Fast-approaching deadline for Interest Only BTL mortgages.

AnotherJoe

Saving_Glut wrote: »

2. possibility that BTL1 and BTL2 property market is anticipated to increase in value by 12% next year. It’s been bumping along the bottom of valuations for quite a long time.
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I think its FAR more likely it will bump under any valuations.

House prices not going anywhere up for the forseeable IMNSHO, and quite likely down.

Saving_Glut

Hi Joe, you could be right! Time will tell! But thank you so much for prompting me to reasses the situation, which prompted me to take some baby steps today:

I made some initial steps to gathering data to help me with property decisions in 2019:

1. Contacted a friend who is in a similar position to me who will have investigated the implications of Section 24.
2. Contacted two property experts in the same location as BTL1 & 2.
3. Requested requotes from insurance companies for two properties whose insurance is due to be renewed in February. This increased tax is helping me to be organised, out of necessity! I also hope to charge these to my AMX card to reach minimum expenditure to earn a big batch of Avios points. So, if the taxman takes all my income next year, at least I can fly somewhere far away!
4. Contacted one landlord in the London property to enquire if he is interested in replacing the hallway carpet. The carpet needs to be replaced and expense will be set off against the profit. Hopefully, the third landlord will also be willing to pay her share. She left London (and her communal financial responsibilities wrt this property) and works as an exotic humanitarian volunteer, so I’m not very hopeful!
5. I have definitively removed George Osborne from my 2019 Christmas Card List for introducing Section 24 Tax whose intention was to kill off the B2L market. Bah!

There is much work to be done (and it would help if I was a chartered accountant (I am anything but!)! For now, I’m very pleased with MSE for transforming my financial habits for the second half of 2018 and putting me in a better position to start the NY with, whatever the year may bring!

Happy NY all MSErs!

Saving_Glut

Decided to start my first entry of 2019 with some financial gratitudes:

- Grateful as ever, for this informative, helpful and supportive MSE resource.
- Grateful for waking up to Section 24 regulations so that I can take required action.
-Grateful for Secrtion 24, which it seems will force me to organise my property portfolio & finances like a pro this year!

My financial resolutions this year are:
1. Organise my finances like a pro as the situation requires.,
2. Submit my next tax return as soon as possible, so I am informed of my tax calculations as soon as possible.
3. Be prepared to make financial decisions, even if they go against my previous long term plans.
4. Set up a pension.
5. Have an adequate emergency fund.
6. Apply for jobs closer to home which pay market rate.
7. Complete the 1p and the Sealed Pot challenge - resulting savings to be used for Xmas 2019.
8. Participate in the make £2019 in 2019. Resulting savings to be used for BTL1 overpayments.
9. Pay £TBC(!) overpayments in 2019.

Saving_Glut

Have had a busy holiday season, so little to report, beyond:

I have:
- submitted my UK and Euroland tax returns ( my Wuroland credit was put towards my UK tax return).
- not overspent during holiday period!
- successfully applied for MSE recommended Barklays credit card for foreign purchases which also offers cashback for a period of time. Don’t m8nd if I do!
- Accountant recommended I open and contribute toward a pension before Apr 5th (I know, I know); investigating this will be my next sub-finance project.

Happy New Year all!

Saving_Glut

Crazy time at work, so no time to prioritise financial plans this week (although spends are still under control). Hope to play catch-up during the weekend.

As deadline to spend minimum amount on AMX card is tomorrow to earn a chunk of Avi0s points, I had to buy myself a generous gift card from JL! Due to amount on card, I was charged over £5 delivery (with no option to collect), but it’s worth it, if only I had time to investigate flights.....

Saving_Glut

Made £10 overpayment from cashback given from online company which could not fulfil my order. Nice!

Saving_Glut

Payment on account tax bill paid. Phew!

Negotiated £5 off beautiful coat I purchased from FBook today which I have put towards an overpayment. Any excuse really...

Saving_Glut

£41.05 profit from FBook sales wasted no time in my PayPal account - funds used to, you guessed it - overpay my mortgage a little. And before you as, yes I TT it to £42!

Saving_Glut

Transferred £14.30 profits from a FBook sale. Negotiated £5 off a FBook purchase. That’s going into the pot too. TT to £20.

Going slow now, but still in the game!

Saving_Glut

Negotiated discount of £28.25 off house insurance, TT to £30 when transferred to mortgage.