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  • FIRST POST
    • FloppyDisk
    • By FloppyDisk 21st Dec 15, 3:35 PM
    • 629Posts
    • 4,227Thanks
    FloppyDisk
    From Flat to Farmhouse
    • #1
    • 21st Dec 15, 3:35 PM
    From Flat to Farmhouse 21st Dec 15 at 3:35 PM
    Hello everyone, I am hoping some of you might recognise my name and no, my mission hasn!!!8217;t changed, I still have lofty ambitions of upgrading from my flat to something a little more spacious.

    So where were we? Oh yes, paying £400 a month in interest on my mortgage! I need to start 2016 with a renewed vigour towards my financial management. Whilst this won!!!8217;t be wholey directed at the mortgage, I have found the community of MFWers so helpful in getting the balance right. Despite having the all-important spreadsheet, I have gotten a bit lost with my finances with the poor interest rates and having to use current accounts for savings, so I need to do a proper audit.

    As old friends will know, I have the slight disadvantage of being owned by an event horse who insists on having the best of everything. I am also severely hampered by my inability to cook and tend to fritter money away buying lunches.

    It is lovely to be back and focused on security, I have missed you all!
    Last edited by FloppyDisk; 02-01-2018 at 1:07 PM.
Page 10
    • FloppyDisk
    • By FloppyDisk 11th Jan 18, 6:36 PM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    It is a wonder how I ever managed to overpay the flat mortage with my wish list!

    Oh crumbs no the 25k needs to cover a towing truck too. I'm thinking more like 7-8k max for a horse. I'd just like a fairly well established Irish thing that will look after me!

    Mortgage- £415,836
    BTL- £162,782

    • hiddenshadow
    • By hiddenshadow 12th Jan 18, 4:50 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    Sounds reasonable. I think I spent about $14k on my towing truck/trailer in the US (a year before I moved here - silly of me!).

    I want to go to some of the horsey auctions here in Ireland, just to watch. Though I've heard of people getting very nice 3-4yos for < !!!8364;5k at auction, so there's also that option...though I'm liking the idea of a schoolmaster more and more these days!
    MFW: £197,100 (2013) to £99,838 (June '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
    • FloppyDisk
    • By FloppyDisk 18th Jan 18, 4:48 PM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    I would like a youngster one day but my friends always tell me that I don't need something 'very nice', but just something I can have fun on, which I guess is true!

    For now I am putting it all on the back burner and focused on the new house. I just wish the vendors were focused on their new house too - still no sign of a chain but I have been as clear as I can about our intended timescales. Another house has come on the market that would certainly 'do' but it isn't quite in my dream location like the current one is.

    Lorry has gone and money has come in so that's my emergency fund and contribution to the kitchen fund sorted (although I feel like that might scale up to cover furniture and allsorts) and some change for the horse.

    Mortgage- £415,836
    BTL- £162,782

    • hiddenshadow
    • By hiddenshadow 19th Jan 18, 4:01 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    Yes, I'm quite happy with the concept of reliable and unremarkable vs flashy. That said, I do like the idea of bringing something up myself...though I may not have the skills to do that, if I'm honest.

    Congrats on getting the lorry sold, hope the house vendors perk up soon.
    MFW: £197,100 (2013) to £99,838 (June '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
    • FloppyDisk
    • By FloppyDisk 23rd Jan 18, 5:57 PM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    Turns out the vendors have always been on board, it was the estate agent that felt that they were too stressed to cope with any demands up until now and had been refusing to pass on our messages. Thankfully that seems to be sorted for now and for the first time I actually feel like we are actually going to buy a house in the country!

    Now time to faff with two mortgage applications in one! I have been tempted to over pay my 10% allowance for the year to lower by ERC, but I am terrified something will go wrong and I will be left with very little spare cash.
    Last edited by FloppyDisk; 23-01-2018 at 5:59 PM.

    Mortgage- £415,836
    BTL- £162,782

    • hiddenshadow
    • By hiddenshadow 23rd Jan 18, 8:11 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    Glad the vendors are on board! Hope the mortgage sorting goes smoothly.

    Estate agents are useless. Ours tried to lie to both us and the vendors and essentially blame the other...luckily we were in contact via text and saw through it.
    MFW: £197,100 (2013) to £99,838 (June '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
    • EatingTheElephant
    • By EatingTheElephant 23rd Jan 18, 9:54 PM
    • 1,298 Posts
    • 7,107 Thanks
    EatingTheElephant
    Good to see things are progressing. I!!!8217;m thinking my next horse purchase will be something to have fun on, not for a while yet though!

    My bil had the issue where he couldn!!!8217;t get the b2l mortgage without having a mortgage on a house he lived in. It was all down to the lender, so his current bank wouldn!!!8217;t do it but the mortgage broker we used knew which lenders you could go to. I think there was a very limited choice, which I guess not all brokers know about.
    • FloppyDisk
    • By FloppyDisk 24th Jan 18, 9:15 AM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    That is my biggest concern at the moment Elephant. It is good to hear that it can be done though. It is a shame with rising rates but I will probably go for a short fix on the flat to then change to a more competitive lender as soon as possible. The broker we are using seems quite experienced and is part of a big firm so we can hopefully be moved around if needs be, but he doesn't think we will be paying more than 2.5% for either mortgage which isn't too bad considering.

    Mortgage- £415,836
    BTL- £162,782

    • FloppyDisk
    • By FloppyDisk 25th Jan 18, 5:06 PM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    Productive chat with the mortgage broker but he has now thrown me as it looks like I can borrow more equity from the BTL than expected, enough perhaps for a 15% deposit on the new house. But it depends on what I value it at. HPI says £245k, I have said £275k, zoopla and similar ones on rightmove say more like £300k, but the ones on rightmove aren't necessarily selling for that price surely? Beyond actually paying for a valuation, who on earth knows?

    Mortgage- £415,836
    BTL- £162,782

    • FloppyDisk
    • By FloppyDisk 31st Jan 18, 10:04 AM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    Had to stick with just 10% in the end, but both mortgage applications are well on their way now and we even have a draft contract from the vendors.
    I have rejigged my spreadsheet to prep for the new financial set up and it's telling me that I somehow managed to save £1,969.90 in my personal account this month.

    Paying for searches pushed the joint account just over budget but my week of eating dust when I was on my own helped us stay under budget for food for the first time.

    The flat has £9,950 in it's account so as long as my tenants agree to extend their contract, I will be able to plough on with the lease extension once the house is sorted and we get past the 'surprise! It's a fake boiler' phase.

    Mortgage- £415,836
    BTL- £162,782

    • FloppyDisk
    • By FloppyDisk 7th Feb 18, 6:16 PM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    Looks like we have two mortgage offers in the bag, just waiting for the paperwork for the BTL. I will wing it over to our solicitor as soon as it arrives so we can get the money in the bank and be ready for the big purchase.

    We had hoped to complete before the end of April but we are quite well ahead of schedule so far, the sooner I can start paying it off the better!

    I have moved offices and now have the luxury of an enormous fridge and no more coffee shops within an arms reach so my day to day spending and chocolate intake has plummeted. That said, I did splash out on a dressage schoolmaster lesson which I may have to repeat!

    Mortgage- £415,836
    BTL- £162,782

    • hiddenshadow
    • By hiddenshadow 7th Feb 18, 6:43 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    Ooh, lush. I rode a 20-something year old ex-Grand Prix horse a few times who was amazing. 17.3h and probably 2,000lbs, so still a hell of a workout to get him going, but he'd just toss in flying changes just because you turned your head. I wish I could have taken him for a spin at a low-level event, but I don't think he would have liked cross country.
    MFW: £197,100 (2013) to £99,838 (June '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
    • smallholdingsister
    • By smallholdingsister 11th Feb 18, 7:55 AM
    • 3,591 Posts
    • 30,135 Thanks
    smallholdingsister
    Advice please Floppy. Going to see a 16hh pba tomorrow. How did you get the medical history for that one you viewed? What did you say?

    @hiddenshadow I knew you were horsey but not that you were in Ireland. Home of the reasonably priced Irish draught that I covet.
    • EatingTheElephant
    • By EatingTheElephant 11th Feb 18, 8:48 AM
    • 1,298 Posts
    • 7,107 Thanks
    EatingTheElephant
    Great news on the mortgage offers Floppy
    • hiddenshadow
    • By hiddenshadow 11th Feb 18, 12:50 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    @hiddenshadow I knew you were horsey but not that you were in Ireland. Home of the reasonably priced Irish draught that I covet.
    Originally posted by smallholdingsister
    We moved to Ireland last summer. Now that I've started up riding again, I'm definitely having to keep myself from browsing sale listings here. ;-)
    MFW: £197,100 (2013) to £99,838 (June '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
    • FloppyDisk
    • By FloppyDisk 23rd Feb 18, 1:18 PM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    Buying a house.... there are not enough walls in the world to bang my noggin against.

    Mortgage- £415,836
    BTL- £162,782

    • FloppyDisk
    • By FloppyDisk 27th Feb 18, 9:30 AM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    Well this is weird.... I don't have a mortgage to OP! I have a lonely 77p in my savings account that is bothering me but until I get the details for the new BTL mortgage, I am stuck. The remortgage went through last thing on Friday so I will hopefully get logon details for that soon, I don't like the mortgage-limbo in between.

    £1278 saved into my account this month, I'm afraid it's starting to feel quite nice not having a horse, gulp. Food spends were £100 under budget this month, though it is a short one. House survey today, and the vendors should be working through a pile of enquiries so things are still rumbling on.

    Mortgage- £415,836
    BTL- £162,782

    • FloppyDisk
    • By FloppyDisk 28th Feb 18, 4:44 PM
    • 629 Posts
    • 4,227 Thanks
    FloppyDisk
    I think I may have made the astronomical error of choosing a BTL mortgage that doesn't have internet banking!!!! Perhaps only having updates on my balance once a year will add to the excitement.

    Still no progress on the proper house.

    Mortgage- £415,836
    BTL- £162,782

    • smallholdingsister
    • By smallholdingsister 28th Feb 18, 6:13 PM
    • 3,591 Posts
    • 30,135 Thanks
    smallholdingsister
    What's going on with it, Floppy?
    • hiddenshadow
    • By hiddenshadow 28th Feb 18, 11:03 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    £1278 saved into my account this month, I'm afraid it's starting to feel quite nice not having a horse, gulp.
    Originally posted by FloppyDisk
    It does give you a very nice financial cushion each month!

    I'm eyeing the future budget to see where horse spends will fit in...though I did have 8 years horse-less in between.
    MFW: £197,100 (2013) to £99,838 (June '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
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