This Time I'm Really Going To Do It

Watty1

Three months in and time for a reflect. Interesting how the diary has really helped focus me on this. And how frugal my mindset has become.

The mortgage has come down nicely. And I'm leaving part of it on the SVR although it is a horrid interest rate because it means I can overpay without penalties over the next few months.

And at the same time my riding confidence has grown. Now, I know that has nothing to do with being MF but it has sort of been a bit of a theme here. I've been spending money on lunge lessons and lessons rather than just saving because I really did mean it when I wrote some time ago I'd rather be a confident rider than MF. But it looks like I am on the way to being both:)

And I've made a new pal locally to go out hacking with. Horse has really grown up too. Last time we went out he was completely unfazed by all the rubbish bins...total contrast to three months ago when he refused to go anywhere near them. Was so proud of him.

All in all the last 3 months have been very good

EchoDelta

Fantastic positive post Watty

Watty1

Noted it took the bank 3 days to apply money taking from my account to mortgage. I guess thats how they make extra profit !!

Have been thinking that it is perhaps not quite as simple as just being MF. Also need to do some serious thinking about pension provision etc so will be looking into that as well now. Lordy look at me so serious these days. Whatever happened ??

Watty1

Researching pensions was really baffling. I've spent as much spare time as I can reading up and probably don't know more than when I started out :rotfl:

The reason for the research was that I have a stocks and shares ISA that would convert to about £20,000 which would make a lovely dent in the mortgage.

I'm keeping the cash ISA back as emergency savings and not counting that for the purpose of the MFW drive.

But that £20,000 is sitting there and I can't decide whether to cash it in or keep it so thought I would examine my pension pot to see how that was progressing. Not as well as I hoped but then I did start it very late:o

Am thinking on......

daisy_1571

Hi, just popping in to say we also had 20 grand in a stocks and shares isa about a year ago and I used to go round in circles trying to work out whether to pay it off our mortgage, keep it where it was or try to find some other way to use it to boost our pensions. Then one Tuesday lunchtime I saw a flat for sale in our local paper, viewed it on the Wednesday, bought it on the Thursday and sorted out a btl mortgage on the Friday using the 20 grand as deposit. A year later we have almost paid off all the costs, are beginning to use some of the monthly rent to pay extra to our own mortgage yet we still have the money in the flat in case we need it we can always sell it in the future.

Its sounds mad when I write it baldly like that but being a MSE you know i had looked into all sorts of options thoroughly and was in a position to move on that flat simply because we had a lump sum of ready cash. I worked out we would never have that kind of lump sum again (since it had taken us 20 years to amass it), the flat was such a good price I had no worries we might lose that money if we did need to sell, the flat would hopefully make a wee bit money for us over the next 8 or 10 years. If we had just paid it off the mortgage, the money would be gone and I wouldn't have felt we had got further "forward" if you see what I mean other than some figures dropping on a spreadsheet ? All i am saying, if i may be so bold, is think about it, dont just shove it all at the mortgage if you can do something more with a lump sum like that.

well done with all you have achieved so far, been an interesting read to catch up with your diary

daisy

gallygirl

daisy_1571 wrote: »

Then one Tuesday lunchtime I saw a flat for sale in our local paper, viewed it on the Wednesday, bought it on the Thursday and sorted out a btl mortgage on the Friday using the 20 grand as deposit.

Yay, someone else who accidentally bought a house :beer:.

I would consider that as well Watty. Like Daisy has said, you could pay it off your mortgage and it's safe but gone. I took a punt years ago, continued, and now hopefully will be retiring at 55 with 20k+ rental income and all mortgages paid off (that's where we've bunged our savings) - or at least having savings equivalent to mortgages.

I really wish someone had given me btl advice earlier though and I'd be gone by now :eek:.

Watty1

Daisy and Gally Girl you are both brillant :T You got me thinking so thank you.

Now, out hacking yesterday I passed a lovely old building that I've always loved but felt needed a facelift. Well its up for auction. Came home and downloaded auction details. Its an old Victorian school house, and its guide is £150,00 to £200,000. Desperately in need of rennovation. And, I think a good buy at that as .....Mr Watty is very skilled at that stuff ....and has even mentioned he would like to do up a property when retired and then rent it out. Oh and I doubt this is rentable out - its a large detached in a rural area and would be a just lovely family home but I cant see why anyone would rent it where it is but done up would, I think be a nice saleable house turning a profit of around £50,000 to £70,000 if my back of the envelope sums are approximately in line.

Now not the right time to buy - but - my thinking is that if Mr Watty is serious then that ISA can be the deposit and can (hopefully) continue to grow until we are ready for it.

So, there is a plan of sorts and a decision made to just leave the ISA for now. :T So, a deposit for future plans sorted, and we have emergency savings sorted so now its just scrimp for overpayments.

gallygirl

Come on Daisy, work on her, accidental houses are the best :j :rotfl:.

Watty, glad we've got you thinking outside the box :T. Please post details so we can lust over it (and maybe even buy it.....).

Watty1

:rotfl:You are making me laugh with this *accidental houses* bit. I'm not quite sure what one of those is but I have a fair guess it is one you didn't mean to buy. How on earth can that be???? :rotfl:

Went for a coffee with pals today - one pal had a discount card and the other bought the coffee. Lovely to sit and gossip for a couple of hours and escape house where Mr Watty is nursing poorly dog. Dog had operation Tuesday and is still clearly very sorry for himself. £1229 bill :eek: Hoping insurance pays out but so far they have said it amounts to 3 seperate claims so 3 excesses and they are not going to cover dental work. Will have a chat with vet on this at check up tomorrow.

And saddler came out with Baby's saddle. Nicely rebuilt. £400 bill :eek:. And a warning that if grows more it may need further adjustments in 6 months. Have given baby stern talking to about the growth stuff and asked him to refrain from standing in muck heap and eating greens. Me thinks he was not listening :rotfl:

And I am thankful for a free coffee :T as at least there was some saving there!

EchoDelta

Oh my what a string of expenses you've had! :eek:

Hope that your dog is doing okay? Poor thing.