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    • JennyP
    • By JennyP 6th Apr 18, 12:46 PM
    • 855Posts
    • 582Thanks
    Nervous new diarist with not one but two mortgages to clear!
    • #1
    • 6th Apr 18, 12:46 PM
    Nervous new diarist with not one but two mortgages to clear! 6th Apr 18 at 12:46 PM
    I hope I am allowed to post as I have buy-to-let mortgages. (And as far as being a landlord goes, I am one of the good guys! Try very hard to look after my tenants!) It's quite daunting posting a new diary on here. I am wondering if anyone will want to read it! And whether I can stay the course and keep writing. Am in awe of all those diarists who've written for several years and had hundreds of replies. I am a sprinter rather than a marathon runner in terms of starting projects with lots of enthusiasm then running out of steam.

    I bought two houses a few years ago to let out. I had realised my pension provision was pretty awful and since I was a TV freelancer and my employment was unstable, it seemed a good move. I bought two houses that I liked thinking that if I ever wanted to live in one, I could.

    I was living with a friend then moved onto a boat for a few years so I don't have a residential mortgage.

    I met a lovely man (thanks OKCupid!) We got married last year and in February he bought a lovely old house for us to live in. No mortgage on that and he's retired. He has enough pension to support us both so I have given up work and just have my buy to let income as my money. I have been so lucky. I suffer from debilitating migraines so hoping not working will mean less stress and a big health improvement.

    I want to clear both mortgages so that I have more income and less to worry about.

    One was £33,575 at a fixed rate of 2.99% till the end of March 22. Until March 22 comes, I can repay just over £3600 a year without penalty.

    The other was about £55000 fixed at 3.79% till the end of July this year. Until the fixed rate ends, I can pay £5500 off a year without penalty.

    Encouraged by what I've read on here, I used most of my savings last week to pay off the max penalty free amount so my balances are now just under £30k and just over £50k.

    On Tuesday I took my beloved boat to a broker's to be sold. Once she sells, I will hopefully pay off the £50k mortgage. Fingers crossed someone loves her. She had her first viewing yesterday and the broker just rang to say the people liked her and are now working out if they can afford her. There are two more viewings on Saturday.

    So that will hopefully leave me with my £30k to clear. I calculated that if I overpay £300 per month till end of March 2022, there'll just be £10000 to clear then when the fixed rate ends. So I have 48 months to save £10k. £208 per month.

    Now the boat is at the broker's and I am not paying my expensive mooring fees, I reckon that I can afford the £300 overpayment from my buy to let income. As long as I lead a fairly frugal lifestyle. But not the £208 on top.

    So the goal is to raise £208 a month for the next four years by doing eBay and selling unwanted stuff and any other bits of spare cash I have.

    So far this month I have £78 from topcashback so that's going into the new savings account I have set up to save my £10k in. Next week, hubby is going away without me (for the first time since we married!) so I thought I'd spend next Thursday doing eBay listings. I also self-publush on Amazon and make a little bit of cash that way so maybe I could do that more. And I just qualified as a cognitive hypnotherapist - not really up to the stressful business of setting up my own practice but friends keep offering me money to give them sessions.

    Would appreciate some encouragement and any extra money generating ideas. It is hard having a new house not to overspend on new furnishings and stuff. Especially as coming from a boat, I have less stuff already in that department.
Page 1
    • A Frayed Knot
    • By A Frayed Knot 7th Apr 18, 7:20 PM
    • 2,309 Posts
    • 10,365 Thanks
    A Frayed Knot
    • #2
    • 7th Apr 18, 7:20 PM
    • #2
    • 7th Apr 18, 7:20 PM
    Welcome, once you have read some diaries on here, you will find lots of ways of saving/earning. Good Luck.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • Kittenkirst
    • By Kittenkirst 7th Apr 18, 9:35 PM
    • 1,857 Posts
    • 9,989 Thanks
    • #3
    • 7th Apr 18, 9:35 PM
    • #3
    • 7th Apr 18, 9:35 PM
    Hi there welcome to the Mortgage free boards!

    It sounds like you have a pretty solid plan of action- I'm looking forward to reading how you get on and cheering you along the way
    2018 MFW #20 - OP £895.56/ £3000 30%
    Jan: £417.42 Feb: £260.14 Mar: £218

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • tootallulah
    • By tootallulah 7th Apr 18, 11:11 PM
    • 2,107 Posts
    • 7,298 Thanks
    • #4
    • 7th Apr 18, 11:11 PM
    • #4
    • 7th Apr 18, 11:11 PM
    Welcome, many of us have btls as our pensions, I have two flats myself. Good luck on your journey.
    Mortgage House £45,000, 26 January 2018, 6 April £17,500.
    • noblet
    • By noblet 8th Apr 18, 3:03 PM
    • 9 Posts
    • 12 Thanks
    • #5
    • 8th Apr 18, 3:03 PM
    • #5
    • 8th Apr 18, 3:03 PM
    Best of luck, I look forward to following progress!
    • JennyP
    • By JennyP 8th Apr 18, 3:06 PM
    • 855 Posts
    • 582 Thanks
    • #6
    • 8th Apr 18, 3:06 PM
    • #6
    • 8th Apr 18, 3:06 PM
    Thanks for your supportive messages. Was a bit anxious that no one would reply!
    Actually been reading everyone's diaries for a while now before taking the plunge and starting one myself.
    Two people viewed my boat yesterday but the broker hadn't phoned so I am worried that means they aren't interested.
    I have made a list of ten things to list on eBay which I'll do on Thursday as my sister reckons you get more money starting a ten day auction on a Thursday as it goes over two weekends.
    Unpacking boxes in our new home. Bit dismayed at how much stuff I have. So many clothes that I don't wear. It's annoying to think how much I must have wasted on clothes over the years and how little they would sell for secondhand. I am not even a big shopper: not one of those people who enjoy going round town on a Saturday. I'm certainly not into fashion. How can I have amassed so much stuff and, despite that, never have the right thing to wear?
    Not doing much today apart from the box unpacking. Cooking a budget Sunday roast later with a slice of frozen homemade but roast for hubby and half a chicken breast for me, some veg that needs using and some frozen braised cabbage that I made for the first time ever last week, as red cabbages were only 19p at Aldi!
    Wondering how I'll manage my saving £200 a month once I have ebayed my good stuff. I felt like I had loads of ebay-able stuff but actually I haven't.
    Finally, very happy to have a fellow landlord on here as sometimes I am loathe to admit I'm a landlord as we get a bad press!
    • beanielou
    • By beanielou 8th Apr 18, 9:10 PM
    • 52,619 Posts
    • 206,490 Thanks
    • #7
    • 8th Apr 18, 9:10 PM
    • #7
    • 8th Apr 18, 9:10 PM
    Happy shiny new diary.
    Hope your boat sells really soon.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • greent
    • By greent 8th Apr 18, 9:53 PM
    • 6,900 Posts
    • 70,649 Thanks
    • #8
    • 8th Apr 18, 9:53 PM
    • #8
    • 8th Apr 18, 9:53 PM
    Hello & welcome

    We've cleared our personal mortgage and are now working on our BTL mtge (but super slowly!) and there are others in the same boat We're a friendly bunch in MFW-land
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £577.06/£4000
    Net sales 2018 £362.51/£1000 PAYDOX18 (#15) £12808.40/£18694.38
    • JennyP
    • By JennyP 12th Apr 18, 5:16 PM
    • 855 Posts
    • 582 Thanks
    • #9
    • 12th Apr 18, 5:16 PM
    • #9
    • 12th Apr 18, 5:16 PM
    Here's my little update:

    Got letters from both my mortgage companies confirming last week's overpayments which was exciting. But they had both adjusted my monthly payments down which wasn't the intention. I phoned them both and one was happy to put the payment back to the original amount, but the second company wouldn't as they said that would count as extra overpayments and would cost me a penalty. Was surprised at that so have posted a new thread in this forum asking for advice.

    Put £250 earlier in the week into my new savings account which I opened to start saving for when my fixed rate ends in 2022 and I can pay off the whole mortgage. If my calculations are right, I'll only owe £10K by then so that's my target.

    Since then I have got another £90 from Topcashback into the account. I also found two ancient American Express Travellers cheques in a drawer. They were $100. Changed them at the Post Office. With hindsight, should have perhaps checked rates first as I only got £62 which was less than I hoped, but it's better than nothing and money I had completely forgotten about having.

    So that's £402 saved towards my target so far.

    I am going to put all "bonus" money in there. Yesterday my train was delayed by 32 minutes - luckily two minutes over the 30 minute deadline for compensation. So hoping for a few quid back on that. And a special delivery by 1 p.m. letter that cost £6.50 to send didn't arrive till the day after it should have done so am hoping for the money back on that too.

    Am now listing some unwanted possessions on eBay. Haven't sold much on ebay in recent years: I actually find it quite exciting though sometimes buyers can be a bit tricksy. I have had a couple of really difficult buyers who were trying to scam me I think. Hopefully just nice people will buy my stuff. So far today I have listed a boxed set of DVDs that we have only watched once and won't watch again and a Strictly Come Dancing book that is autographed by loads of the dancers and celebs. No idea if anyone will be interested in that as I don't know much about autographs.

    Biggest news is that I had the first offer on my boat! It was quite a good offer but the broker said to say no and see if they offered a bit more. It was about 10% less than the asking price. If they would come up by a couple of grand more, I would say yes. So fingers crossed.....

    Hope everyone is having a happy week. I'm off to list more things on ebay now. Would be good to get 10 things listed before dinner so 8 to go!
    • JennyP
    • By JennyP 13th Apr 18, 10:22 AM
    • 855 Posts
    • 582 Thanks
    Rang the car insurance yesterday to tell them that I have moved. They said I was owed a £20 refund as a result! So that will be going into the pot.

    Was a bit miffed about the second mortgage company not agreeing to keep my repayments the same and so did a few more calculations on the mortgage overpayment calculator and realised my original spreadsheet was out! I hadn't factored in the £3638 overpayment I had already made. So it means that in March 2022, when my fixed rate ends and I am allowed to pay off the mortgage penalty free, I won't owe £10K as I had thought - I will only owe £5896. Happy days.

    Only managed to list 8 things on eBay yesterday. Had four items of clothing to sell that I thought would be worth something but similar items were only going for 99p so I have decided to give them to charity shop instead. Discovered some of my things might get more than I thought though: had an unworn pair of Doc Martens and they should get a fair bit. Already got one bid and several watchers on my stuff.
    • JennyP
    • By JennyP 16th Apr 18, 9:59 PM
    • 855 Posts
    • 582 Thanks
    Spent nothing all weekend as in bed with an awful migraine.

    Had a profitable day today - made £17 on eBay (after postage), received £6.50 cheque in compensation from Royal Mail, refunds of £25 for taking a couple of things I bought but didn't need back to the shop and got £20 for taking my empty calor gas bottle back to the calor gas place. Plus a friend gave me £20 for a train ticket I no longer needed that she could use. That's £88.50 towards the fund!
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