sarahevie's single quest to mortgage freedom

sarahevie1 · 16 April 2015 at 10:48PM

newgirly wrote: »

Hi sarah , why would you need to sell your place and buy investments to rent out if you did decide to move in, Wouldn't you just rent your place out and maintain some security longer term ,keeping your own home ?

I think he was thinking about perhaps buying something with a better rental return, or something closer to the city centre, with a view to making renting easier. It was a self build, in a conservation area, its not your typical rental pad.

Although the more I think about it, my house was rented for 6 years before we bought it, as the person who built it, remortgaged it so heavily he couldn't sell it. Eventually it was repossessed and we picked up an auction bargain. My house previously achieved £995 in rent.

sarahevie1 · 16 April 2015 at 10:57PM

MM10 wrote: »

I did not really get the twist of your OH's financial scheme.
1. So you move into his house "free of charge" whatever that really entails ... So maybe you end up handling the utilities, groceries, kids fees etc...
2. Buy rentals to increase income ??? How about just renting your house as is as newgirly mentioned
3. Cut down your hours.... To what? And for what.

Well I would say nothing would help your sanity better than your security.

You can always move in and watch how things go....but with an OH who has walked out once before you'll really want to have a plan B

Thanks for your take on it, completely agree.
1. I think I'd pay for nursery fees, clothes, shoes for kids. I think he genuinely would pay his mortgage and the bills.
2. I don't think he sees my house as the perfect rental in terms of supply and demand. There's certainly houses which would give a higher yield. Its not a trendy, young professionals type area, its a conservation area. The house itself isnt a two up two down or a flat, its a self build. I will consider renting it though, as it was rented for 6 yes at £995 a month.
3. Reducing hours - he's desperate for me to get rid of Saturdays at the supermarket. I'd keep my teaching job full time, although he would like me to go part time in this.

Plan b; which he suggested tonight, was him renting his new house out, and moving back with me.

sarahevie1 · 17 April 2015 at 12:00AM

In other news, Halifax have declined my mortgage application. Despite them telling me if I reduced my borrowing amount by £20,000 it would definitely go through, it appears not.

I'm not surprised, my outgoings are huge, salary modest. What has grated on me a little is that I said a few times, are you sure I need to reduce the amount, will it then be OK. I was told it was a resounding yes.

Its not completely over, I just need the tax credit award notice when it comes, to offset my childcare expenses. So now I'm even more keen for my claim to be processed.

mumto2monkeys_2 · 17 April 2015 at 9:15AM

Just read from the start and have to say I admire you greatly. It must be really tough teaching FT and then working on a Saturday too - it takes me the weekend to have a handle on the teaching alone!

Are you still fairly new to teaching? Looking at your salary, you should have some increments due. Will you get a TLR for leading your own subject next year? I'm just wondering how long you will work both jobs as it must be tiring, especially with DC.

sarahevie1 · 19 April 2015 at 6:51PM

Had a much needed cheap weekend, spent around £10, the joys of spending 7hours of sat at the supermarket.

Took the girls up to a Iocal tarn Friday night, had a mooch around the shops today. The girls had rehearsals for alice in wonderland both sat and Sunday so kept them busy.

I usually meet friends sat morning but I stayed in and cleaned my house and car. I'm desperate for a cleaner but think of the money saved. Also spent 2 hours getting the girls reading books, homework, spellings up to date as first day back tomorrow.

Treat of the day a newspaper.

sarahevie1 · 23 April 2015 at 10:23PM

Sadly I won't get a TLR for leading a subject, its expected as a main scale primary teacher. I'll definitely get an incremental rise, I am at the bottom of the pay spine.

I've had my tax credit award through and I'll be getting £1299 a month from may so my childcare costs will be paid.

Still only have £1800 to live on after childcare costs but giving up the Saturday job is a definite possibility. Going to keep a detailed spending diary for two months to see how I go.

sarahevie1 · 25 April 2015 at 9:22PM

Busy, busy at the mo.

Had a lovely birthday tea out Fri with a friend. Met a friend this morning, then a kids party, then my Saturday job.

Feeling exhausted at the mo, not really sure why. Had a healthy pasta tea, so hope that will help.

MM10 · 26 April 2015 at 6:47AM

sarahevie1 wrote: »

Busy, busy at the mo.

Had a lovely birthday tea out Fri with a friend. Met a friend this morning, then a kids party, then my Saturday job.

Feeling exhausted at the mo, not really sure why. Had a healthy pasta tea, so hope that will help.

Well after a week of hard work and a busy weekend. I think it's normal to be exhausted:p. Hope you're having a restful Sunday

newgirly · 26 April 2015 at 8:50AM

Hi sarah , glad you got the tax credits sorted out that must be a weight lifted

MummyEm · 26 April 2015 at 8:59AM

Hi Sarahevie1

Just wanted to say hi. I really admire what you are doing working six days a week. You are working so hard and seem to just be taking it all in your stride.

When you think about budgeting, don't forget to consider bday and Christmas costs and the bits that don't crop up every month.

Looking forward to following your journey

MEm

sarahevie's single quest to mortgage freedom

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