First Steps to Solvency

RelievedSheff

The mortgage is one payment that we are happy to throw lots of money at to get it paid off ASAP. We were over the moon to be able to shave 8 years off the term when we remortgaged. We want that gone. I would much rather have £1200 per month in my pocket than be paying it to the bank!

rugbymadfamily

In terms of access to money, when you are feeling more comfortable in control, perhaps a prepaid debit card would be a good idea? Max of £50 loaded to start with and you can share what you are spending the money on with your wife (to keep building back that trust) and then the amount could slowly increase over time. There's no overdraft on the cards so no way to overspend / rack up debt but would give you a chance to have a little more and rebuild trust over time.

getmore4less

The number crunches can happen when you feel the time is right, its about reflecting on what happened to assess and reset your own expectations, 

You get the buzz from being on the edge but it can be contained, your business means it pays to gear so debt will always feature.

Rent the money cheaper than you can rent out the property after all costs 


The PG help with the gearing but still comes with cost and personal risk, I agree with the wife to an extent it needs to be under control  but with the right balance less of an issue. .  

Flips have a short risk window so worth doing but manage exposure with how many on the go,

Long term holds need decent yields or quality yields while you rebuild the retained, if you can get them into the portfolio with the current gearing probably OK  just means adding at a slightly slower rate.


For some of the house threads I have been doing RM searches and a few areas are getting a fare few student HMOs  come on the market so looks like some landlords are getting out.

Might be a bargain or two around.
All UK 6bed plus HMO student search

4 pages matching both keywords.
 

Kakiste

I think sharing problems with good friends is really cathartic. It helps to talk to people- I learnt that after being cagey about money for far too many years. I'm now super open with everyone about finances; friends, colleagues etc and I think it helps. Secrets don't make you any happier or less stressed. 

As much as most people here are debt free or working towards it the vast majority of people in this country have some form of unsecured debt. I don't think your MG mate would be taken aback to find out that you have too. 

alt80

@RelievedSheff can’t imagine not having it really. Wife said the whole think what we could do without it my answer was get another and buy a higher value house lol. Idk maybe my brain that’s skewed ha. Tbh was really surprised when people on here thought I had a ‘large mortgage’.

@rugbymadfamily yeah I need to do something for the longer term. Not worrying about it too much right now. Initial thoughts were some prepay card or using current account card idk. The majority of what I spend on in the week is business expenses anyway should get to the point I trust myself with business money don’t really have a problem with that more paranoid I might make it a problem with no access to the personal iyswim. One for another day really.

@getmore4less I’m getting a bit too old to be carrying on just doing things for a buzz mate. Reflection/ analysis/ consolidation etc I need to I know but needs to be over time not panicked. Trying for a bit less stress in life.

My wife is cautious generally wants to be secure in a way - wants to know we’re not going to wind up with the repo man knocking ha. That said I’m looking for the same these days; right balance between risk and reward. I’ve bought units in the past that worked out but !!!!!! stupid risk taking looking back not thinking things through properly and being on the stuff sometimes. Not the future I want.

Will have a look later thanks. I’m in no position right now to add anything. One for another day too that is. Need to work on the retained I’m !!!!!! broke after my refinance lol. Student/ HMO market generally is weird right now some getting out, some in, greater restrictions/ legislation, some opportunities. Times change not quite the golden ticket a lot thought a few years back. 

efes_shareholder

Have you considered hayfever wipes for your son , i've just bought 3 packs of amazon using prime for £3
you wipe your face etc with them and its supposed to remove and trap the pollen
working well so far 

alt80

Fml think the wife is safe going into town with one of the girls she did nail course with - none of them ever got any money and she comes back with £380 spent on a Balmain belt. Had to pay for lunch too of course lol. Tbh I thought she’d probably just go and gawk at the stuff blame me or something I don’t !!!!!! know £240 yesterday on her bag that’s come tbf that’s nice qual, good price and £380 on the belt today apparently she has a ‘reputation to uphold’ with these girls ha not sure that’ll be saved if I put her on the same £20 cash diet I’m on lol.

alt80

@efes_shareholder will have a look thanks. 👍

julicorn

I genuinely thought £380 on a belt was a typo at first!  

alt80

@julicorn nope, no typo I !!!!!! wish lol. Just earlier had said yeah really cautious my Mrs is lol fml. Cautious with property not with the shops. Can’t !!!!!! resist those. On the bright side it’s a nice belt tbf and reversible win !!!!!! win there then ha.