Got the dream house - now to pay it off

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  • Maxthebrave
    Maxthebrave Posts: 33 Forumite
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    Exciting and interesting day yesterday. Lots to think about.

    Mortgage offer was approved so we can proceed with the buy to let. Big eek! Very nervous but very exciting all the same.

    DH is being headhunted for a job that is not a field he previously considered but in many ways is the perfect challenge from him. It will mean a longer commute and possibly more working hours. We don't really cope with his normal 9-5 at the moment, it feels like we never have down time and I am just starting emerge from 4 years of being Mummy to having my own career again. Its not enough of a pay increase to justify more strain on the family but it is a one off opportunity that is so interesting I would feel terrible if I stood in his way. Will just have to see what happens at interview stage.

    Lazy weekend planned with the girls. Our last completely free one for a while. Planning lots of log fires, watching films under blankets and a bit of gardening.
    Sinking funds £8013.73 / £13440
    Mortgage - £75832.86
    Savings £14711.46
  • selloptape
    selloptape Posts: 632 Forumite
    First Post Combo Breaker First Anniversary
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    Congrats on the mortgage offer - fab news!
  • Maxthebrave
    Maxthebrave Posts: 33 Forumite
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    I've been doing my monthly round up of sums and it all looks very achievable until I think what we might add to this next month :eek: I'm having real doubts about the BTL. What if it never rents and we are left paying an enormous mortgage FOREVERRRRRR!!!!! I have done a lot of research and spoken to so many people so heres hoping it works out.

    Asked DH for his current account balance and its in the red :mad: I've no idea how hes managed that. Hopefully buying me many pretty things :j

    This month we have:
    Bank accounts and cash in purse: £75467.74
    Mortgage (and DH debt) £79343.08
    Balance: - £3875.34

    Not too bad. Bring on the debt and the massive repayment challenge :eek:
    Sinking funds £8013.73 / £13440
    Mortgage - £75832.86
    Savings £14711.46
  • Maxthebrave
    Maxthebrave Posts: 33 Forumite
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    Did my first ever baby sitting job last night (at age of 39) A friend is a childminder and had double booked so I went in her place to help out. £25 for 3 hours putting lovely children to bed and cosying up in a beautiful house by the fire. Friend says she regularly has extra work she can pass on so hopefully will be a few extra pennies every now and again.
    Sinking funds £8013.73 / £13440
    Mortgage - £75832.86
    Savings £14711.46
  • Kittenkirst
    Kittenkirst Posts: 2,563 Forumite
    Photogenic Name Dropper First Anniversary First Post
    edited 4 March 2018 at 5:29PM
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    Maxthebrave wrote: »
    I love the sound of the house diagram and filling in the bricks, How do I do that? Might be interesting to do that now and then once we've extended the mortgage.

    I can try and pm you the template for the house tomorrow when Im on my laptop- not sure if it will work but I will try! Essentially a drew a house of 100 bricks (complete with windows!) and worked out what 1% of the house capital is.

    Every time we clear the Mortgage capital down buy that value I colour a cell in- due to recently remortgaging and the house being valued we got to colour in 5 squares in one go which felt amazing. We have 80 squares to go still :o
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • rosieraspberry
    rosieraspberry Posts: 49 Forumite
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    The money diagram is a great idea. I currently have a list but a diagram is much better and colouring the percentage bricks in as well is so motivational! Such a good idea!
    Stealing both! :)
  • Maxthebrave
    Maxthebrave Posts: 33 Forumite
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    Hi Kittenkirst and Rosieraspberry, thanks for dropping in. I will have a go with the house diagram.

    I sat DH down with the money map last night. He looked completely baffled :rotfl:

    Found a £15 direct debit to Carphone Warehouse on DH personal account. Seems hes been paying them insurance for years and hadn't realised. He really is hopeless with money. He did make some lunch to take to work today so all is forgiven.

    I've hopefully got a cheap day planned taking the girls for a playdate and raiding the freezer for dinner.

    Have a lovely week x
    Sinking funds £8013.73 / £13440
    Mortgage - £75832.86
    Savings £14711.46
  • Maxthebrave
    Maxthebrave Posts: 33 Forumite
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    Tried to do an Ocado shop last night. I never shop online but they had so many of the expensive items we use on offer it seemed worth it including sensitive bummed DD2s nappies. However when I tried to check out with my £182 basket it said that only £15 worth was in stock. I never have good experiences shopping online. After all the horror stories I hear of people not receiving essential items I don't know why anyone bothers :(

    Dragged girls to Aldi instead today. £70 spend although £12 of that was for a plastic drawer unit for our craft cupboard which was out of control. DD1 also go some gardening bits for her raised bed she is planting with DH

    DH is out tonight so dinner tonight is roast aubergine with beans from Jack Monroes website. To help keep meal planning interesting I trend to pick a chef and try a few of their recipes every week. I like Jack as a person a lot but her peanut bean stew was not a triumph last night. DH threw his in the bin and had cheese on toast instead :rotfl: Fingers crossed for this one.
    Sinking funds £8013.73 / £13440
    Mortgage - £75832.86
    Savings £14711.46
  • Maxthebrave
    Maxthebrave Posts: 33 Forumite
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    Aubergine and beans was yummy as was cider and bean cassoulet last night. Adding Jack to my list of go to cooks. I costed out our meal last night like she does and it came to £3.07 and will make 5 portions so 62p a portion.

    DH was told he was getting a promotion yesterday. Guessing it should be around £300 more in the bank each month and hes still being head hunted by 2 other firms so hoping he might be able to negotiate more.
    Sinking funds £8013.73 / £13440
    Mortgage - £75832.86
    Savings £14711.46
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
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    Maxthebrave wrote: »
    Will need to add these to the money map. Does anyone else have a hand drawn diagram in the front of their finance file to remind them of the journey their money makes each month? Between us we have 5 current accounts and 5 savings accounts doing their bit. DH shows no interest in our finances so if anything ever happens to me i'm hoping this will help him out :rotfl:
    Including peer to peer lending etc. we have:
    1 joint bank account in Spain
    5 accounts in my name which we class as joint
    2 accounts in Mr GG's name which we class as joint
    2 joint accounts
    8 individual accounts - mine
    7 individual accounts - Mr GG
    Oh dear. That's rather a lot, especially as it doesn't include S&S ISA's etc. :o Was reading on another thread about a registrar saying someone had to order 40 copies of a death certificate for probate :eek:, we're not quite at that stage yet :o. We have a spreadsheet which is referred to in our will and is kept up to date.
    Maxthebrave wrote: »
    Found a £15 direct debit to Carphone Warehouse on DH personal account. Seems hes been paying them insurance for years and hadn't realised. He really is hopeless with money.
    Oh dear :( Have you been through everything with a fine tooth comb? Does he have internet banking - worth checking all the standing orders and direct debits which are set up as he could have annual payments going out that could slip through the net. Don't know how you check any set up on credit cards though.
    Maxthebrave wrote: »
    DH was told he was getting a promotion yesterday. Guessing it should be around £300 more in the bank each month and hes still being head hunted by 2 other firms so hoping he might be able to negotiate more.
    :T:T:T:T:T

    I bought my first btl when I was a single parent on a very limited income but had enough for a decent deposit from my divorce settlement. I was terrfied really, but ultimately it led to others and I retired to Spain at 53, so it can be done :T. There is someone else that I think still has a diary on here who is currently buying a house mortgage free from what she has achieved with btl's and it's enabled her to give up her stressful job and juggle a few part-time ones instead :T. I know the tax position is not as favourable and the government seem to always be trying to find new ways to penalise landlords but I think it still can be profitable - in the long run.

    Good luck :)
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
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