Fast-approaching deadline for Interest Only BTL mortgages.

Saving_Glut · 4 October 2018 at 6:59AM

Posted an additional 3 items on FB market plaza this morning and renewed two other ads. Am meeting a lady at 8am in Waitr0se car park this morning to sell an item and two other items have been reserved. Preference is to pay cash on collection to avoid PayP@l fees. Some items will go into joint pot.

Have acupuncture session this evening to energize legs before a Palace to Palace cycle this Sunday. Hope it will help regularise my chaotic sleep pattern for a while too! As I had purchased a bundle of 8 earlier in the summer, I hope this will be a NSD (must leave proceeds in car to help resist temptation in vending machine!).

Have a nice day everyone!

greent · 4 October 2018 at 5:21PM

Haha! I've met a few people for sales recently (and Leg0 card swaps, but that's a different matter!) - I always wonder what people think as I'm handing something over (often bagged) in exchange for cash

Saving_Glut · 4 October 2018 at 11:06PM

Hi greent. I bet our exchanges with strangers in public places must raise an eyebrow or two! But glad buyer showed up on time and I am getting rewarded for decluttering!

Today.’s MFW update:
-Reviewed BTL1 paperwork and confirmed there is no limit to OP, which is a relief!
- Needed petrol on the way to work today - only bought £10 worth at expensive station, and filled up at a cheaper alternative at lunch time.
- Had a slow puncture, had to replace three tyres. Bah! Dealership also reminded me that car is due a service. This will cost £149 at least. Must check to see if I have used up all three services I bought as a package.

Saving_Glut · 6 October 2018 at 3:56PM

Acupuncture resulted in a rare and beautiful 8 hour sleep, so was energised to crack on with a few MFW activities viz.

As I have come to end of my 5% cashback term with AMX (earned £125 which I will receive in month 13 after I got card), I applied for a different type of BA AMX card. Fee is £195 and APR of >75%!! I will never pay this card late! I had previous H0F card for about ten years until I realised the points rewards were poor. Now, I have got two cards in the past 4 months! I learned of this card through He@dforpoints website. I requested them to refer me which earned me an additional 1,000 Avios flight points on top of the 25,000 included in card offer. To get the best value for this card, I must charge at least £10,000 to it. No problem for me!! Meanwhile I will cut up my first AMX card.

Packed and posted an item sold on F8.
Advertised another item on F8.
Nudged buyer for a time he will buy an item this afternoon. Looks like I will get back to another interested party who lives more locally.

Drip fed some F8 sales to mortgage. £58.85 to offset mortgage type account. This was a first for me and I hope to get into this practice, as inspired by other MSErs. Once this pot increases to £500 it can be used to pay off capital. In the meantime, I can’t get my hands on it easily and it was rewarding to decrease the mortgage even a little. Updated my signature accordingly!

I finally and reluctantly delved into a non-UK bank account I have. It’s never as bad as it seems and the more often I venture in there, the better. I calculated that in the past 5 months I have been charged e62 overdrawn fees which are avoidable. This is significantly better that it was in the past. But, Will. Do. Better. Anyways, it prompted me to ask a lovely, long-standing tenant if he had paid his share of the electricity bill and TV licence. 30 minutes later he sent me an email confirming he paid e90 into my account this morning and he confessed he owes me one months rent. So, it was a quick win. Account is up to date, I don’t have to fund it. Also, I took steps to be less apprehensive of going in there as I addressed some of the reasons why (hey, I never said I was organised!):

1. I only have banking app on my iPad not my phone which increases my opportunity to neglect it! Now sorted.
2. I kept promising myself to create Excel spreadsheet to track. Have never got round to that in the past forever, because of reason 1. above. So, I pulled out a notepad instead, which is perfectly sufficient in the meantime.
3. I calculated that the ‘money in’ should exceed the ‘money out’ marginally in this account every month, thereby reducing reluctance to go have a look around in there.

Bought some yellow-sticker veggies in today’s shop which looked very healthy!

Unfortunately, had unexpected bike repair cost of £75. This, together with purchase of very reasonably priced new handbag at TKM@X means I have no spends left until next Friday. Luckily there’s food in the fridge!

Asked politely if my 5-day late payment for an annual rates bill could be overlooked and which I genuinely thought I had paid. Will find out next week if my pleas have been heard. Otherwise, I will need to cough up about £50.

It’s interesting how other MSE’ers money-saving activities have a habit of ringing in your ears: “mend and make-do”. I bought a lovely journal for setting monthly goals last year. It was really effective for me, so I was tempted to buy another. Company even emailed me a 25% discount offer. Instead, I have retrofitted another journal to incorporate goal-setting.

Bought DailyM@il newspaper for the first time as it has some offer at the moment. Must check it out before OH realises I bought this paper which they do not approve of!

Finally, I picked up some free sawdust for my three chooks bedding from local sawmill which should last until Xmas.

Happy Saturday everyone!

greent · 7 October 2018 at 9:01AM

Fab freebie with the sawdust! And well done on not succumbing to the lure of new stationery

- OH and I are both suckers for stationery but I'm on a mission to use up rather than purchase, unless it's a necessity. His current contract has also yielded some freebies here, which helps!

Also great news on setting a plan to ensure you monitor the Euro account too :T

Saving_Glut · 8 October 2018 at 6:21AM

Hi greent

Yes, with a creative slant, stationary is one thing that can be re-used, if only we can be lured away from wanting to use the nicest/best quality/best design! I’m going to try to be creative with what I have. Great that one of the perks of the OH’s current contract is some extra stationary!

Re: Euro account: Yep, feeling the fear and venturing in anyway!

I completed Palace to Palace cycle yesterday in the chilly sunshine. Goody bag included some flapback and fruit snack bars which will come in handy during the week plus 2 complimentary sandwiches from Waitr0se, one of which will I will use for lunch today. I had pre-paid for the event and I had resisted making a purchase at the event so I was on track to have an NSD. Then OH requested I buy some snacks on the way home. Felt mean to charge this treat to joint account, so I didn’t, but at least I stuck to snacks only purchase at the supermarket!

Today I have OP the princely sum of £414.42 into BTL1, reducing the balance to sub £95k to a tidy £94,750!

OH is away on Sunday so I have a rare window to do paid volunteer work (sounds like an oxymoron?!) at a sportive for the whole day for which I could earn about £90 after tax and petrol. I was somewhat reluctant as it will involve getting up at 5:30and there’s a 43% chance of rain. Then, I remembered, I still have to lure up £94,750 (exactly!

) in the next 8 years and 1 month, so I decided to get on with it! I threw my hat in the ring and volunteered this morning. I shall leave it in the lap of the Gods to determine if my services are required or not!

Have a good start of week all!

Saving_Glut · 8 October 2018 at 10:36PM

So, I was a little uncertain what to do over Xmas, but the sums have helped me to decide:

Ramped up prices for Xmas flight, car hire, loss of half days pay, plus pet minding equates to a difference of over £700. To see the same people, in the same place with just a week apart!

Aside from money aspects, it puts Mum under less pressure if her visitors are spread out a little, we will have had a big family get together in November for sister’s 40th. It will be considerably less stressful not to travel immediately before and after Xmas.

Then the reality of the negative equity I have to make up sets in and my mind is made up!

We will spend Xmas day with our friends who really want us to be at theirs, with their extended family and friends, all of whom we know over the years and are good fun. Plus, we will get to relax on either side of Xmas which will be most welcome!

Perhaps some people won’t agree with this approach, but I think it works well for us. I will book Xmas flights much earlier next year.

Regardless, my flights are booked (registered for Avoio points too!) and will book car hire, I hope through QuidC0 or similar.

Goodnight all!

Saving_Glut · 10 October 2018 at 5:52AM

Morning!

Sold two items on FB yesterday. Am pleased sales are ticking along.

My euro account for the first time in years, has a little over e1k sitting in it to fund upcoming outgoings.

Have been requested to work at sportive on Sunday, pay for this will go directly toward BTL1.

And then these:
Booked car service (confirmed I’ve spent all three services in my care plan). This will cost approximately £380.

Boiler repair at BTL3 last weekend will cost approximately £1k, which wipes out my planned BTL1 OP in November of £1,015!

I’m grateful I can afford to pay bills, but would be nice to get a reprieve for a few week on significant expenditure, or at least earn some cashback with them! Money Gods, are you listening?

So, this MFW is a rollercoaster, but I know things are moving in a positive direction overall.

Good luck fellow MFWs!

Saving_Glut · 12 October 2018 at 7:21AM

Have sold two more items on FB. Quite a few others are lingering so I may need to think about presenting them differently to get them moving. Using online RM stamp services (paid from PayPol account) and postage collection at work so my clunky process is getting a little more efficient. I will look into more competitive postal services - at some point!

Have decided to tackle BTL1 mortgage (5.05%, which I may have mentioned before!) with a different approach. My OH will loan me £35k at a rate of 2.5% from her savings accounts, which currently pays her 1.5%. She didn’t want to profiteer, but I insisted we should both benefit. I have agreed to repay over 18 months.

This £35k will mean my BTL1 will have an LTV of 75%, enabling me to remortgage from 5.05% down to 2.32% (found by mortgage broker). I double-checked that I will not be charged early repayment fees. If I have done my maths correctly, I will have saved approximately £330 per month, which I plan to use to overpay BTL2.

I will do calculations proper over the weekend, but I think this approach will save me £17k over the lifetime of BTL1, plus some more on BTL2.

Logging into MSE and focusing on finances daily has really contributed to this significant saving,this free resource really is invaluable.

In the meantime, I have swept my current account and overpaid BTL1 by £385.20 as today is payday.

Also paid off AMX balance early and in full as I don’t want to fall foul of their rather high interest rates.

Happy Friday!

Saving_Glut · 13 October 2018 at 4:03PM

The possibility of reducing my interest rate and interest paid significantly led me to investigating the possibility of acquiring a bank loan for BTL2. In theory, a loan of £15k at about 2.8% could be put toward mortgage rate of 5.05%. The eligibility calculator on this site indicates there is a 90% chance that My application would be aporoved. Best to wait until after my remortgage application for BTL1 is approve before I proceed though.

Taking a loan approach to both these mortgages could lead to a significant reduction of term and money. Must get on cimprehensive mortgage calculator to estimate amount.

I attended a lecture presented by a world-record breaking adventurer this week. He left us with this question: “Are you leading an adventurous life?”My immediate internal response was: “Not this month - I’m too immersed in being a MFW! :rotfl:

Fast-approaching deadline for Interest Only BTL mortgages.

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