Hurrah, my MFW quest has started

StuartGMC

abouttimetoo wrote: »

Well, confession time... I've sucumbed to buying some shares this morning

Spent £1000 on buying some Lloyds Banking Group ones. What do you think?

....well, fingers crossed. Are you watching very closely so you can sell once you get a return above the purchase and selling costs, i.e. just a short-term investment?

Wish I had time to watch and plan equity purchases directly, but it isn't possible (and I can't access share dealing from work which is when it may be necessary to arrange to sell, excluding a stop-loss position of course) so I have to rely on funds.

abouttimetoo

Thanks Stuart, yes, I will be watching closely and fortunately most days I am able to check the share price, I also have instant on-line dealing facilties so no hanging about on the phone. I'm hoping to turn these around in 6 months or less but... if hte market picks up a bit I'm not averse to keeping them for longer as could be good long term investment:o

Just booked my travel insurance as go away on the 28th:j I recently discovered I have travel cover through my union and I only had to pay £8 to add on ski cover so I'm really pleased with that.

abouttimetoo

Just set up the on-line payment details to make OP's to the BTL for the first time ever:j :j :j

Going to do the first one to-morrow of £75, it's not much but at least covers the interest on that particular part - it's in three parts all at the same rate of 3% and I've chosen the one with the closest term review date.

My personal funds are really tight this month and next what with the share purchase yesterday, skiing holiday soon and also repaying some of the stooze money but I've been hoping all last year to reach a point where I can start and chip away at the BTL and actually it's happened sooner than I expected with a bit of good timing and luck as the term ended in December and then went onto SVR (lower than BTL rate) then SVR kept dropping with base rate changes so I'm going to make hay while the sun shines.

setmefree2

Good Luck with the Lloyds shares and well done on the first op on the BTL:D

abouttimetoo

Hi there

Just reporting my Feb details, I've OP'd £500 and just updated my signature. The overall balance has now dropped below £180k for the fist time - doesn't it look nice with 179 in front instead! :j

The Repayment part is only £11 off dropping below £90k so this will happen next month and will be another nice milestone seeing the number start with an eight!

I've also updated the daily interest part of the signature - this time last year it was £13.95 on repayment and £14.25 on the IO - now £3.72 & £3.70 respectively:D

I've also updated my BYL spreadsheet with the £75 OP - not sure whether to start and post details here - I might do a BTL post and just keep updating that one post for my own purposes as I want this one and the signature details to reflect my main challenge and I can't see there being much to report on the BTL other than the OP

Hope all your own plans are going well this month

StuartGMC

ATT
Well done on the OP and all your plans coming together. Do enjoy the skiing, it seems one of the best years for a long time in Europe/Scandinavia but are you going trans-Atlantic?

abouttimetoo

Thanks Stuart, yes, the snow has been good this year - I'm going to France

I think I mentioned in an earlier post that I have about £250 of euros bought twelve months ago so at a considerably different exchenge rate. £150 of them are in euro travellers cheques - I looked into chaging them into euros yesterday and was told I'm far better off doing it in France as if I do it in the Uk they have to change them into sterling and then into euros!:rolleyes:

setmefree2

Well done on getting below £180K

abouttimetoo

setmefree2 wrote: »

Well done on getting below £180K

Thanks SMF2, YAY indeed:j

Looking at your own thread has just prompted me to note something down here about pay - at the minute I still don't know if I'll get a pay rise - my salary scale has been frozen although I still have some way to go to get to the top. I also work in an industry which come in for a lot of press attention around bonuses so I don't know how that will pan out - even when i have had an annual bonus in the past it's been less than £1000 so it's just wait and see with this one and if i'm honest i'm not expecting anything.:o

abouttimetoo

I'm just earmarking this post for all BTL details as I don't want to start a separate thread and I think there will only be one update a month after this intial post.

Ok, big deep breath here as although I’ve mentioned the BTL in general terms in other posts I’ve never stated any figures – not intentional really just my thread has been about my own home MFW status rather than the BTL. So… here goes

Total o/s balance @ 01.01.2009 £80,961.04


Part One

• Interest only, interest rate 3%
• balance @01.01.2009 £47,916.83

Part Two

• Interest only, interest rate 3%
• balance @01.01.2009 £11,013.40

Part Three

• Interest only, interest rate 3%
• balance @01.01.2009 £22,030.81

2009 Targets

• OP total of £1000 to part three
• Jan £0
• Feb £75
• March £75 Part 3 balance 20/03/2009 £21,821 (-209.81)
• April £75 Part three balance 20/4/2009 £21, 756.29 (-284.81)
• May
• June
• July
• August
• September
• October
• November
• December

Other things to think about

• Investigate moving some or all onto repayment (I was unable to do this initially as my mortgage provider stance is BTL’s are interest only)
• Keep an eye out for any deals as I let it go onto SVR when the term ended Dec 08 and whilst this is good at the minute – 3% - things will change
• Guesstimate of current LTV is 53%
• Selling – if the market picks up I will most definitely do this as I fell into it almost by accident (hmm doesn’t sound good does it) It was my home that I was going to sell when I moved but then didn’t…. But I did research it properly - honest:D I have no intention of having a Abouttimetoo property empire and I'm also conscious of the major positive impact on my own MFW quest that selling the BTL could have - it would change my 10 year plan dramaticaly!
• Increase rent back up to normal rate – I did a deal with latest tenant as he could get one like mine cheaper than my normal rate and as I as I could more than afford to drop it by £100 when considering outgoings versus income I was happy to do so as a bird in the hand is worth two in the bush!

Ok, enough to be going on with for now I think

Regards