It's a sprint not a marathon!

try_harder

Wow great overpayments especially as you had to pay for roof repairs ,well done .

PusscatT

Thanks greent and try harder, yes it's a pain when you have to shell out for house repairs whilst making overpayments. The tenants don't pay extra to make up for it!

The tax changes are catching out a lot of people. I was pleased to see an advisory leaflet in my BTL mortgage statement a few week's back, outlining exactly what's happening and how you could be affected. Although we're clued up on the changes and how they affect us (well me, really as DH is a lower rate taxpayer so no difference for him), many don't and will get a nasty surprise come next year's self-assessment.

pennystretcher

Keep up the good work! It'll be worth it in the end. Can't wait for my MFW date which at the moment should be Feb 2018. (Tied in a deal that ends then and currently doing a round robin in savings that have better interest than paying off mortgage, patience, patience )

PusscatT

Thanks penny. I made an overpayment today of £1703.04 which was an attempt to get the total owed to an even number, but was scuppered by something and it's still an odd number! It doesn't matter but wanted to be at a straight £124k. Ah well, it does all count!


I've set up my new SIPP and that starts in a couple of days so I will at least get a month of tax rebate before the end of the financial year. It also means that if something wonderful happens and I land a stack of money from somewhere, I can now carry the rest of this year's pension allowance over for up to 3 years. Not expecting anything but maybe there's a rich, long-lost uncle hiding somewhere!


Still doing well on not spending too much. Day to day I don't spend a lot, no coffees or bought lunches but I've got some stuff to do on home which means I'll be paying out for more building work. Head down, nose to the grindstone and all that!



Penny, Feb 18 for MFW is great. So close...!

Pusscat.

try_harder

Thats a great overpayment in just over 6 months and well done on the car insurance ,what a difference in price.

PusscatT

So, missed an overpayment in April due to bills at home, but just made a £1500 overpay today! New tenants move in the cottage in a couple of weeks and we're coming up to doing the gas safety check etc so there will be a few additional costs over the coming weeks. Really pleased that we have no void period between tenants as this really eats into our savings and reduces the amount available to overpay. I think with a real push over the next couple of months I can get the mortgage below £120k, which is just over a 50% loan to value. Had a small pay increase at work so that's going towards the mortgage, I will not spend it on handbags!!

PusscatT

Well things went a bit pear shaped with the new tenants, but now have new new ones in the cottage so money coming in. Made an overpayment of £1500 today, bringing the total down to just under £121k. We thought we were going to have to replace some of the windows (at vast expense because it's listed and in a conservation area), but my lovely joiner is making new sills and some minor repairs. Don't have a price yet but it'll be far less than replacements and a lot less hassle and paperwork!
Money saving for the overpayments is hard at the moment. It's holiday season and insurance renewal as well as gas safety check time. All should be well and I'll shop around for the insurance but could really do with a lump sum from somewhere to help me along!