£46k in debt.....at 24.

tootallulah

Hi YB I have two buy to lets and my own home. One btl is fully paid off, one has a small mortgage, the big mortgage is my own home. I am in my mid 50s and need to increase retirement income which is why the btl are being paid off (it isn't tax efficient but it works for me). When I take my pension the lump sum will drastically reduce the main mortgage.

Well done on the percentages. You will need a holiday though I would work out what you can agree to and get it booked in, three years of nothing but work is very tough.

11% in four months is excellent progress.

System

Hi YB!!! Just been reading your diary, you're doing amazingly. And you do housework??? Can you have a word with my OH?! :rotfl:

YoungBusinessman wrote: »

Iv been reading through an old 2011 thread from "mrsmcr" who doesnt appear to post anymore but she was in £518,000 of debt repaying £6,000 PCM!!

Woahhhhhh :eek: *faints*
I'm going to have to search for that diary!!! xxx

YoungBusinessman

tootallulah wrote: »

Hi YB I have two buy to lets and my own home. One btl is fully paid off, one has a small mortgage, the big mortgage is my own home. I am in my mid 50s and need to increase retirement income which is why the btl are being paid off (it isn't tax efficient but it works for me). When I take my pension the lump sum will drastically reduce the main mortgage.

Well done on the percentages. You will need a holiday though I would work out what you can agree to and get it booked in, three years of nothing but work is very tough.

11% in four months is excellent progress.

Wow, i need to keep you onside then you could have alot of useful advice for me once i kick this debt into touch. We are on a fixed rate for another 3 years when we will be (planning on) buying a bigger house for ourselves and renting this place out......Eventually to be used as pension income :eek: Along way off though....

I think il justify a holiday in the summer if i can get to 20/25% paid off....will be hard work to do that though :money:

YoungBusinessman

loopybecs wrote: »

Hi YB!!! Just been reading your diary, you're doing amazingly. And you do housework??? Can you have a word with my OH?! :rotfl:



Woahhhhhh :eek: *faints*
I'm going to have to search for that diary!!! xxx

Well.......i try :rotfl: she does most of it i must admit. Im very fussy and insist i do the washing up though....OCD!

https://forums.moneysavingexpert.com/discussion/1563577

Thats the thread, a bit misleading as assets of £900k debts of £581k at thread begining....asset rich cash poor.

Thanks for entering my thread folks, love the support.

gallygirl

YoungBusinessman wrote: »

We are on a fixed rate for another 3 years when we will be (planning on) buying a bigger house for ourselves and renting this place out......Eventually to be used as pension income :eek: Along way off though....

Stop right there . Why are talking about buying yourself a BIGGER house - so you have more room for 'stuff' - the 'stuff' you've just been selling? Even if you are planning on youngbusinessbabies do you actually NEED more space? Think very carefully - bigger houses cost a lot more to run, furnish etc. All of which cuts down on your savings rate and puts retirement further away. Do it by all means - but do the maths and see if you really want a bigger house that equates to '3 more years of work'.

YoungBusinessman

gallygirl wrote: »

Stop right there . Why are talking about buying yourself a BIGGER house - so you have more room for 'stuff' - the 'stuff' you've just been selling? Even if you are planning on youngbusinessbabies do you actually NEED more space? Think very carefully - bigger houses cost a lot more to run, furnish etc. All of which cuts down on your savings rate and puts retirement further away. Do it by all means - but do the maths and see if you really want a bigger house that equates to '3 more years of work'.

Bigger house as the one we are in is fairly small, wouldnt bring kids up here. This place was more of an investment, its a BTL we are living in until we can afford somewhere better. Why not let someone else pay the mortgage for the next 17 years that are left then draw income from it? I do however see where you are coming from!!

YoungBusinessman

Although once debt free im going to have a near £2k surplus PCM compared to now!! Crazy!

tootallulah

I didn't buy my first flat until I was 29. I then faffed around having a wonderful life until I was 49 by which time I had paid off the flat (by accident really) then I bought a house and five years later I bought my neighbours flat too. I was on this site by then and knew I wanted to retire early and renting out both flats and moving to live permanently in my house was the plan - I did all of that at 56 but found another job for the next year or so. You have plenty of time, this current stage will pass just make sure it doesn't negatively impact everything, life, work, relationship, family in your need to get it paid off fast.

YoungBusinessman

Sounds like you are doing well....you make a good point so will probably end up going away for a week this summer. How is everyone today? I'm grafting away....must try to work all day, need the ££££ rolling in!!

System

Keep grafting hun, it will soon be paid off!!!
I'm off to a 2-year-old's birthday party this morning... Think of me!! A room full of screaming children :eek: :rotfl: xxx