Fast-approaching deadline for Interest Only BTL mortgages.

greent

Great movements/ plans being made here! :T And MFW-dom is definitely addictive! :rotfl:

I think we'll be short on repaying BTL sub account 1 here at expiry date. I'm favouring the idea of a possible personal loan at that time to clear remaining balance as I suspect the personal loan rate we could get would be better than what we'd get for remortgaging the remaining balance. We're currently on SVR @ 2.75%. I've looked at remortgaging now and making it repayment as opposed to IO, but financially it didn't make sense - rate/ fees/ flexibility of payments. Personal loan rates indicated are similar or a point or so under SVR, so I'm not bothering yet

Saving_Glut

Thank you greent! :beer:I think a competitive loan is a smart idea and it seems we both have time to come up with some more! I intend to read more diaries from those who achieved MF-dom! They must know what they’re doing! I had also investigated switching to repayment, but for the same reasons as you it seems, IO was better option.

Remember that euro account I was reluctant to venture into? Well, I took another sneaky peek today and discovered all bills are up-to-date! For partly experimental reasons, I overpaid BTL4 repayment mortgage e100 from this account. It’s good to know that I am setup to do this. I left some buffer room, but would like to start overpaying e30 per month. This was inspired by reading the MFers top tips to overpaying mortgages - every small overpayment helps. I requested the tenants provide an electricity meter reading which I hope will reduce their next quarterly bill. I noticed that the electricity provider offered a 3% discount on gas if I directed that bill through my electricity account with them. Tempting to proceed, but I must investigate what is most competitive for tenants.

Am I there yet? :rotfl:

Saving_Glut

Hi

Decided to pop in as I feel I am overdue a visit!

The major update to report is that OH has got cold feet on loan due to Brexit (and understandably so, as it could affect my job (I’m a contractor for European-owned company which is dependent on ‘just-in-time’ delivery, plus our tenants jobs are also at risk). Therefore, plans for loan are on hold probably until March next year (unless there’s a political miracle!). So, my immediate plan is to continue keeping tight reigns on my spending, topping up my income when possible, avoiding fines/penalties, making sure I manage moneys owed to me (this should total about £1.2k this month) and overpaying what I can.

And on that note, I OPed £244 this morning! Ooh, tantalisingly close to sub-£93k!

Key to my success of course will be posting regular updates here!

Saving_Glut

Deposited marshall & FB earnings to BTL1 mortgage today, which, with a little TT, brings the balance sub-£34k. Does anyone understand that sentence?!

I'm really happy about reaching this mini-goal as it was the sum of lots of different effort and therefore gives me hope that I will persist with my money-saving ways until the end of the year. There! I've written it, so I must continue to be a MFW through to Dec 31st!

Saving_Glut

I have been quieter on here of late, but that doesn’t mean I haven’t been MFWing!

Still keeping spends down, resulting in an op of £614.23 today. The £14.23 non-TT figure is from FB sales. Hope to TT this up to £1,000 before payday on 14th November. Not certain yet, as long term tenant has fallen behind on rent payments and is playing catch-up. Time will tell and I’m confident he will catch up at some point.

Also worked as Marshall at weekends, but pay (£95 after costs) won’t hit my bank account until last Friday of month.

Happy Thursday all!

Saving_Glut

Ding, ding!

Back to report sub-£93k balance - just! This was my target for mid-November, exactly! This leaves a small amount in my current account before payday on Wednesday, but as I’m morphing into a tight-wad and am unlikely to spend money before then, this isn’t a problem.

In addition, I read yesterday that house prices and rentals in the area are increasing despite the odds, at the moment. This appears to be good news at first glance, but it appears that it is partly due to landlords selling-up because of upcoming increased taxes. I have no choice but to stay put until I have paid down the negative equity.

A nice way to kick-start a fresh week!

Good luck fellow-MFWs!

the_cross_rabbit

:j to sub - balance well done on reaching your goal.
CRx

Saving_Glut

Thank you Cross Rabbit! It seems like we joined MFWs at a similar time so it was interesting to read your about learning curve, which seems similar in ways to mine. And congrats on sub £80k!

Saving_Glut

It’s payday!! :j

I didn’t leave it sit in my current account too long though! Today I have contributed my half of household funds, paid full AMX cc balance off two weeks early, paid Euroland property tax two months early, topped up monthly tax pot and op £1k into BTL1. :money:

This site has changed me as I didn't manage any of the above this time 6 months ago. Thanks to all the inspiring people here!

:beer:

greent

Saving_Glut wrote: »

It’s payday!! :j

I didn’t leave it sit in my current account too long though! Today I have contributed my half of household funds, paid full AMX cc balance off two weeks early, paid Euroland property tax two months early, topped up monthly tax pot and op £1k into BTL1. :money:

This site has changed me as I didn't manage any of the above this time 6 months ago. Thanks to all the inspiring people here!

:beer:

Great stuff - Payday money shuffle is great! - it needs to happen more often!