The three year goal of getting on the B2L Ladder!

Kayalana99

Hi guys, :j

First off, got no experience of this - going to read around and find out but I don't even no HOW to over pay on my mortgage. :rotfl: They take a DD out...so.

So straight to it here's the plan.

Pay £150 extra a month off - now we aren't exactly well off so this might be quite hard but I recently started a little business so the plan is to take some funds from here to help as currently I don't take a wage from it.

Result at end of three years to be;

Mortgage from 75,200 to £67,500/90k (its worth 90k now so hopefully that will increase but hey ho & 39 years left just finished our first year) According to the mortgage calculator that works out about right and means we would own 25% of the house...meaning we could re mortgage as a buy to let!

This means we still need a deposit for the next house... have 10k out on loan from my Grandad at repayment of £50 a month(the original deposit) interest only, so the plan would then be to hopefully borrow another 10k to pay the deposit on the 2nd house and change the current to a B2L.

Fingers crossed....we are now on the B2L ladder!

I plan on keeping this thread updated of our progress to keep me motivated and inspired.

Preferably we don't borrow any extra money from the deposit - but it means we need to save 10k in next three years so that's Plan A but plan B is to borrow if plan A fails....:o

For the month of March, I plan on having a good clear out selling anything spare so we can pay a good chunk off now and then start on £150 :-)

.....Rinse and repeat? ( I think this is good for tax laws as well as my Dad keeps going on about living in houses for 2-3 years and you don't pay capital gains tax but thats a whole other boat I know nothing about yet!)