Forever House then MFW

smifffy1989 · 18 November 2014 at 12:12PM

Lounge is done, now its onto the dining room that will require more paint and a lot of elbow grease.

As for the curtains we are shopping around as I could not agree to spending an obscene amount of money on them.

I have another interview Friday, it is a really good opportunity and this is the 2nd and final round! Fingers crossed.

We have contacted a mortgage broker as our 2 year fix is coming to the end, we now have a choice:

Option 1-
25 Year Term (28 years left to run on current mortgage)
Borrow £163,000, leaving us with £20k cash.
£730 PM - 2 Year Fix

Option 2-
20 Year Term
Borrow £143,000
£740 2 Year Fix

Now the purpose of the £20,000 would probably be to look at a buy to let in the not so distance future.

Decisions decisions

cb4fwh · 21 November 2014 at 11:50AM

smifffy1989 wrote: »

I am now being convinced that some expensive tailor made curtains for the through diner lounge are the way to go. But I cannot get my head round how expensive they are. I personally cannot justify spending that much on curtains for a house that we are not looking to stay in.
Is there a compromise here, any idea?

Have you looked at Dunelm Mill? They will even come around and provide a no obligation quote etc.

cb4fwh · 21 November 2014 at 11:51AM

smifffy1989 wrote: »

Lounge is done, now its onto the dining room that will require more paint and a lot of elbow grease.

As for the curtains we are shopping around as I could not agree to spending an obscene amount of money on them.

I have another interview Friday, it is a really good opportunity and this is the 2nd and final round! Fingers crossed.

We have contacted a mortgage broker as our 2 year fix is coming to the end, we now have a choice:

Option 1-
25 Year Term (28 years left to run on current mortgage)
Borrow £163,000, leaving us with £20k cash.
£730 PM - 2 Year Fix

Option 2-
20 Year Term
Borrow £143,000
£740 2 Year Fix

Now the purpose of the £20,000 would probably be to look at a buy to let in the not so distance future.

Decisions decisions

My only concern with the BTL would be that you already run a pretty tight ship. What would happen if you're without a tenant - do you have enough money to cover the BTL mortgage etc?

Good luck with the interview!

lulabelle1 · 21 November 2014 at 2:24PM

cb4fwh wrote: »

My only concern with the BTL would be that you already run a pretty tight ship. What would happen if you're without a tenant - do you have enough money to cover the BTL mortgage etc?

Good luck with the interview!

I would share that concern too - I just looked through your budget and I can't see any wiggle room to fund the mortgage payments on the B2L if you are without a tenant?

As a first time want to be landlord we have found that most mortgages require a 30% deposit, you then have approx £1800 (maybe more) to find to pay for conveyancing, mortgage app fees, buildings/landlords ins, finders fee for tenant etc...

Best of luck with your decision

smifffy1989 · 25 November 2014 at 3:55PM

Thank you both for your views, I totally agree at the moment we would be stretched and for the model to work perfectly we would require a fair bit of good luck.

I do however have some great news! I got the job! Its a 25% increase in salary plus I get free fuel and a car so there may be a slight saving in that respect.

Because of this I think I need to take a step back and re-evaluate.

I am off to celebrate!

smifffy1989 · 4 December 2014 at 10:45AM

December already! I have hit the shops, well the internet shops I hate actual shopping.

I am probably about half way through the shopping and I am on budget except for the gf's presents I am £13 over! I partially blame the booking fee as I have some concert tickets for her.

OP's haven't been forthcoming as I am holding back whilst we remortgage and I change jobs I think there may be a gap between pay dates so January may be a long month.

I have been doing alot of cooking and I think I am enjoying it!

smifffy1989 · 23 December 2014 at 4:22PM

It been a while since I last visited and I cannot really say where the time has gone.

I start my new job on the 12th Jan, I break up today to return for my final week on the 5th. I am really looking forward to starting, I haven't felt 'alive' at work for a long time and this opportunity has the chance to really take my career places.

I have literally nothing on at work, as I have completed all the stuff I can until year end. So I have been using the time to reflect a little on 2014 something I rarely do as I am more interested in the next goal.

It has actually been a fantastic year here are some of the highlights:

I have passed 7 exams towards being chartered- 1 more left!

Got a new job!

In January my GF got a promotion

In the middle of a re-mortgage that will see 3 years knocked off the period, in addition the rate will drop from 4.49% down to 2.09% with a £50 ish drop in payments per month.

I must add the remortgage hasn't gone through yet, but as its pretty much ready to rock and roll I am counting it for 2014!

Merry Christmas all!

Muser1 · 27 December 2014 at 8:52PM

Excellent year and congrats on the new job!

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Forever House then MFW

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