originally joined this forum to do - pay down this mortgage :eek:

So im going to edit my targets, it was 90% LTV for 2013 but my house has enjoyed a nice rise on Halifax's indices and is now at 90.77% LTV. I think im going to say 86% for the end of 2013.

So all in all, im pretty happy and excited for the future - I am getting to like all this property malarkey, it may be a future career for me . :think:

exarmydreamer

Hi, Just read your diary. Well done on taking charge of your debt and starting your mortgage free journey. We used the LSAP advance as well and repaid it on my medical discharge and husbands retirement after 17 yrs and 22 yrs respectively. It was a huge help but was only £7K when we borrowed and came out of husbands lump sum. Good luck moving forward.:)

TheFactory

Thank you exarmydreamer! You look like you have been doing well with your mortgage!

I just popped in to say hello and wondered how you lovely people are doing? I know I don't get many stopping by on my diary but I thought id say hello.

I have finally got myself into gear and registered for self assesment - im not looking forward to that at all - all I hear is scary things...

I also have made an appointment with my Tenants for an inspection, I havent met them yet as I have a fully managed service with the EA. the train tickets were not cheap at £90 return but I suppose it is Reading to Durham.

I have also been obsessing over spreadsheets again, my mrs saw a mug that said I spreadsheets and she was saying look, its you! the problem ive been having though is seeing the numbers come down is highly addictive and I find myself wishing my months away to payday - not a way to live at all! I need to chill out with it a bit more I think...

In down at the Ageas bowl in southampton today for a bit of T20 action - I hope the weather holds but I do have my water proofs with me!

TheFactory

I have just had my monthly duty report from work - I worked 245.5 hours in July! - thats a serious overtime payment for the end of this month, possibly even as much as £2000 if my sums are correct!

Oh and my mate who I lent £500 to just fell off his bike and broke his arm, I imagir it doesn't look great for getting that back at the end of the month at the moment as I suppose he will be out of work for a bit.

ixia

Congratulations on becoming debt free!!

Good luck with the mortgage

newgirly

Hi, just read your diary and wanted to wish you luck

TheFactory

Thanks ixia and newgirly, ill have to check your diaries out.

Tbh I was going to make my last post on here my last post full stop as I thought nobody was really interested and if thats the case I could keep my own diary private on my own computer!

wildcherry

Hi,

I've read your diary a few times but I am a forum lurker I'm afraid, and rarely post!

You are doing fantastically well on your journey to being debt free. I do hope you continue to post, I enjoy reading even if I don't much (ever!)