The Final Countdown

tootallulah

I have paid £1000 off the mortgage this month and also added some savings so that I am ready to pay my tax bill at the end of July. August will be quiet and then big payments begin again in September and October when my next six months of rent from the tenants comes in. I am going to make it, I will be mortgage free this year. However I am going to move next year and to a more expensive area so a smaller house will cost more and I will no doubt have a mortgage again for a few years. Once the mortgage is paid off I need to begin saving ready to move.

beanielou

Sounding good

museumworker

So close Toots!

And new home sounds exciting. My sister is downsizing to flat in nicer area, so taking on a mortgage again. I've seen pictures of it and know the area, it's stunning and know she'll be really happy there. Sale taking an age though! Hope you find somewhere lovely too.

tootallulah

Thanks Beanie and MW. The new area is lovely but it looks like I will need to sell one rental to afford what I really want (hopefully something this time with NO WORK). If I sell a London flat I will also buy a wee house to rent out up here so that will be interesting. This month I have paid off £1000. Next month I get 6 months rent from one set of tenants, and in October the same from the others. My quid pro quo for this was a two year tenancy for both sets of tenants so I definitely will be having a mortgage at the next place for a while. They are great tenants though so it has been worth it.

tootallulah

Six months tenants rent and £1000 from me has bought my mortgage down to £6,000 - very close now, next month should do it when the second tenants pay their six months rent. Next I have to save like billyo for my tax bill at the end of January and then I think I can see myself as mortgage free. I am keeping £1000 on the mortgage in case I decide to move and want to port some mortgage along with me. I am oner 60 now and not too sure I would get a new mortgage.

beanielou

Excellent :j :j

Kittenkirst

Fantastic news about the mortgage being only £6k. The end is most definitely in sight

f0xh0les

I have returned the compliment and read your diary tonight. Wow!
You are amazing and I have no doubt you will be mortgage free by the time the clocks go back.

I also have learnt not to complain about my DH and his three sewing machines.:rotfl: He is showing obvious restraint.

Will subscribe and follow your progress.

tootallulah

Sold two sewing machines (£290 but haven't worked out fees etc) I am feeling in a bit of a dangerous mood where I could pay off my mortgage with some of my tax savings, leaving myself four months to save up for the tax which would be £1400 more than paying my bit of the mortgage over the next 4 months. I hope that makes sense it does to me. Rather than just do it I am going off to do a bit of tidying and have a think.

tootallulah

Actually only need to pay £5k not £6k as I am leaving my mortgage open in case I move next year.