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  • FIRST POST
    • Maxthebrave
    • By Maxthebrave 18th Feb 18, 10:04 PM
    • 30Posts
    • 76Thanks
    Maxthebrave
    Got the dream house - now to pay it off
    • #1
    • 18th Feb 18, 10:04 PM
    Got the dream house - now to pay it off 18th Feb 18 at 10:04 PM
    Hello MFWs,

    Ive lurked this forum for years and had a diary a long time ago under another name. So much has changed this then so a new username and diary inspired by my daughters favourite book.

    Theres me, darling husband, 2 crazy daughters not yet at school and a long suffering, aged cat. There might be some chickens in the future too.

    Weve had a horrible couple of years dealing with the deaths of some close family members, bad depression on both our parts and the general chaos of trying to raise young children. The silver lining was a few inheritances that we have put to good use buying our dream home.

    We are in the enviable position of having a small mortgage and the same amount that we owe sat in the bank. However, due to a few complications of buying and selling, the bank has made us sign to say we will not repay more than their allowed, penalty free 10% within 3 years as it would class as a bridging loan

    So we've decided to borrow an even larger sum and buy a buy to let.. The rent on the property we have found will match the mortgage repayments and we estimate we will need to contribute around 300 a month to cover costs. If it goes well then we will keep it indefinitely,if it is too much hassle we will sell it after 5 years and hope we don't lose any money on it. We had an offer accepted last week and we are so excited about this new challenge in our lives.

    While it sounds like we have it made, our incomings are currently very low and with childcare costs we still manage to go over budget every month. Our dream home needs a lot of renovation still and we have no extra money to buy curtains let alone refit all 3 bathrooms. We bought a big house and big houses cost money to run it seems.

    Our main aims are:
    Savings for house renovation
    Starting our savings. We have 30k emergency fund so now we can start filling some bank accounts
    Paying off as much of our 10% yearly mortgage allowance as we can.

    All with no spare cash. Wish me luck
Page 1
    • Kittenkirst
    • By Kittenkirst 19th Feb 18, 5:00 AM
    • 1,885 Posts
    • 10,108 Thanks
    Kittenkirst
    • #2
    • 19th Feb 18, 5:00 AM
    • #2
    • 19th Feb 18, 5:00 AM
    Best of luck, looking forward to cheering you on & seeing your progress!

    How old is your kitty?
    2018 MFW #20 - OP 1465.85/ 3000 49%
    Mar: 218 Apr: 528.91 May: 27.31

    Emergency fund 4.2k/ 6k
    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • Blibble
    • By Blibble 19th Feb 18, 6:43 AM
    • 432 Posts
    • 749 Thanks
    Blibble
    • #3
    • 19th Feb 18, 6:43 AM
    • #3
    • 19th Feb 18, 6:43 AM
    Happy new diary! Very brave with the BTL - whilst it's something we'd like to do one day the thought scares us senseless & we wouldn't know where to start!

    If you fancy postng an SOA, we can see if we can help point you back under budget?
    Wedding fund - 2963.85 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • Maxthebrave
    • By Maxthebrave 19th Feb 18, 10:34 PM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    • #4
    • 19th Feb 18, 10:34 PM
    • #4
    • 19th Feb 18, 10:34 PM
    Best of luck, looking forward to cheering you on & seeing your progress!

    How old is your kitty?
    Originally posted by Kittenkirst
    Thank you. She is 13 roughly. A scatty, daft rescue who I've had for years. Fiercely loyal to only me.
    • Maxthebrave
    • By Maxthebrave 19th Feb 18, 10:51 PM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    • #5
    • 19th Feb 18, 10:51 PM
    • #5
    • 19th Feb 18, 10:51 PM
    Happy new diary! Very brave with the BTL - whilst it's something we'd like to do one day the thought scares us senseless & we wouldn't know where to start!

    If you fancy postng an SOA, we can see if we can help point you back under budget?
    Originally posted by Blibble
    Hi Blibble

    I will post SOA soon just need the time. We are really struggling even though we have a tiny mortgage and I wonder how most families do it.

    It scares me too but I also have dreams of having a little portfolio one day. I tried to buy one back in the early 2000s but my dad talked me out of it saying that house prices were going to crash I've regretted it ever since. That said its tough out there for BTL landlords and the returns are minimal these days unless you really know your stuff.

    Not the best first day as was food shop and needed petrol. Since moving to the middle of nowhere our petrol bills are really high. Meals planned for the week and went with a list which I nearly stuck to. Ended up buying lollipops for the girls as they were being so good.

    Shopping is also awkward as I find it impossible to get everything we need in one shop. DD2 is allergic to lots so I find that only Sainsburys do her cereal and only Tesco do gluten free garlic bread etc.

    I spent:
    Greengrocers - 28.25
    Sainsburys - 44.29 (but used 20 on Nectar card)
    Aldi - 7.07 (popped there on my way home from gym tonight)
    Petrol - 50.59

    Petrol included a ticket for the Euromillions. I know I shouldn't but I would be the best millionaire

    Feels like a big spend day but hopefully wont need anything for the rest of the week.
    • Maxthebrave
    • By Maxthebrave 20th Feb 18, 2:29 PM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    • #6
    • 20th Feb 18, 2:29 PM
    • #6
    • 20th Feb 18, 2:29 PM
    Doing a bank account check and have now set up regular savers on Santander and Nationwide as part of our annual costs savings.

    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
    • Kittenkirst
    • By Kittenkirst 20th Feb 18, 3:06 PM
    • 1,885 Posts
    • 10,108 Thanks
    Kittenkirst
    • #7
    • 20th Feb 18, 3:06 PM
    • #7
    • 20th Feb 18, 3:06 PM
    Love the sound of your money map- Im a total spreadsheet lover so have a master spending s/sheet detailing everything and then separate tabs for key areas e.g mortgage details & overpayment, diagram of house percentage owned to colour each 1%, pension tab, sharesave etc

    Awww a rescue cat! My last cat was a rescue cat that adopted me, she was the most gorgeous little kitty, timid with everyone except me. I now have two little brothers just turned one who keep us entertained
    2018 MFW #20 - OP 1465.85/ 3000 49%
    Mar: 218 Apr: 528.91 May: 27.31

    Emergency fund 4.2k/ 6k
    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • Maxthebrave
    • By Maxthebrave 20th Feb 18, 8:17 PM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    • #8
    • 20th Feb 18, 8:17 PM
    • #8
    • 20th Feb 18, 8:17 PM
    Love the sound of your money map- Im a total spreadsheet lover so have a master spending s/sheet detailing everything and then separate tabs for key areas e.g mortgage details & overpayment, diagram of house percentage owned to colour each 1%, pension tab, sharesave etc

    Awww a rescue cat! My last cat was a rescue cat that adopted me, she was the most gorgeous little kitty, timid with everyone except me. I now have two little brothers just turned one who keep us entertained
    Originally posted by Kittenkirst
    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.
    • Maxthebrave
    • By Maxthebrave 21st Feb 18, 1:50 PM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    • #9
    • 21st Feb 18, 1:50 PM
    • #9
    • 21st Feb 18, 1:50 PM
    Not a good day. Was driving around in town for work and suddenly I spotted Mcdonalds and just felt the need. I've never even been to a drive through before. Damn that heady mix of salt, fat and marketing I don't even know how much I spent

    Now waiting at home for DH to arrive so we can have a chat with the mortgage adviser. I have an awful feeling that they will find a reason not to lend and our whole BTL dream will go up in smoke.
    • Maxthebrave
    • By Maxthebrave 21st Feb 18, 4:27 PM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    Ugh. Nearly 2 hours talking to a mortgage adviser only to have it referred due to DH dodgy credit rating. Plus if we do get it its at a higher rate than our current one for no reason other than they can. I hate how much power banks have.

    Its looking like our repayments will be almost exactly the same as the BTL should achieve in rent which means we will likely be contributing around 300 a month in management fees, tax and maintenance. In the hope that our income increases this year with me taking on more work and DH getting a promotion I am hoping there will be a little left to overpay as well.

    Suddenly feeling very excited
    • Maxthebrave
    • By Maxthebrave 22nd Feb 18, 8:10 PM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    I think I chose the worst week to start taking this money saving seriously.

    Had to drive to the girls nursery to sort some bits out. Its a 20 minute drive away (on husbands commute) so felt like a waste of petrol but ho hum. Then took them shopping in the afternoon for presents. They are at a party every weekend in March plus its DD2s birthday so its an expensive month. Spent 35 although some of that included stocking up on Nakd bars which were on offer and are the girls favourite.

    Just realised I forgot a present for nursery worker who is leaving so have sent DH out to find something. Maybe I can just write the whole week off and start again Monday
    • Maxthebrave
    • By Maxthebrave 24th Feb 18, 7:38 AM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    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.
    • selloptape
    • By selloptape 24th Feb 18, 10:35 AM
    • 456 Posts
    • 1,877 Thanks
    selloptape
    Congrats on the mortgage offer - fab news!
    GC May 78.51/290 GC April 240.65/300March 322.53/350
    2 Savers Club #59 58
    MFW 2018 #49 600/3,000
    MFiT T4 #21 - reduce mortgage by 20k over 3 years
    • Maxthebrave
    • By Maxthebrave 28th Feb 18, 1:39 PM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    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 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 I've no idea how hes managed that. Hopefully buying me many pretty things

    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
    • Maxthebrave
    • By Maxthebrave 4th Mar 18, 9:17 AM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    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.
    • Kittenkirst
    • By Kittenkirst 4th Mar 18, 9:59 AM
    • 1,885 Posts
    • 10,108 Thanks
    Kittenkirst
    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.
    Originally posted by Maxthebrave
    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
    Last edited by Kittenkirst; 04-03-2018 at 4:29 PM.
    2018 MFW #20 - OP 1465.85/ 3000 49%
    Mar: 218 Apr: 528.91 May: 27.31

    Emergency fund 4.2k/ 6k
    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • rosieraspberry
    • By rosieraspberry 4th Mar 18, 11:21 AM
    • 33 Posts
    • 14 Thanks
    rosieraspberry
    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
    • By Maxthebrave 5th Mar 18, 8:16 AM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    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

    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
    • Maxthebrave
    • By Maxthebrave 6th Mar 18, 4:34 PM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    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 Fingers crossed for this one.
    • Maxthebrave
    • By Maxthebrave 8th Mar 18, 8:45 AM
    • 30 Posts
    • 76 Thanks
    Maxthebrave
    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.
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