Forever House then MFW

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  • 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
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • cb4fwhcb4fwh Forumite
    158 Posts
    Eighth Anniversary 100 Posts Combo Breaker
    Forumite
    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.
  • cb4fwhcb4fwh Forumite
    158 Posts
    Eighth Anniversary 100 Posts Combo Breaker
    Forumite
    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!
  • lulabelle1lulabelle1 Forumite
    2.7K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    Forumite
    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
  • 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!
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • 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!
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • 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!
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • Muser1Muser1 Forumite
    795 Posts
    Excellent year and congrats on the new job!
    Mortgage Jan 13 99260.00 87253 April 2017
    Emergency fund 700.00
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