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  • FIRST POST
    • AlexLK
    • By AlexLK 30th Dec 17, 5:01 PM
    • 6,085Posts
    • 32,212Thanks
    AlexLK
    Renovations and Repayments II: New Year, New Start, New Diary.
    • #1
    • 30th Dec 17, 5:01 PM
    Renovations and Repayments II: New Year, New Start, New Diary. 30th Dec 17 at 5:01 PM
    2018 is almost upon us and is set to be the year I get my finances in order.

    So, what's changed since the start, middle, end of my last diary?
    - Regular income is up
    - Gained some knowledge of how to use a spreadsheet to budget
    - In a much better position to make steps towards positive change
    - My wife and I are working as a team
    - Unless anything drastically changes our son is staying at the local school

    What do I want to achieve?
    - Regular and realistic amounts to savings each month
    - Make the mortgage payment up to £1,000 each month
    - Get a better rate on our mortgage
    - Get rid of a lot of things we don't need ... OK that's business as usual
    - Finish the house and consider our options (staying in current house or using the equity to move somewhere new - not to my childhood home and if I mention this, please feel free to point me to this starting post)
    - Monthly targets for both financial and personal goals
    2018 totals:
    Savings £7,600
    Mortgage Overpayments £1,750
Page 2
    • bunty109
    • By bunty109 1st Jan 18, 9:51 AM
    • 1,191 Posts
    • 2,890 Thanks
    bunty109
    Probably worth seeing what the options are and how big a difference they make when you run the numbers.

    We moved to Ireland last August.



    I think that's standard with most lenders, I believe it's 10% based on the balance at the start of each year (not 10% of the original balance).
    Originally posted by hiddenshadow
    Weíre with First Direct and thereís no limit to overpayments but would get charged if we paid it off during our fixed term period (no chance of that!)
    MFW 2017#24 £12107.18/£8000
    MFW 2018#24 £3707/£15000
    MFi3 v4 #53 £39949/£39387
    • Karmacat
    • By Karmacat 1st Jan 18, 10:08 AM
    • 29,312 Posts
    • 167,814 Thanks
    Karmacat
    Happy shiny new diary, Alex! 2018 is going to go well for you, I can see that much right now no matter what challenges there are. Lovely to read of the positivity you've found.
    Retired August 2016
    • misscousinitt
    • By misscousinitt 1st Jan 18, 11:26 AM
    • 3,611 Posts
    • 20,870 Thanks
    misscousinitt
    Happy New Year Alex and happy new diary.

    Wishing you all the best for 2018.

    MCI
    Mortgage Free x 1 03.11.2012 - House rented out Feb 2016
    Mortgage No 2: £91,471.25 (11.01.2018)
    OP's to Date £5500

    Renovation Fund:£736.95;
    Nectar Points Balance: approx £2.50 (after microwave purchase
    • themadvix
    • By themadvix 1st Jan 18, 3:19 PM
    • 1,717 Posts
    • 9,985 Thanks
    themadvix
    Happy New Year Alex and a great start to your new diary!
    OPs 2018 = £2090
    Moving savings = £636.46
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jun 2018: £92,000
    MFW2018 no. 38
    • hiddenshadow
    • By hiddenshadow 1st Jan 18, 4:09 PM
    • 2,482 Posts
    • 11,356 Thanks
    hiddenshadow
    Whereabouts are you HS? (roughly!). We're in Kerry presently and off to see Fungie later, hopefully .
    Originally posted by gallygirl
    Ooh, lovely. I hope you spot him!

    We're in Offaly, in the valley.
    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%
    • PositiveBalance
    • By PositiveBalance 1st Jan 18, 9:33 PM
    • 752 Posts
    • 3,777 Thanks
    PositiveBalance
    Hello Alex et al!

    Well isn't this a diary full of shiny happy people? (That's a popular music reference Alex, as I doubt it is on your playlist!)

    Long may it continue!

    I'll be back soon. Enjoy yourselves in the meantime.
    Original debt to source: £11,640.02; debt repaid: £6201.01 (53%); remaining debt: £5439.01
    0% CC balance: £4999.67 now £
    3326.64 (£381.64 on existing card: £2945.00 BTed)
    Emergency Fund (#187): £0/£500
    Terrimundi: fleeced!
    • LadyGnome
    • By LadyGnome 2nd Jan 18, 1:33 PM
    • 453 Posts
    • 1,680 Thanks
    LadyGnome
    Alex
    What a lovely start to the New Year. You sound so positive. The very best of luck for 2018
    Mortgage
    Start Nov 2012 £310,000
    Feb 2018 £237,821.60 Reduction £72,178.40
    MFW 2018 #42 £788.90/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • Kittenkirst
    • By Kittenkirst 2nd Jan 18, 1:37 PM
    • 1,897 Posts
    • 10,183 Thanks
    Kittenkirst
    Hey Alex, nice shiny new diary! Hereís to a fab year for you, your wife & your son.

    Iím really heartened to hear that youíre all working as a team
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 2nd Jan 18, 1:49 PM
    • 1,455 Posts
    • 6,909 Thanks
    wishingthemortgaheaway
    Ooh a new diary. I've read some of your previous diaries, but they are soooo full of people and posts. Pleased I've got in on the start of this one.

    It does sound like you're having a good start to the year.
    (Have you thought of turning your previous diaries into a self published book? There is definitely enough material)

    Subscribing...

    Wish
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • AlexLK
    • By AlexLK 2nd Jan 18, 7:40 PM
    • 6,085 Posts
    • 32,212 Thanks
    AlexLK
    Thank you all and happy new year. Hope you all had a good one. Back to work for Mrs K tomorrow and Iím starting my new position officially. All very exciting.

    Ok, I need computer help! Have upgraded to the new forum layout but Iím having trouble reading other diaries as the new forum doesnít seem to have the function of looking at subscribed diaries from where I stooped reading. Canít believe they didnít put this function into the new layout so what am I doing wrong?

    Gally, indeed. I need to start living for me rather than trying to live up to their expectations.

    HS, weíve started trying to work out what would be best for us, there seems a few options open at the moment and have an appointment to see someone about this and other property projects. Iím not sure if there may be an option to get some kind of offset mortgage and effectively be free of mortgage interest but it wouldnít be straightforward and involves using business / family money. Not sure I want to go there or even if itís possible. Current project is going very well and Mrs K and I have enjoyed working together so hoping to be adding more soon so perhaps best to be keeping as much money liquid as possible. Long story short we are waiting for the professional advice before moving on anything.

    Very exciting re the move to Ireland. You should be able to get something quite impressive for a reasonable budget, too. Are you renting at the moment?

    wishingthemortgage, not sure anyone would be interested in a ďhow to waste opportunities and alienate peopleĒ book. Seriously, thank you for joining the madhouse.
    2018 totals:
    Savings £7,600
    Mortgage Overpayments £1,750
    • hiddenshadow
    • By hiddenshadow 2nd Jan 18, 8:43 PM
    • 2,482 Posts
    • 11,356 Thanks
    hiddenshadow
    Ok, I need computer help! Have upgraded to the new forum layout but Iím having trouble reading other diaries as the new forum doesnít seem to have the function of looking at subscribed diaries from where I stooped reading. Canít believe they didnít put this function into the new layout so what am I doing wrong?
    Originally posted by AlexLK
    I'm not sure which layout is "new" - I'm on the forum default which is primarily white with dark blue headings/buttons/etc. I went into options and swapped to the one called "New layout" and it was eye-searingly bright green so I promptly switched back.

    If you're on the white/dark blue layout, you can get to recent subscribed thread posts by clicking your user icon in the top left corner, selecting Replies (it should have a count of unread posts next to it), and then switching to the "Unread Posts" tab which will have all your subscribed threads. Each of those links should take you to the last post you read.

    (If you're on the eye-searing layout, sorry, I couldn't find it in the 30 seconds I looked before my eyes started bleeding. )

    Gally, indeed. I need to start living for me rather than trying to live up to their expectations.
    Hear hear!

    Very exciting re the move to Ireland. You should be able to get something quite impressive for a reasonable budget, too. Are you renting at the moment?
    I'll be excited to read about your property adventures. I can live vicariously through you, as we're getting out of the landlording business as soon as possible.

    We're renting until summer 2019, hopefully will buy something late this year/early next year and have time to build/renovate/move into it (as needed).
    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%
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 2nd Jan 18, 10:14 PM
    • 1,455 Posts
    • 6,909 Thanks
    wishingthemortgaheaway
    [QUOTE=AlexLK;73650861

    wishingthemortgage, not sure anyone would be interested in a ďhow to waste opportunities and alienate peopleĒ book. Seriously, thank you for joining the madhouse. [/QUOTE]

    Well, with such a witty title, I think you have just proved my point!

    Wish
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • AlexLK
    • By AlexLK 2nd Jan 18, 10:55 PM
    • 6,085 Posts
    • 32,212 Thanks
    AlexLK
    Thanks HS. The green background is the old layout and i find is easier to use but the new layout is easier on the eye and seems to work better on the iPad.

    the landlording business can be interesting at times. Some tenants are brilliant, others are a nightmare. Your plan sounds good. Was the move planned or a result of a job offer you couldn!!!8217;t refuse?

    Thanks, wish.
    2018 totals:
    Savings £7,600
    Mortgage Overpayments £1,750
    • AlexLK
    • By AlexLK 2nd Jan 18, 10:58 PM
    • 6,085 Posts
    • 32,212 Thanks
    AlexLK
    Managed to work out how to read unread posts, thanks again.
    2018 totals:
    Savings £7,600
    Mortgage Overpayments £1,750
    • Suffolk lass
    • By Suffolk lass 3rd Jan 18, 12:12 AM
    • 2,013 Posts
    • 20,889 Thanks
    Suffolk lass
    You asked for a link to my diary - it is in my signature but I might change it - if I do I will update the link.

    I have a really major decision to make this week, before I go back to work on Monday. Have not been around for a few days because we have had a house-full with someone in the office, so packed up all the furniture and made it into a comfortable single room until restoring all this evening; hence way behind on diaries.

    It is lovely that you have so much positivity Alex - a pleasure reading your diary.
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • hiddenshadow
    • By hiddenshadow 3rd Jan 18, 10:23 AM
    • 2,482 Posts
    • 11,356 Thanks
    hiddenshadow
    the landlording business can be interesting at times. Some tenants are brilliant, others are a nightmare. Your plan sounds good. Was the move planned or a result of a job offer you couldnít refuse?
    Originally posted by AlexLK
    Our tenants seem OK, it's the estate agents who are nightmares. I suppose we could go "all in" and look for other properties in the area to buy and then have a network of tradesmen to call on, avoid the estate agents altogether, etc. but we'd rather just cash out. We only went for renting it for a year in the first place in case our move abroad went completely sour and we wanted a bailout option.

    The move was planned, but only as a result of June 24, 2016. We're both (very) fortunate in that we can work our London-based jobs from the comfort of rural Ireland.
    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%
    • AlexLK
    • By AlexLK 3rd Jan 18, 9:52 PM
    • 6,085 Posts
    • 32,212 Thanks
    AlexLK
    SL: thank you, found your diary. Does sound like you!!!8217;ve got a lot to think about.

    HS: I can understand moving the house on especially when you!!!8217;re in another country.
    2018 totals:
    Savings £7,600
    Mortgage Overpayments £1,750
    • AlexLK
    • By AlexLK 5th Jan 18, 10:52 PM
    • 6,085 Posts
    • 32,212 Thanks
    AlexLK
    Had a good week. Next week we have a full work / school week and are going to try to start working towards our targets.

    January Financial Aims:
    £925 to savings from surplus income. This is not going to happen until month end
    Total payment of £1,000 to mortgage. Having updated my spreadsheet for the month,
    this is achievable

    Get a better rate on mortgage. Have an appointment

    January Work Aims
    Everyday presents an opportunity to learn something new - take notes. Managed this so far
    Keep my computer organised. Ditto - not that much can go wrong in 3 days, though?

    Keep the ball rolling (project). Worked a little on this tonight

    January Life Aims AKA... eat sensibly and lose a few kgs
    5 meat free days
    3 new recipes
    Keep alcohol to special occasions only
    10,000 steps per day
    2018 totals:
    Savings £7,600
    Mortgage Overpayments £1,750
    • Debsnewbudget
    • By Debsnewbudget 6th Jan 18, 9:28 AM
    • 259 Posts
    • 2,440 Thanks
    Debsnewbudget
    Those sound good aims for the month
    Having read along from the beginning you also seem much better when you set a time to go to bed and stick to it, so maybe think about that with life aims
    Heres to a happy and healthy new year Alex x
    • gallygirl
    • By gallygirl 6th Jan 18, 5:51 PM
    • 16,601 Posts
    • 109,619 Thanks
    gallygirl
    Ooh, lovely. I hope you spot him!.
    Originally posted by hiddenshadow

    Yup, he popped up as expected . That's another tick off the Bucket List

    Alex, great to hear you so positive about life
    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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