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Urbanshyne

Moneyfordreams wrote: »

Well done for keeping focussed, have you managed to settle in job number 5?

I have thank you. I just hope I remain settled!

Urbanshyne

Hello,

So, a little update. Job number 5 this year is proving to be a goer, and with that I'm going to try and double my mortgage overpayments to £2500 a month. It's not going to be easy and I'm really going to be stretching myself some months to meet the payment but if I can at least manage somewhere above two grand I'll be very happy.

This should hopefully see me mortgage free by July 2020.

On a totally unrelated subject, does anyone know the best way to evict a nest of wasps from my attic?

Urbanshyne

The last couple of months have been great. I'm earning more than I've ever earned for work that is less demanding. I've got money in my pocket, the freezer's well stocked, and it's been a magnificent Summer. What more could a boy want for?

Well, funnily enough, I own a rental property which I've decided I'm going to sell next year once the current tenancy comes up for renewal and with the proceeds, buy a place in France, most probably in the Dordogne. If any of you have any advice on purchasing property etc in France, or just have your own take on the pitfalls and joys, I'd be very interested to hear them. I have no immediate intention of moving out there permanently, but I guess with time that might change.

But to matters that this forum is designed for. My mortgage.

Since March I've been putting aside my over payments in savings accounts because I'd reached this year's 10% allowance. That has now expired and I made a payment of £8521.10 on Tuesday which has brought my overall mortgage balance down to a little over £77,000. With savings of nearly £20,000, my net mortgage balance is £57,000. It's my hope to be around the £50,000 mark by Christmas.

I know I say this more than I should, but I read a lot of your blogs frequently and it's those that largely keep me on track. So keep posting and keep over paying. Big Up to all the MFW's.

gallygirl

Urbanshyne wrote: »

Well, funnily enough, I own a rental property which I've decided I'm going to sell next year once the current tenancy comes up for renewal and with the proceeds, buy a place in France, most probably in the Dordogne. If any of you have any advice on purchasing property etc in France, or just have your own take on the pitfalls and joys, I'd be very interested to hear them. I have no immediate intention of moving out there permanently, but I guess with time that might change.

Why now? Why change an income (or at least capital) generating asset for something which will cost you money for its upkeep (and probably a lot more than you think)? The exchange rate is rubbish and unlikely to change in the timescale you're thinking of and even if property is cheaper in France (dk if it is) it is a very expensive country to live in. I live in Spain and there are a lot of French folk around us, attracted by the lower costs of living (i.e. a cup of coffee is around €1.20-€1.40 instead of over €4 in France).

Also, unless you know the area really well, I'd recommend you rent at first even if you decide to move there. Your perception of what /where you want changes a lot when you're actually living there.

Sorry to sound so negative but we bought a holiday home 10 years ago in Spain and financially it was a very bad move.

Urbanshyne

2018 is my first full year of mortgage overpayment and the results have been good. By the end of this month I will have slashed a total of £22,000 off the debt, and including savings, my net mortgage position now stands at £51,000 give or take.

It wasn't easy, though. There were a couple of times this year when I was playing pennies to meet my minimum overpayment of £1250 a month. A series of unsuccessful jobs combined with work I didn't altogether enjoy, has now settled into a role I love.

The other big plus this year is passing my motorbike licence. Actually, I passed this week. And as a treat, I'm going to buy myself something fast very soon.

I wish you all a happy Christmas and the best for 2019.

US