Searching for Security: Our MFW Diary

Luckyinlife

yay thats great :]

I think weather you save the money or actually pay it of the mortgage each month both will save you money in the long term

I did think about saving for a few months at a time then hitting the mortgage with it so in the mean time it means i have cash if i need it and its there for when i wanna hit the mortgage with it i may even do this over the next few months myself still

great targets tho blue :]

Bluefire

I just need to keep reminding myself that the money in savings is technically mortgage money. There's not quite the same thrill putting the money in a savings account as there is paying it off the mortage!

Next year when all the regular savings accounts mature though will be brilliant, some huge overpayments ahead hopefully!

Luckyinlife

Ya thats it isnt it
youll smash that 18k i bet :]

Bluefire

Luckyinlife wrote: »

youll smash that 18k i bet :]

Hopefully at the end of 2016 yes! Just the 70k BTL mortgage to go after that... taking my time with that one though. Will be in need of some decent holidays by that point!

Luckyinlife

Ya i see. defiantly have a break and treat yourself :]

How do you find having a BTL ?
Personally id love to have a BTL or buy and sell on i see lots around me with potential and i can see where i could make a few ££ a year i am however going to concentrate on getting my mortgage down for the next 2 years till im 30 then look at buying to sell on or renting another place

Bluefire

Honestly sometimes it would be easier if we weren't landlords; we're on our 4th lot of tenants in 3 years & every time someone leaves there's extra council tax, utility bills and a hefty charge from the estate agent to get new people in. Renting wasn't our original plan, the BTL is simply our old house which we couldn't find buyers for at the time. At the end of the day I do realise other people are paying the mortgage for us so I can't complain too much. And in 17 years (as it stands) when it's all paid off that money is going to come in very handy in retirement, especially as I currently have no pension to speak of.

My main advice would be make sure that before you consider buying to let that if your property was empty for a length of time that you could easily cope with paying two mortgages and the additional bills. We went through a six month period without tenants once and things were tight. If interest rates had been higher at the time I think we would have struggled.

Luckyinlife

I know what you mean iv thought that if i ever went for the BTL route id make sure i got at least a years money in the bank.

I do prefer the idea of doing one and selling up as it would be more my kinda thing as im hands on kinda guy but thats just a long term idea iv always wanted to try it at least one day :]

guess nothing in life comes easy and is here to test us at times once your MF on BTL will you sell up or keep renting it for the regular income

Bluefire

I'd imagine we'll continue to rent for the retirement income. I'd love DH to be able to go part time at 50 & then retire whenever he wants to. The only way we'd sell would be if we decided to build our own house to retire into at 60+, which is a bit of a dream. It's a long way off though thankfully, we're only 30/35!

Bluefire

I'd been budgeting for the £400 product / valuation fee we need to pay for the remortgage to come out of our savings, but DH said last night he wants to take it from the rental account. The downside of which means we'll need to re-save the money we had put aside to pay the tax bill from the rental income, but the upshot is we have an extra £400 in savings that I wasn't counting on. £4400 left to save...

Luckyinlife

Ya im 27 now to so we both got loads of time to plan for when we 50+ well 20 years lol it will go to fast i bet
great work on the savings hay tax can wait till jan we pay it on everything anyway haha