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Here I go again....

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
10 replies 1.3K views
gaffelgaffel Forumite
80 Posts
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
I cleared my main house mortgage a couple of years ago. The joys of being debt free were great. I did extensions on the house, did it up (all through savings), spent £50k putting my daughter through uni (at least 6 years before next child goes!) bought stupidly expensive jewellery, bought a stupidly expensive car - my only debt now, and lived a great life LOL. Thankfully dd about to graduate - phew! She could not get any grants and only got a tuition fees loan (12k in total so at least she is not hampered with huge debts - one day she may thank me!).

However, my offer on a house has been accepted today!. I plan to use this as an Airbnb/short-term rental. The mortgage is planned for 20 years (initial approval but clearly we have to do all the details). I hope to use this house as a supplementary pension income, and also as an alternative income source. Currently, I and my partner have our own business and I would like us to be less dependent on it should anything happen. Also, we have little to no pension (other than state pension in 2 countries - which would, at today's rate, give us 1600 a month each). I do hope to build up 2-3 rentals, and I hope to retire early!

So I shall shortly be joining the ranks of mortgage-free wannabe's with a starting mortgage of c.164k! (Cannot decide how much cash deposit to put down - whether to get an investment mortgage or remortgage our current home - in ROI so investment mortgages are scary dear). All to ponder in the next few weeks.

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2
Number of children in household......... 2 (DD back from UNI but not included)
Number of cars owned.................... 3 (I know I need to sell my old one, get rid of silly expensive one)

Monthly Income Details

Monthly income after tax................ 1757.94
Partners monthly income after tax....... 1757.94
Benefits................................ 2000 (this is estimated rent)
Other income............................ 1000 (we take a dividend yearly have guessed this in)
Total monthly income.................... 6515.88


Monthly Expense Details

Mortgage................................ 813 (this is estimated new mortgage, might be cheaper)
Secured/HP loan repayments.............. 765 (yes... I am paying that on one silly car - going to trade down, we don't need 2 cars so deciding what to do, not sure how I walk away from PCP 18 months early).
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 36
Gas..................................... 0
Oil..................................... 50
Water rates............................. 0
Telephone (land line)................... 63
Mobile phone............................ 0
TV Licence.............................. 20
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 1000 (this is probably hugely underestimated, if I pay its 150 a week, my dh, 450 a week.. no I'm not kidding)
Clothing................................ 200
Petrol/diesel........................... 400 (we live rurally but may get rid of 2/3rd cars)
Road tax................................ 25
Car Insurance........................... 0 (business pays)
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0 (WHOOOOOPS not got any insurance just realised!)
Life assurance ......................... 25
Other insurance......................... 235 (health)
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 250 (I do this as a hsbc monthly savings0
Emergency fund.......................... 0
Total monthly expenses.................. 3922



Assets

Cash.................................... 53859
House value (Gross)..................... 500000 (both current and new included).
Shares and bonds........................ 0
Car(s).................................. 63000
Other assets............................ 10000
Total Assets............................ 626859



Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 164000...(813)......0
Hire Purchase (HP) debt ...... 48000....(765)......0
Total secured & HP debts...... 212000....-.........-


Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Not included CC as its paid off each month


Monthly Budget Summary

Total monthly income.................... 6,515.88
Expenses (including HP & secured debts). 3,922
Available for debt repayments........... 2,593.88
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2,593.88


Personal Balance Sheet Summary
Total assets (things you own)........... 626,859
Total HP & Secured debt................. -212,000
Total Unsecured debt.................... -0
Net Assets.............................. 414,859


Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
Investment mortgage, 164k July 2038 MF date.

Replies

  • gaffelgaffel Forumite
    80 Posts
    So why am I posting here? To keep me on track, to clear the mortgage asap, to potentially get 2 more rentals set up and plan for retirement.

    I currently have been quite lax in earning out of business money. I do linked finance, but nowhere near enough and I have the guts of 50k sitting in a bank account earning nowt! I have started a pension through company and it pays 15% and we pay 15% hence our slightly lower take home.

    We take a dividend each year - it will probably be about 10k this year - this allows us to pay PRSI (NI equivalent) and will entitle us to a pension if we do this for 10 years in ROI. We work in the UK and will both have full state pensions in the UK. My old employer sent me a pension statement, I will get £250 a year lol! The new business one is only just set up a year and with peoples pension. I realise it's VERY late (I'm 45) to be setting up pensions hence the move into rentals.

    We live near a tourist village which is booked out every week of the year, hence the short term rental plan. I have studied the AIRBNB rates for a year for this village and know with the 8 beds we can get, £250 Fri/Sat and £150 midweek and every weekend should be about 90% booked and if we go low in the week should get that 60% booked. On those booking, we should get £3.9k per month, but I have forecast 2k. I intend to go cheap in the first year to build up ratings etc, also intend to use cleaners etc to take net down. The worst case scenario is we just cover mortgage with short-term and if we are only doing that, we can long term rent it for £1500 a month. My plan would be to build up another 40% deposit within 12-24 months and buy a 2nd one if this one works.

    I have not decided how much of my cash if any, I should use on the deposit. If I go investment route mortgage is 5% plus I would need 30% deposit. I can remortgage our home at 2% and no deposit. This leaves me the option of keeping current cash available for a 2nd property once I am confident I have the right formula. If I have got this wrong, I would just use case to clear off the mortgage and then work on clearing it like mad. The idea is to give us additional income in 15-20 years time, this is the master plan.
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
  • gaffelgaffel Forumite
    80 Posts
    I am doing this now as DD has just finished Uni. I was paying about 12k a year when she was at it (ended up being 4 years).

    My first plan is to insure this house! In doing this I realised it lapsed 2 years ago.

    Then get rid of my silly expensive Jeep. I'm not even a car person. I have had it 18 months and still not sold my old jeep (6 years old) which has been sitting on the drive/driven by eldest son (hangs head in shame). Our youngest is off to secondary school so now we only really need 1 car and my husband has a very lovely one (bought cash a few years ago). Its 4 years old now so we might just get rid of all and get 1 nice car for all of us. To be pondered... I like jeeps, he likes saloons...

    I have told him we are on a serious cut down on shopping. We can get our shopping down to about 150-200 a week when we budget.

    I need to kit the house out, I intend to make it a luxurious rental so won't skimp on the finish. I've looked at the market and the local village is full of two types of renters. The Hen/Stag weekends and the middle class/retired walkers. I am to go for the latter as more all week rental and less damage. Stag weekends will be an absolute no but will accept hens for weekends. Again they tend to pay more if it's fitted out nicely and luxurious. Thankfully we sell home furnishings so everything will be at trade and from stock so that will help!
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
  • gaffelgaffel Forumite
    80 Posts
    This is my 'planned' budget with a) selling old car & replacing/getting rid of fancy car, b) cutting food budget down

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 3

    Monthly Income Details

    Monthly income after tax................ 1757.94
    Partners monthly income after tax....... 1757.94
    Benefits................................ 2000
    Other income............................ 1000
    Total monthly income.................... 6515.88


    Monthly Expense Details

    Mortgage................................ 813
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 36
    Gas..................................... 0
    Oil..................................... 50
    Water rates............................. 0
    Telephone (land line)................... 63
    Mobile phone............................ 0
    TV Licence.............................. 20
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 750
    Clothing................................ 50
    Petrol/diesel........................... 200
    Road tax................................ 15
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 20
    Contents insurance...................... 20
    Life assurance ......................... 25
    Other insurance......................... 235
    Presents (birthday, christmas etc)...... 100
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 250
    Emergency fund.......................... 0
    Total monthly expenses.................. 2667



    Assets

    Cash.................................... 58859
    House value (Gross)..................... 500000
    Shares and bonds........................ 0
    Car(s).................................. 10000
    Other assets............................ 10000
    Total Assets............................ 578859



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 164000...(813)......0
    Total secured & HP debts...... 164000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 6,515.88
    Expenses (including HP & secured debts). 2,667
    Available for debt repayments........... 3,848.88
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 3,848.88


    Personal Balance Sheet Summary
    Total assets (things you own)........... 578,859
    Total HP & Secured debt................. -164,000
    Total Unsecured debt.................... -0
    Net Assets.............................. 414,859


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.


    With this I should be able to get a 2nd property within 12-18 months (summer rentals are most so ideal time would be next May but that may be too soon).
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
  • gaffelgaffel Forumite
    80 Posts
    Well, I logged into LinkedFinance (P2B lending) and had 160 euro cash there available so I resent it on 36 month loan at 10.5% fixed. My main issue with them is it has become so popular the loans are getting filled in seconds, literally! Everyone appears to be on auto-bid but I prefer to go through the company personally rather than auto-bid. I live in ROI so can't lend on UK ones.

    I have had 73 loans, only 1 50eur one defaulted and is paying back over 10 years.

    I'm averaging about 10% return on these and really should up and put in about 500 a month. I think I will just play for year or so whilst I focus on investment property, then once I have 1-2 up and running put spare cash into this. My priority is to get 2 rentals up and going. Then pump money into P2B and clear down their mortgages. My target is all mortgages to be cleared by 60 (15 years - this could be a long diary lol), then just live on the income.
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
  • TropicallyTropically Forumite
    427 Posts
    Fifth Anniversary 100 Posts Name Dropper
    ✭✭
    I rent out a room in my house on Airbnb and LOVE it. Just a few thoughts:

    * Airbnb takes fees of 3% from each booking, so you'll get less than the posted amount.
    * Nearly everyone wants late check out and early check in. I have to have a day gap between bookings to accommodate cleaning. People only ask for this one or two days before arrival. The day gap means that I actually have 2 nights a week when the room is not occupied - the day when people do a late check out, and the day after to clean and re-set.
    * Cleaners will not clean as well as you would like them to.
    * Who will do the laundry? The amount of laundry required is the part about hosting that surprised me the most. Do you have a dryer? I can feel overwhelmed by the amount of laundry required to host two people, and with 8 beds you could be hosting up to 16.
    * Have you included additional bills associated with the new place? People will be harder on your utilities than you would be.
    * You will want insurance and it's more expensive for a short-term rental. Has this been included in your budget?
    * Do middle class/retired walkers regularly travel in a group of 8 and do they use Airbnb for their bookings? After a year on Airbnb, only 4 of my guests have been over the age of 30 (totally different situation - renting a room in London). On Airbnb forums, these groups also tend to be the ones with highest expectations, and most likely to review poorly. Though this is a biased generalisation.
    * Where is your budget for the outlay associated with kitting out the house?

    I think you should have two separate SOAs. One should be for the rental property alone, and then the "Amount left after debt repayments......" line should feed into your personal SOA. I don't see from reading it that you have taken account of all the expenses associated with the Airbnb.

    That said, Airbnb has been a very rewarding experience and I would highly recommend it. We've had nearly all lovely guests and I have been researching how to get a second property to let out.
    Mortgage started at £318,000 in June 2016. Original MF - 2041 :eek:
    2nd Property Mortgage at £275,000. Mortgage free: 2049 :eek:
    Total OPs: £29529
  • gaffelgaffel Forumite
    80 Posts
    Hi Tropically

    Thanks for stopping by and your thoughts.

    1. The actual potential income (if 100% booked) would be 67600. I've put in 24k which is 35.5% so I think that is fairly prudent and was accounting for their fees/cleaners in that. I have a few family members doing the same in that village and they are between 75% - 95% booked (the 95% ones have 3 properties and have it listed everywhere). The worst case scenario I long term let it for 1500 a month, which would easily cover mortgage and maintenance. I'm aiming for 90% of weekends and 1-2 days a week as a realistic target giving 32-40k so 24k was net of those fees.
    2. Yes, I know I need to consider all the extra bills for that rental and you are right a separate SOA would be useful. Will work on it! It was quite confusing doing both.
    3. My son currently does an airbnb in next village (where we live) so the plan is for him to manage it, do cleaning etc so I also need to negotiate with him to run it (or I have a cleaner myself who would do it - realised never put her fees in my SOA....). We live rurally and everyone knows everyone so I'm not overly worried about that aspect. Worst case scenario Mr Gaffel can do it! Just asked cleaner (she turned up mid post) and she was telling me the 'cleaning rules' for this village. You pay by house and not by hour - at least 70 euro, laundry fees on top.
    4. Sorry, I should have been more specific, it's not 8 bed its sleeps 8 (possibly 10/12 but I don't want to cram it). There are two very large bedrooms and two large sitting rooms. Both bedrooms currently have 2 double beds in them. My plan is to have one as a 'master', the 2nd one keeps a double and put in bunks so a 'family' room, put a double sofa in one sitting room. If I went heavy for the 'hens' I would put 3 singles in sitting room, 3 singles in master, 4 singles in other bed and a double sofa bed in remaining sittingroom - giving me 12 - and more weekend income but losing midweek walkers. This is another option to be costed out. Some of the cramming in that goes on in the village is ludicrous! and yet, they are booked...Hens pay about £25-35 each per night for 2 nights - depending on location and fit out. Our location is beyond superb - 60 seconds walk to the main street - some are a taxi ride away.
    5. My son has suggested (and I need to look into detail) at weekends offering just as 8 for the higher price. In week offering whole house or one room - by putting locks on others. This would attract the walking couples, but bring in less - but higher rental. Will work out two scenarios.
    6. As for washing my son currently pays by mother to do all his, I could do this or use the local laundry. I planned to have at least 2 sets of linen so it could be 'turned' quickly. I also have a van (whoops forgot that as well) so easy enough to turn up with fresh sets, take dirty then use laundry/mom etc. I will find out laundry fees and factor in - I use a local laundry for my business and she is very reasonable and turns stuff around for me in a day. Spoke to cleaner (who will do it) and she sys 3 sets of laundry if going for mid week rental as laundry in village flat out.
    7. Tax, tax tax. Need to speak to my accountant and ensure we don't get landed with 50% tax on this. We keep our wages low to avoid high personal tax.
    8. The location is quite unique. Medieval village, on mountains, which becomes a hen party mecca EVERY weekend. After bidding on several houses I feel quite lucky to have this one, its RIGHT in the centre and is in immaculate condition. My weekend rentals are pretty much guaranteed. Most of the rentals in the area are 90% booked every weekend, but keep their prices high and get nothing in the week. My plan is to drop right down and attract that extra walker income.
    9.Re late check in. My son is in next village (so nowhere near as popular, no hens just walkers), and he is about 75-80% booked (was 90 in June). He is quite strict on check in/out when he has guests and gives himself a 4-hour window to turn it around. I would be strict on this as well.
    10. I have not set a budget for kitting out the house. I will sit down and work on that. I do have 58k cash sitting in a bank so can afford a decent kit out, and I want it to feel very John Lewisy... (but fair trade... and eco...)
    11. I am contemplating putting in a jacuzzi - this would ensure I was guaranteed every weekend rental and would help with mid-week. I need to way up the costs (both initial and running) with the additional income.

    I have, overnight, decided to keep the cash I have and get 100% of price as a remortgage on our personal house. For several reasons - Brexit could hit our business very hard, very very hard. Its another main driver in this alternative income search. This leaves me able to bid on another one early next year and have two on the go. Once we have two we can then focus on paying them off/P2P lending.
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
  • TropicallyTropically Forumite
    427 Posts
    Fifth Anniversary 100 Posts Name Dropper
    ✭✭
    It sounds like there is lots of good advice and you have asked your neighbours lots of similar questions, that's excellent! I think you will do great. When I put our listing on Airbnb, I put it up on a Thursday night and on Friday morning I had my first booking for Saturday morning! It was terrifyingly quick! How great to have the family support.

    The locks on each door thing is pretty common. You could also even get coded locks so that you wouldn't need to be there when people are checking in. This could be useful if you have a few people checking in on one day and don't want to stay there the whole time.

    I have thought the same about buying a new property by unlocking cash in my main residence. There is such a big difference in interest rate!

    I have no doubt that this will be fruitful for you, and it can really be what you make it, which is excellent.
    Mortgage started at £318,000 in June 2016. Original MF - 2041 :eek:
    2nd Property Mortgage at £275,000. Mortgage free: 2049 :eek:
    Total OPs: £29529
  • gaffelgaffel Forumite
    80 Posts
    Got a little proactive and realised I have 42keuros sitting in my 'emergency account' earning £5 a year. Yep that is what it earned last year! Not very MSE at all! I also have 2750 in a HSBC saver about to mature (will at 3k next month), 3k in isa, 8k in a 0.1% savings account, and about 5keuro in a current account earning nowt. So time to get a little smarter! Wages about to go in so about another 1k to go into savings.

    Just applied for a first direct current account, I have to put in 1k per month - but that's ok I can split my wages any which way I want. I will get a gift worth £170 (will get a Polaroid camera for my dd, she asked for one for her bday) but more importantly I will use their monthly saver's account - 5% on £300 a month. I am doing this with HSBC - 5% on £250 a month. I will then open same for mr gaffel and get another £300 a month saved. Yes, this is only 5% but it leaves me with cash should I need it (lose the extra savings but at least there for emergencies).

    Will have a toot around at other accounts and see if any other decent savers about.
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
  • gaffelgaffel Forumite
    80 Posts
    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Monthly income after tax................ 3372.2 (I have worked this out based on a 10 bed rental, booked 90% of weekends and a 2 bed rental booked 1 day in the week).
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3372.2


    Monthly Expense Details

    Mortgage................................ 1165 (mortgage company will only give us 17 years due to age so higher than anticpated).
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 775.606 (this is 20% of income to give to son to rent/clean place + 3% AIRBNB fees).
    Council tax............................. 0
    Electricity............................. 100 (this is to include laundry fees - I will install a mega washer in our business unit & dryer and do from there - worked out to be the cheapest. Capital input but will be fine).
    Gas..................................... 0
    Oil..................................... 50 (our current oil, not sure on age/state of boiler so could go up/down)
    Water rates............................. 0
    Telephone (land line)................... 25 (just checked latest available broadband/phone deal in area - will not put in phone, just wifi for guests)
    Mobile phone............................ 0
    TV Licence.............................. 13.33
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 0
    Clothing................................ 0
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 20
    Contents insurance...................... 20.60
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 2198.94



    Assets

    Cash.................................... 0
    House value (Gross)..................... 187000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 187000



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 187000...(1165).....0
    Total secured & HP debts...... 187000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 3,372.2
    Expenses (including HP & secured debts). 2,198.94
    Available for debt repayments........... 1,173.26
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 1,173.26


    Personal Balance Sheet Summary
    Total assets (things you own)........... 187,000
    Total HP & Secured debt................. -187,000
    Total Unsecured debt.................... -0
    Net Assets.............................. 0


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.


    So this was my first attempt at a SOA JUST on the property. Its clear that I should ram the beds in and go for 12 bed at weekends, most 12 beds are getting 900-1200 per weekend, I was putting in 500 per weekend so grossly undervaluing. My issue is just one bathroom at present, I think I can put an extension on a current extension to make the 2 upstairs bedrooms both ensuites making it 3 bathrooms. There is a current extension there which has kitchen and downstairs bathroom so it would just be making it 2 storey, clealry would need builder etc to check foundations etc but on the face of it looks doable.

    This would leave me with a healthy monthly excess, and with keeping my cash savings, means if this works out I could invest in another some time next year. Houses in that village get snapped up though & it took me 6 months bidding on loads to get this one.

    Oh Ijust realised I forgot to include little hampers, that would be about 15 a rental so a less and tax on income works out about 400 a month.
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
  • gaffelgaffel Forumite
    80 Posts
    Tropically yes I have lots of family doing the same and its very common in that village. I'm not sure how long the good times will last in it but the house will always rent as a family home. My main intention is, once mortgages paid off, to have this as retirement income, so when we retire we might want just permanent tenants anyway rather than the work of short lets.

    My main push will be to save like mad personally (mr gaffel has been warned, though I have been warned our quality of life is not to diminish too much - he's right in a way!) and save enough to get a second one on the go. Leaving us with c. 350k mortgage but owning 3 properties worth c. 770k and receiving income on them. With £600 spare on each, after tax, we should be able to pay off early (I might do a repayment calculator to see when that would happen). Though I would balance that with pushing into P2P each month. Maybe do it 50/50 so 300 on mortgage overpayment, 300 in P2P. I feel another spreadsheet coming on...
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
This discussion has been closed.
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