SLLM (Single Lady Large Mortgage)

LadyWithAPlan

Just popping to catch up. 
Well done on knocking that 2.5 years off @sistergold and that mortgage purchase note was v interesting.

Mr fox is looking very athletic!

@RachP87 I think everyone has their own risk levels, but certainly I would think you would want your first mortgage to be at easy to pay levels before taking on more debt to cover any times of non paying tenants and new costs.
If you are indeed that obsessed with paying your mortgage down as you say then maybe just play that game til you win it, you might be even more stressed with having two mortgages. 

Sistergold

Hello @LadyWithAPlan, yes Mr 🦊 is truly athletic! I will not be checking my fence on his account anymore. Xx

Sistergold

Just a snippet of calculated final figures

So £755866.89 is the total that was to be paid of which £268420.27 will be interest. Thank goodness for MFW the interest will be chopped right down 💪🏾.  It will be interesting to know how much interest I would have infact paid at the end of my mortgage?  Wanted this on here for comparison some years later. 🤑Xx

savingholmes

Scary numbers. 

I don't think I'd fancy buy-to-let just because of the horror stories. I think I would risk the stock market before that - as long as it's a diversified portfolio like some sort of tracker fund.

Sistergold

@savingholmes, yes the horror stories of tenants and what they can do can be quite horrific. The case I mentioned took us through the whole process and stuck in the house till the bitter end of being physically evicted where the courts send someone together with assistance of the police. Stocks are easier to manage like you said. 

Queen_of_the_Hive

Hi everyone,

@RachP87 - I'm a bit of a pensions geek, love it. You're doing well.

How has everyone been this week? Tomorrow is my monthly spreadsheets review and I won't lie I am on shaky ground. Sitting at borderline between saving something and being in the negative so hoping tomorrow the stock market is up. Fingers crossed.

Yesterday was fun day wrapping gifts for the kids. I'd bought things gradully through the year spreading the cost and many were preloved too so was a surprise what I had for them. Jobs for this week is to set up next years Christmas savings account. This year its looking like I may have some extra ££ from this years Christmas savings.

savingholmes

@Queen_of_the_Hive Preloved bargains are fab aren't they. I've found a few of those too and some other new unused things I've been able to wrap to give away. It all helps. I came under budget this year for xmas for the first time ever - despite having a much stricter budget than normal.

LadyWithAPlan

Sistergold said:

Just a snippet of calculated final figures

So £755866.89 is the total that was to be paid of which £268420.27 will be interest. Thank goodness for MFW the interest will be chopped right down 💪🏾.  It will be interesting to know how much interest I would have infact paid at the end of my mortgage?  Wanted this on here for comparison some years later. 🤑Xx

This is fascinating.. What a wonderful goal to have to knock that £268k- the more you pay off the more you get to keep the interest rather than the bank..
How much total interest have you paid so far ? 

Still ot sarted looking again but programme is getting ready to roll out, if not before Xmas then definitely by new year  

Sistergold

@LadyWithAPlan, The only aspect I look on the interest is how it’s going down from year to year or if I overpay how it then goes down the following month. I don’t want to look at how much I have paid in total as I think it will discourage me a bit. 😏 at the end of my mortgage I will definitely look at the total interest paid and total interest saved. So far it will be discouraging as I seem to have a lot to pay off and it sometimes feels like a far off dream. 

There is no rush with viewings I guess and in the meantime @LadyWithAPlan you will be increasing your savings! Xx

savingholmes

You've paid roughly 22% of your capital in less than 2.5 years. That's some going. And saved up the equivalent of another 15%. I have no doubt you'll hit your goals if you keep this level of income coming in - particularly given that's after you also spent £20K cashflowing renovations on a property abroad.

If there any any secrets you can share on how we can up our income then please share whether on the diary or via private message!!