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  • FIRST POST
    • turtlemoose
    • By turtlemoose 13th Mar 14, 12:36 PM
    • 1,530Posts
    • 4,446Thanks
    turtlemoose
    MF x 2 by 42
    • #1
    • 13th Mar 14, 12:36 PM
    MF x 2 by 42 13th Mar 14 at 12:36 PM
    Hello

    I've been overpaying but with no real consistency or effort put in to it, for a while now.

    After getting locoblade's spreadsheet I realised how much I could be saving, so I want to give this my attention.

    Ideally, I'd like to be MF twice by 42. I'm 29 this year (OH is 38 this year). I did once upon a time dream of this being by 40 but times change and I think 42 is more realistic. I am currently NOT on target for this! So there's some hard slog ahead. Sharing the goal will hopefully mean I have to keep trying, as now I know I have to come and update here....

    I have 2 mortgages, both residential, one with consent to let.

    M1: Initially a 50% shared ownership on a refurbished ex-LA house (not a newbuild), bought for 47500 on a 100% mortgage in Nov 2007, fixed rate at 6.49% - at the time that was a good deal on a shared ownership! Then pretty much soon as I signed on the dotted line, rates plummeted and I was kicking myself!!!! But I was still paying less with paying mortgage+rent than I had been with just renting.

    The house was never really worth 95k full price, that was over-inflated by the HA selling it. I was young (21) and stupid, and didn't think to question it. Fast forward to 2010, the price had plummeted so I decided to look at buying the other 50%. The HA sent an "independent" surveyor out who valued it at 85k.....massively over what similar properties were selling for locally. After a very lengthy complaints process with the HA being awkward at every turn, I eventually got them to agree to using a GENUINELY independent valuation. I used a local firm (office around 2 miles from the house) who provided a very detailed comparison in their report and valued it at 65k - that's more like it!! The HA accepted this, and despite having set the ball rolling in May 2010, eventually it completed in Nov 2011. I bought the second half and the freehold for 32500. As interest rates were now much lower, this new mortgage for the 100% of the house was lower than the previous mortgage on 50% plus monthly rent.

    This house is in a really rough area - hence the low price for a 3 bed end terrace. After 4 years living there, I'd sort of got used to it, but I wasn't happy and I didn't feel safe.

    In the midst of this, along came a little surprise... 2 blue lines on a pregnancy test, whoops!

    There was no way I was going to bring up my child in that area, I didn't feel safe as it was, I couldn't have my child living there. My OH lived in a very small rented flat so there was no space for baby and I, plus he has an older son who he has 3/4 nights a week. So we rented a 3 bed house together.

    I explored my options on the mortgaged house - basically in order to sell it I'd need to find 5k - simply didn't have it, nor the means to get it. So after researching renting it out, I approached my lender, got consent to let, and then advertised the house via the LA for people going down the 'homeless' route. The LA offer a bond scheme where they stump up the deposit if the tenant does something they shouldn't. The rental income is very low as I set the rent at the housing benefit levels - no point being higher than that. So it ticked over, mostly, with me subbing it around 50 a month, sometimes higher if there were repairs etc.

    Our rental house developed a quite serious roof leak, our landlord and agent refused to do anything about it, it eventually rendered 2 of the 3 bedroom completely unusable so at the end of our fixed term (luckily only a year), we scarpered out of there.

    With me having been on maternity leave for a year (I'm the main wage earner), my savings were now non existent and I had some CC debt. We moved to another rental. We decided we wanted to buy, but thought it wouldn't be for a good few years yet, probably not until the baby was in school. We viewed a few properties in the summer of 2013 - not to buy, but to get an idea of what we wanted, what price range we were looking at....when we accidentally found THE ONE.

    It was a s**thole!!!! We later found out the house had been empty for at least 12 years, possibly more. However as we walked around this filthy, dated, dark and dingy house, I could practically hear it singing to me about how good it could be. We got in the car after the viewing, looked at each other, and both blurted out that we loved it. After some frantic rejigging of finances and exploring all the options with my mortgage advisor, we realised we could *just* get it. We offered low, they haggled, we ended up at 114500 with a 10% deposit. We completed November 2013 and moved in to the dump!! This is M2.

    Thankfully, most of the work is just cosmetic and also compensating for it being neglected for so long. Despite it being empty for so long, the previous owners had a gas boiler and central heating in stalled in 2003 - as it has been unused it is in great condition, and double glazing installed in 2010. However the kitchen was totally unusable - the actual carcasses were rotting - but luckily my Dad is a carpenter so we got a new kitchen from Wickes for fairly cheap, and zero labour costs apart from a few dinners, thanks Dad!! Unfortunately he lives abroad so we can't set him to work on the rest of the jobs that need doing

    So, we are chipping away bit by bit at the work that needs doing. The top 3 big jobs that need doing are - bathroom full replacement, downstairs loo replacement, and the flat roof on the brick store needs replacing. All of those are on hold as we had to use a CC to pay for the kitchen - so we are just having to put up with those for now.




    My what an essay! I don't blame you if you didn't read it all, but thought I'd explain it just in case anyone wants to know!
Page 12
    • turtlemoose
    • By turtlemoose 17th Nov 17, 4:06 PM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    Wow a year and more since I updated this. Whoops.

    I had a little read back and seems last time I said anything meaningful about figures, it was 23977 credit card 0% debt and 11800 in savings.

    Well..... a year off work has battered that!

    Now 18945 on credit cards and 1000 in savings.

    I have had an absolutely awful year. My baby was the shining light throughout an enormous storm of crap. I'm not through it yet either, but it is what it is, all out of my control, so I'll just have to plod on and see what happens. It means that finances haven't really been my priority and there was probably a lot more money spent than was necessary/we couldn't really afford.

    Back to it now though, I can't let it slide any more. Rough plans are:
    2018 - OP mortgage 2.1k Pay CC 4k
    2019 - OP mortgage 2.1k Pay CC 4k
    2020 - OP mortgage 2.1k Pay CC 8k (if 30hrs free childcare still applies)
    2021 - remortgage in March target less than 60% LTV (if price remains static projected is 52%), then OP 5k Pay CC 3.5k
    2022 - OP mortgage 4k Save 3k Holiday 2k have no debt

    That's where I'd like to be over the next 5 years. At that point we'd then have a mortgage balance of c. 55k (on a 135k ish property). Remaining term 15 years at that point but making MANY assumptions, we would perhaps be looking to reduce the term to 8 years - making it paid off 2030 which would make me 45 and OH 54 - not bad but I'd like to try and improve on that, and it's way off my (probably over-ambitious!!) plans when I first started this diary.


    Next step - set up an intricately detailed budget plan for 2018 to make sure the payments as above happen. Yay, spreadsheets
    Last edited by turtlemoose; 23-11-2017 at 10:38 PM. Reason: massive errors in my sums....whoops...
    • turtlemoose
    • By turtlemoose 7th Apr 18, 12:24 AM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    oh my, reading my last post was sobering.

    Total change of circumstances, my MF journey will now be a solo one, throwing all previous plans out of the window.

    I'm currently waiting on my remortgage to go through so that I have an extra 30k to pay off ex-OH, I'll keep the current house and the children will live with me, I'll also be taking on all jointly accrued (but in my name only) debt - currently 17k. My mortgage balance will be 120k.

    I've had to go for a 35 year term simply to push the monthly payments low enough that I can afford them. I'm applying for a 5 year fix as that gives me the security of knowing my payment amount through to when my youngest is at school. At that point, the debt should be paid off and my childcare bill will be halved or less (currently 945 a month) so I hope, presuming all else is ok financially, I can reduce my term at that point.

    Definitely time for a new SOA - I'm going to have to tighten the belt in all areas and there will be very little wriggle room.... if anything I suppose I will actually be a DFW not a MFW for at least 4 years. Feels like an enormous backwards step. And absolutely cr*ps all over my diary's name - MF x 2 by 42! No chance unless I get a lotto win!
    • therocket
    • By therocket 7th Apr 18, 12:21 PM
    • 47 Posts
    • 180 Thanks
    therocket
    Hey Turtlemoose,

    Just dropping in having read your diary and now your most recent post - keep your head up! You seem to be very sensible and switched on and have no doubt that you can do this. Sometimes life throws up some things we cannot change, so we have to adapt and move on. Keep focussed and do what is best for you and your family. Good luck, I'll be reading and egging you on!

    Rocket
    MFW - diary incoming!
    • Mortgage Minimiser
    • By Mortgage Minimiser 7th Apr 18, 1:17 PM
    • 71 Posts
    • 347 Thanks
    Mortgage Minimiser
    Hey TM,

    I've just read your entire diary. Go you!

    Let's be honest, it was all you driving this before, so I've no doubt you can do this again.....keep smiling and focussed, you will smash this!

    Cheering you on from the sidelines!

    MM
    x
    Last edited by Mortgage Minimiser; 07-04-2018 at 1:18 PM. Reason: SP
    2016MFW#46 O'Pd-104%; 2017 MFW OP'd 7779.28
    MFiT-T4 # 59 - reduce mtg to 195,000 (60% LTV)
    Mortgage at start (01/2/2015) - 243,750.
    Mortgage at 31/12/15 - 235,906.71.
    Mortgage @ 31/12/16 - 224,120.98
    Mortgage @ 31/12/17 - 210,224.06 (now 197,525.11)
    • badmemory
    • By badmemory 7th Apr 18, 4:02 PM
    • 1,901 Posts
    • 2,564 Thanks
    badmemory
    Hey TM,

    I've just read your entire diary. Go you!

    Let's be honest, it was all you driving this before, so I've no doubt you can do this again.....keep smiling and focussed, you will smash this!

    Cheering you on from the sidelines!

    MM
    x
    Originally posted by Mortgage Minimiser
    Exactly! Read a few MF & DFWs they seem to mostly pay off quicker when it is just down to them. Whilst I have only ever had a mortgage (debt was a lot harder to get back then) I certainly found life cheaper without an other half to keep (in the style to which they are accustomed).
    • turtlemoose
    • By turtlemoose 7th Apr 18, 8:35 PM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    So here goes. Revised SOA. As you can see it's pretty tight. There's a little extra income here - 4 coop reward, 6 Natwest cashback, 3 Halifax reward but not counted as could go at any time.. I'll pay those towards the CCs as extra payments....plus anything I can make with selling, surveys etc will all go towards the credit cards.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 2140
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 137
    Total monthly income.................... 2277


    Monthly Expense Details

    Mortgage................................ 404
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 85 over 12m, includes sole occupancy discount
    Electricity............................. 35
    Gas..................................... 35 Gas and elec are estimates, last time I lived alone I didn't have kids.... perhaps we can get this lower.
    Oil..................................... 0
    Water rates............................. 24 on a meter, maybe this will drop.
    Telephone (land line)................... 0
    Mobile phone............................ 37 stuck in contract until Jan 2019, will go PAYG then
    TV Licence.............................. 12
    Satellite/Cable TV...................... 10 netflix - am cancelling Virgin Media, need SOMETHING to keep me sane!
    Internet Services....................... 25 estimate based on a quick look at comparison sites, as I said, cancelling VM so looking for an internet only service instead.
    Groceries etc. ......................... 200 this is everything inc cleaning, cat food and litter, nappies, plus stuff for littlest who has multiple food allergies, packed lunches 5 days a week for DS1 and me. But I'll focus on this and try to keep it as low as possible.
    Clothing................................ 0
    Petrol/diesel........................... 0 I have a fuel card through work.
    Road tax................................ 2.5
    Car Insurance........................... 55
    Car maintenance (including MOT)......... 45 I drive a lot for work so car maintenance has to be a priority
    Car parking............................. 0 work pay for this
    Other travel............................ 0
    Childcare/nursery....................... 880 averaged over the year, boosted by 20% on top by tax free childcare
    Other child related expenses............ 50 this is presents for school kids' parties, all clothes, shoes, school trips, haircuts etc for 2 kids.
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 12
    Buildings insurance..................... 22
    Contents insurance...................... 0 included in buildings
    Life assurance ......................... 11
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Private therapist....................... 70 sadly an essential at the moment. Fortnightly sessions. Hoping to drop this as soon as I can. This will then be paid off the debt
    Green Party............................. 3
    DS2 JISA................................ 10
    DS1 JISA................................ 10
    Total monthly expenses.................. 2067.5



    Assets

    Cash.................................... 304
    House value (Gross)..................... 150000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 150304



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 120000...(404)......2.29
    Total secured & HP debts...... 120000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    MBNA1..........................8260......85....... .0% until Sep 2020
    M&S............................1818......25....... .0% until Aug 2020
    AA.............................2600......52....... .0% until Sep 2019
    MBNA2..........................3793......50....... .0% until Jan 2020
    Total unsecured debts..........16471.....212.......-



    Monthly Budget Summary

    Total monthly income.................... 2,277
    Expenses (including HP & secured debts). 2,067.5
    Available for debt repayments........... 209.5
    Monthly UNsecured debt repayments....... 212
    Amount short for making debt repayments. -2.5


    Personal Balance Sheet Summary
    Total assets (things you own)........... 150,304
    Total HP & Secured debt................. -120,000
    Total Unsecured debt.................... -16,471
    Net Assets.............................. 13,833


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    • turtlemoose
    • By turtlemoose 7th Apr 18, 8:36 PM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    thanks for the supportive comments, feeling pretty emotionally bruised at the mo so it's nice to see some encouragement
    • Mortgage Minimiser
    • By Mortgage Minimiser 8th Apr 18, 9:16 AM
    • 71 Posts
    • 347 Thanks
    Mortgage Minimiser
    Keep going, read your own diary back - I was thoroughly motivated by your previous effort!
    You are amazing!

    MM
    X
    2016MFW#46 O'Pd-104%; 2017 MFW OP'd 7779.28
    MFiT-T4 # 59 - reduce mtg to 195,000 (60% LTV)
    Mortgage at start (01/2/2015) - 243,750.
    Mortgage at 31/12/15 - 235,906.71.
    Mortgage @ 31/12/16 - 224,120.98
    Mortgage @ 31/12/17 - 210,224.06 (now 197,525.11)
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 8th Apr 18, 6:58 PM
    • 705 Posts
    • 3,127 Thanks
    SuperSecretSquirrel
    Hi TM, good to see you posting again Have to agree with MM, you were always the driving force, and from some of the things you have said in the past I can't help but wonder if in the long term you won't find yourself better off in the end

    Mtg [2013 64k|2014 51k|2015 38k|2016 26k|2017 14k] Zero!
    MN [2013-25k|2014-2k|2015+16k|2016+34k|2017+52k] +56,615.31(MFiT4:+60k)
    NW [2013 126k|2014 156k|2015 190k|2016 228k|2017 269k] 278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • turtlemoose
    • By turtlemoose 8th Apr 18, 11:02 PM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    .... from some of the things you have said in the past I can't help but wonder if in the long term you won't find yourself better off in the end
    Originally posted by SuperSecretSquirrel

    I've just gone back and read my diary from the start. I don't give that much detail ref ex-OH but of course re-reading has taken me right back in time to each message and I know the extra info that wasn't typed in my posts..... You're right SSS, I already know this is the right thing to do (i spent a year agonising over the decision!) and just need to plod on. Things are going to be very difficult for the next 4 years but after that I will be DF, own a 6yo car as an asset, my childcare bill will be wraparound care only.... I can do this it's just getting through these 4 lean years first.

    Frustrating thing is if I'd gone ahead with this a year ago I'd be getting circa 570 a month in tax credits until Jan 2020......... but now my area is a Universal Credit area I'm not entitled to anything. Ouch.

    My SOA is so so tight, I know I have the discipline to stick to it but I worry about things like an appliance dying or things like that. I've got zero in the budget for clothes, shoes and haircuts for me.... I'm sure I have enough stuff to keep me going over that time, but it's still a bit of a depressing thought that at the ripe old age of 32 and on a salary of 37k+, those things are luxuries I can't afford!

    As anyone who's read my diary will know, I like a plan so i'm trying to keep myself busy thinking of what my options are. My SOA as posted is one. I know if I really really needed it, my parents would help out financially (but I don't really want to do this unless I absolutely have to). I need to have a little think about my arsenal of make/save money tools available to me. It's hard to think of more ways I can cut back as I've pretty much chopped everything i can think of.

    I'm thinking (again) of selling the BTL. The tenants are now in 4.5k of rent arrears total, and they've been hit by the benefit cap so currently getting 274 every 4 weeks in HB when the rent for the same period is 480..... they're not paying any towards the shortfall.... Bit of a nightmare. I keep the BTL finances separate to my own, there's enough of a buffer in there to pay 3 more mortgage payments with their current rate of HB....then I'm well and truly stuffed. So I need to figure out what to do, whether to serve notice or what. It's hard as I don't want to kick them out but I'm not a charity either. if by some amazing set of circumstances they paid off the arrears that'd be brilliant, but unlikely!

    Thinking of making/saving money, if anyone has suggestions please shout up!
    1) surveys, cashback, coupons etc etc all the mse-recommended stuff
    2) Finish KM'ing the house and sell sell sell anything that no longer sparks joy
    3) Be extremely sensible with the food budget (meal planning etc etc) and try to create a surplus here
    4) both children are boys, so save EVERYTHING from DS1 in the hope I can use it for DS2. Unfortunately the big one is a skinny thing and the little one is a tad, ahem, more solid built.... so clothes might not work, will have to wait and see. I'll save it and if it doesn't fit maybe sell....
    5) do as many business miles as I can squeeze in, as I get tax relief on it so if I do 1055 business miles in a month I get 130 extra pay.
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 9th Apr 18, 10:42 AM
    • 705 Posts
    • 3,127 Thanks
    SuperSecretSquirrel
    The BTL does sound like something of a millstone... How much do you think it would sell for? How much is the outstanding mortgage balance?

    It might be worth selling just to simplify life. If you have some equity you could perhaps use it to pay off the unsecured debts, reducing your monthly outgoings and freeing up some breathing room in the budget.

    Mtg [2013 64k|2014 51k|2015 38k|2016 26k|2017 14k] Zero!
    MN [2013-25k|2014-2k|2015+16k|2016+34k|2017+52k] +56,615.31(MFiT4:+60k)
    NW [2013 126k|2014 156k|2015 190k|2016 228k|2017 269k] 278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • turtlemoose
    • By turtlemoose 9th Apr 18, 12:38 PM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    The BTL is in a really rough area, so prices aren't great, but I think a realistic figure would be 90k - let's say 85k to be really conservative. That would leave, after ERC and fees, around 25k cash in the bank. Have run the figures through a capital gains tax calculator on gov.uk and it's exempt via the relief entitlements (based on how long I lived there plus how long I let it etc) so I'd get the full amount.

    That would be enough to pay off all the debt and have around 6.5k in the bank (as I owe the kids 2k between them too as WE as a couple borrowed it to pay a credit card, but I'll be the one paying them back).

    I need to get the right of first refusal removed from the deeds first (as it was bought from a Housing Association - no discount) - I've done some research on this and it seems the law changed a few years ago and they *have* to remove it if I ask them to, but they won't do so except via their legal team and I'd like to avoid solicitors if at all possible (due to cost) but have struggled to find a 'how to' guide online about it, so may have to bite the bullet and pay a sol for it. Only at that point could I then sell on the open market. *IF* it sold of course, who knows how long it would take to find a buyer.

    If I did that, I'd be debt free, my car (2 years old - quick look on auto trader for similar age/mileage is 14k+) would be mine, and I'd have almost 3 months salary in the bank. I'd also then have around 215 a month surplus in my day to day budget which would of course make things a lot easier and allow me quite a bit of breathing room financially. Oh and then when the 30 free hours kick in (Jan 2020) that'd free up a few hundred more (that previously would have been allocated to debt).

    However... if they sort their arrears (they are trying to get HB to pay it, as HB *did* mess up their account and ended up paying a large backdated sum, but obviously not all of it - they're going through the complaints process at the moment) and then if they got awarded Discretionary Housing Payment to up their Housing Benefit to cover full rent then it would be great - in fact it would (after repairs, upkeep, tax etc) make around 50 a month profit. Obviously longer term this would be the better option (or would it?!) but it's not something I have any control over, frustrating!

    It's hard to know what to do, I feel like a BTL is a good asset to have and hang on to if I can/as long as it a least ticks over, but equally I've dithered over ditching it for the last 6 years so maybe I should bite the bullet and get rid?
    • tori.k
    • By tori.k 9th Apr 18, 1:06 PM
    • 3,256 Posts
    • 8,551 Thanks
    tori.k
    Is the stress of it worth 50 profit, getting shot would give you more stability it's currently a liability not an investment if the rent is not being met.
    To be honest it doesn't sound like your tenants have been to overly bothered to sort this to have accrued that level of debt, and you'd probably be doing them a favour serving notice as if its truly down to housing benefit mess up, they would likely have a duty to rehouse them if evicted but would be told to sit still until you proceeded down this route.
    There is nothing to stop you investing in the future once you have yourself sorted. You may actually find it cathartic to sell it on and start afresh.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Mortgage Free (stage 3) 140000/ 2127
    Save 12k in 2018 #76 3000/6000
    • turtlemoose
    • By turtlemoose 11th Apr 18, 4:07 PM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    ok cokey. Next steps - file an RX3 form with the land registry to remove the right of first refusal from the title deeds of the BTL. This I can do myself. I also need a deed variation which I believe is a job for solicitors - unless anyone on here can advise otherwise? I've contacted 3 firms for prices on this, waiting for them to get back to me.

    Got declined for my remortage (capital raising) yesterday so am pretty gutted. Not sure where to go from here. Appt on friday with my existing lender - last time they offered 3.79 no fee / 4.79 fee which is rubbish. Might be my only choice though
    • turtlemoose
    • By turtlemoose 13th Apr 18, 12:57 AM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    I'm having a real push at the mo on making extra money - I've signed up for swagbucks, which I'm a little gutted I haven't done sooner as it seems an easy earner.

    I've put my info on the Nationwide referrers thread on mse, and posted on my personal facebook offering (the 100 each offer) and had 1 person take me up on it so far so that's 100 for very little effort!

    I've cleared out some stuff to sell and potentially have a buyer, c120 after postage etc, will report back with actual figures of course.

    20 just cleared in Quidco, I've left that for the moment as I noticed they offer a boosted reward value for some retailers - I'm wondering whether to cash it out as Tesco vouchers as you get an extra 5% - free money from your free money! Amazing!

    19 sitting in my Natwest Reward cashback thing, cannot find my login details but will cash it out and chuck at CC soon as I can get my sticky mitts on it...

    I've made sure to do some work travel too - if I do 1055 miles in a month I get an extra 130 in my pay due to tax relief (but costs me approx 30 in fuel). I'm at 200 miles, and have another 560 planned in my diary so far.

    I wombled a receipt in Sainsburys for 133 points. I wombled a few receipts from Asda but none were any good.

    Next area to target is the grocery bill. Ocado have an offer for 10 off 40 when you use the app for the first time (includes existing customers) so used that and made sure I used mysupermarket to make sure I wasn't paying 'extra' for the Ocado label! We don't need 40 of shopping right now so I got some perishables but also stocked up on a few bits that will always end up being used - rice, beans etc.
    • turtlemoose
    • By turtlemoose 6th May 18, 9:36 AM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    Got approved, and underwriting ok, for more borrowing with existing lender at a disgusting rate (almost 4%). Got no choice though , he won't leave without the cash, and he won't stop making my life a misery until he's gone so...

    However, have hit (another) snag. The drive by valuation (that I paid 62 for, on top of the 299 product fee that they wouldn't allow me to add to the lending) came back as "Zero value. Not suitable for lending. Property appears to be more than 50% non-standard construction". What utter nonsense! this is my EXISTING lender! it's obviously NOT non-standard construction because they wouldn't have given me my original lending!!!! I spoke to various people at the lender and despite even the underwriter agreeing that that is ridiculous, I have still had to pay another 250 for a standard valuation. Not only is this costing me a lot of money, it's added an extra few weeks to the whole process too. As I just need to get the cash and get him out, I've paid it but once it goes through I will be making a stinking complaint and demanding a refund.

    On the plus side, his mortgage is ready and waiting, the searches have all come back ok. It's just me that needs to get the cash.


    I've found a solicitor who can do the legal work necessary to change the deeds ref the BTL property. Another 250+ vat... but at least this means I'll be able to sell it soon. One step further along the process.

    My tenant is still c4.5k in rent arrears. They're getting 270 a month HB when their rent is 520 due to the benefit cap. They're not paying anything towards the shortfall. The mortgage is 350 a month. I can only afford 3 more months at the current rate and then I can't afford the mortgage any more. So I REALLY need to get this on the market. The tenant is going to try to get the council to pay the arrears but she seems to have no sense of urgency about it, incredibly frustrating.
    • turtlemoose
    • By turtlemoose 16th May 18, 3:40 PM
    • 1,530 Posts
    • 4,446 Thanks
    turtlemoose
    5 min update!

    Selling the BTL: solicitor confirmed yesterday the draft deeds are drawn up and just waiting on approval and costs from HA. No update from tenant on arrears

    Getting cash for buyout: I was FINALLY approved for my mortgage last night, at a disgusting rate of 3.98% - but needs must. I'm fixed until Jul 2020 and then will go to another lender regardless, because I've been appalled by the service I've had from them lately.

    Making extra: Did an energy switch to Tonik after they came out 250!!! a year cheaper based on my actual usage. Used a referral link off MSE so that's 20 Amazon vouchers. Put my own referral link on the referral thread.... have had 11 signups so far which if they all go ahead will be 220 vouchers plus my own 20 .... so potentially 240 for nowt plus the 250 saving! Wow! Whatever vouchers I do get, I'll use them for Christmas and birthdays etc.

    Onwards and upwards.


    Anybody know how to change the title of a thread? I can't see an option to do it, wondering if I'm missing something obvious....
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