First Steps to Solvency

alt80

@PassElephant ha I can't borrow anymore against them if I wanted lol. OK there are a few 80LTVs tbf but not going there - rates are stupid. 

Property is not falling right now - may do next year tbf. I know risk re having the higher LTVs / PGs but its a risk I'm willing to take.

He would love that tbf, might see if there's any kid friendly apps.

theoretica

When you wrote about your BTLs early on it was often emphasising the total value of the properties - like your wife I found that way of talking about it struck me as being composed of vanity and debt.  Later you said something about how you had grown the equity from an initial £20k to around £300k if I remember the numbers right.  That I find much more impressive and a way of presenting the portfolio that shows how successful you have been at this and your competence running the business.

getmore4less

That residential remortgage in 2 years has crept up from 60% to 65%

alt80

@theoretica Not going to lie there is an element of vanity owning 7 figures worth of property does make me feel a bit better about myself never lied about it being leveraged though. 

@getmore4less All going into BTLs so doesn't matter not like I'm pulling equity out to buy an AM. Tbh I'd be just about comfortable with 75LTV wife would be mad though.

warby68

@alt80
Remortgaging the house is literally putting the previous Credit Card spend back against the house or making your contingent PG liability a crystallised one.
I also noticed it sneaking up from 60% to 65%.
I think I would keep those cogs whirring and see what you can do to reposition the BTL portfolio without doing that.

There is nothing wrong with 'contentment' - it removes some of the extremes. You look for a buzz to offset a downer. The middle ground is a better place to be most of the time, certainly for good decision making. 

More food for thought - you've said the Christmas spend on your son ends up in the thousands. Why then can't you find anything to do with him? Part laziness, part overwhelmed with stuff? Either way his stash might be worth reviewing for play, for selling or for donations.

curtains174

I had my very own Christmas lightbulb moment quite a few years ago. My children have a playroom, in October this was always given a ‘sort out’ ready for birthdays and Christmas. This was done as a family, sorting boxes of toys, anything no longer played with was taken to the charity shop, again as a family and my way of trying to point how lucky mine were.

My lightbulb Moment came when we didn’t make it to the charity shop straight away and I really looked at what I was donating, I was embarrassed and horrified. The amount of unopened toys, toys used once and toys I didn’t recognise was crazy. I swore that it wouldn’t happen again and have stuck to it.

The amount they get varies hugely year to year, but is now always based on what they need or experiences. Last year my teen got a new iPhone, yet her favourite present by far was a voucher for an Alpaca trek at a cost of £20 and lunch out on the day, we had a fantastic day.

ladyholly

I can only reply that it is time he learnt. In my experience there are many Mothers who spoil their sons and create men who cant/ wont do anything for themselves. I have known many Widowers who struggle when they are left on their own not to mention widows who havent the firsst idea about money, how to mend a fuse etcetc.

Even if your wife doesnt expect him to put his toys away there is nothing to stop you turning it into a game and a lets surprise Mummy moment. You never know she might get the idea.

Grumpelstiltskin

alt80 said:

@Sun_Addict@RelievedSheff / other NG people - The Banksy on the corner of Rothesay Ave. has been confirmed.

Alt Nottingham great again, vandalized within hours.

mamamu

I can second few posters. 

Children pre teens mainly need parents undivided attention, time and experiences, not material stuff. Even a stick on a walk can turn in to alien, space ship and god knows what else. 

We have once had to bring massive stick from the beach home as it was named I and was alien from Mars. “I” had to be showered to wash “space dust” off and wrapped in to a towel to dry. Lol 
I know I am crazy to allow it. But he was 3 at a time and still remembers his alien friend “I” and how we brought him home from the beach as he was lonely and lost on Earth. Haha 

These are precious moments you will remember not pile of material stuff. 

Also there is a risk of turning him in to person who can’t have enough as the pile gets bigger and presents more expensive.... you don’t want him to have mind set you struggling with and then deal with it when he is 40. 

TheAble

alt80 said:

Property is not falling right now - may do next year tbf. I know risk re having the higher LTVs / PGs but its a risk I'm willing to take.

I just don't see why though. Why take more risk when you already have enough?