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    • JennyP
    • By JennyP 6th Apr 18, 12:46 PM
    • 934Posts
    • 691Thanks
    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 2
    • JennyP
    • By JennyP 6th Jun 18, 11:46 AM
    • 934 Posts
    • 691 Thanks
    Haven't updated in a while as I haven't done any eBaying. I can't overpay at the moment as have paid the maximum of 10% off each mortgage for the year but I have saved 1485.77 towards my target of saving 10000 before March 2022 in order to clear the second BTL mortgage. To be on track, if my calculations are correct, I'd have to have saved 1278 by now so I am 200 over the target for June 2018.

    Need to have a big clear out and might list some more shoes on eBay. It seems pointless hanging on to stuff I never wear. There isn't much call for heels now we live up a farm track!!!

    It won't affect my mortgage clearing as hubby is paying for house renovating but I think I am going to only change one of our two bathrooms. I reckon the other can be spruced up with new taps, a new shower and a coat of paint. It has white wall tiles which are inoffensive and a white suite and white/grey floor tiles. So that should save a lot. On the other hand, I'd like to make our ensuite pretty luxurious so I expect that will cost a bit!
    • Runders
    • By Runders 23rd Jun 18, 10:29 AM
    • 192 Posts
    • 521 Thanks
    Hi JennyP,

    Your bathroom that you are sprucing up sounds exactly the same as mine. I painted it, put in a new mirror and shelves, and I think it looks pretty decent. Okay, it's not a luxury re-model, but t is a clean, fresh and functioning bathroom. I just need to re-do the sealant around the bath etc. today.

    That's great news that you can pay off one BTL mortgage in August, I bet you are really looking forward to that!? My mortgage dipped into the under 90k territory this month and I am very pleased with that. Next target is the under 85k!
    MFW Start: September 2014 - 110844
    Current: 89,634.34 Offset: 15.162.13
    74,472.21 until mortgage neutral
    • JennyP
    • By JennyP 24th Jun 18, 9:51 AM
    • 934 Posts
    • 691 Thanks
    Thanks Runders. Must admit I haven't even started doing it up yet - had a plumber round and have chosen taps but not had the quote for fitting and I need to get the shower checked as it's electric and has no isolator switch so is possibly dangerous.

    Spent a whole day yesterday looking at paint colours and tiles and all sorts of house stuff. We pretty much have a whole house to do as we bought a house we didn't much like inside (love the view!) Decided that if I keep to a colour scheme for the whole house of just six colours, all of which blend pretty well together, I can economise by buying less paint and the house will flow better too. So our bedroom will have a darkish blue feature wall and the house bathroom will have the same on all the walls (it's mostly got white tiles so some dark blue should be fine!)

    Making slow progress though as we need some work doing before I can decorate or get furniture and getting quotes from tradesmen is really difficult, let alone finding anyone half decent to do the work!

    Have done nothing recently re paying mortgages! Can't pay off the first till fixed rate ends and might not pay all of it as little sister is buying a house and is 25K short so I might see if I need to bale her out. Mum has helped me on numerous occasions so it feels only fair to pay it forward.

    Had a few bargains recently which feels good. Had loads of Tesco clubcard points so I used some to buy a Two Together railcard then converted the rest to RedSpottedHanky vouchers. We are effectively having a free trip to London this week: found a cheap new Travelodge which gets good reviews and is near to where I used to live in London so convenient for us and got opera tickets for Regents Park as a treat!

    Cooking a special, very non-budget meal for hubby today. He's veggie and when we eat out, always ends up with a fairly dismal meal. Restaurants don't do good veggie food unless they're specifically veggie and I always want to eat meat when we're out as I don't get much at home. So today trying to up my game in the cooking stakes and instead of doing one dish and then very boring sides of veggies and rice, am doing a veggie tagine with harissa couscous and a carrot and orange salad. Spent a fortune on ingredients, largely because I went to Sainsburys instead of Lidl as it was more convenient. Nearly fainted at the till!

    Can hear the Archers Omnibus calling so am going to go and start cooking whilst I listen! Happy Sunday!
    • FloppyDisk
    • By FloppyDisk 4th Jul 18, 2:21 PM
    • 636 Posts
    • 4,248 Thanks
    Have done nothing recently re paying mortgages!
    Originally posted by JennyP
    Glad I'm not the only one!!

    Mortgage Apr 18 417,894
    Mortgage now --- 414,381
    BTL Mar 18 162,857
    BTL now --- 162,753
    • daisy 1571
    • By daisy 1571 7th Jul 18, 3:48 PM
    • 281 Posts
    • 3,472 Thanks
    daisy 1571
    Hi JennyP

    I also was a good landlord for over 5 years, so there definitely is loads of us on here. Good luck with your plans although it sounds like they may be somewhat on hold- 25 k is quite some amount to be short by but nice that you are in a position to help and hopefully you will get on so quick with your 10 that you won't find it too hard to raise another 25. Since you will no longer be able to completely clear one mortgage does it make sense to concentrate what you can pay off on the mortgage with the higher interest rate ? Just a thought.

    Good luck with the bathrooms, its hard to rein in the temptation to get everything lovely but a pound can only be spent once so spending with intent is always better than gaily disregarding clever ways to shop and 'making do' and making the best of things. If you get fed up, just look at your beautiful views and that'l cheer you up

    Daisy xx
    "Never save something for a special occasion. Every day in your life is a special occasion" Take hold of every moment by anon

    The difference between what you were yesterday and what you will be tomorrow is what you do today
    • JennyP
    • By JennyP 8th Jul 18, 6:38 PM
    • 934 Posts
    • 691 Thanks
    Thanks Daisy. Have been doing a lot of looking at the beautiful views to cheer myself up. We cannot get tradesmen to come and do things - people come and look but never send the quote through. Apparently there's a huge shortage of skilled labour. I am avoiding mentioning the B word as I don't want to open a political can of worms on this thread.
    Am going yo ask my neighbour to help me replace taps in the bathroom and then I can fit a new bath panel and paint the walls and it'll be fine.
    One mortgage is fixed and has stiff penalties if I pay earlier.
    If my sister sorts her mortgage offer, I can still pay one off. Three weeks on Tuesday my fixed rate ends so I can go for it the day after. Exciting stuff!
    Have listed a load more stuff on eBay but noone seems interested. It's disheartening. Ah well!
    • newgirly
    • By newgirly 8th Jul 18, 9:11 PM
    • 6,363 Posts
    • 43,984 Thanks
    Hi, I've just read your dairy and wanted to wish you all the best
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,319 4yrs left. Total owed 48,358 plan to clear in 14 months
    • Runders
    • By Runders 10th Jul 18, 9:09 AM
    • 192 Posts
    • 521 Thanks
    Have listed a load more stuff on eBay but noone seems interested. It's disheartening. Ah well!
    Originally posted by JennyP
    Hey JennyP,
    Have you had any luck with fitting the new taps yet? Re your comment above, I've kind of given up on ebaying things. I just found the effort of listing, the postage, all the fees wasn't worth my time personally. I still list house stuff on Gumtree , e.g. I just sold a mirror on there, but the smaller items etc. I just take to my local charity shop. That way they benefit, and I benefit from the items being instantly gone from my home. Not very MSE I know, but I have found it works better for me this way.
    MFW Start: September 2014 - 110844
    Current: 89,634.34 Offset: 15.162.13
    74,472.21 until mortgage neutral
    • JennyP
    • By JennyP 10th Jul 18, 9:24 AM
    • 934 Posts
    • 691 Thanks
    Thanks for reading, Newgirly. I feel my thread has been resurrected in recent days which is lovely!

    Runders, no, done nothing about the taps. Chosen them! Might pop round to my neighbour's today and ask if he'll help. I bought a new toilet seat from Wilko though! That's a start! And blput some tester colours on the wall. On the one hand, I think testers are a big waste of money. On the other, think they've saved us an expensive mistake as both the grey and the blue tglhat I tried look awful!!!

    Runders, you're right about eBay. I gave up partway through my listings at the weekend and took a heap of stuff to oxfam. It feels nicer somehow. But there are some things that they probably wouldn't sell eg wallpaper rolls. And then there's the nearly new pairs of shoes that I spent far too much on and would like a bit of money back. Having said that, maybe it's the heat but very little interest in my stuff.

    Trying to get furniture sorted for this house. We were living on the boat befire this so have very little actual furniture. Husband paying and he's got more money than me. Still want to be frugal in the sense if making wise investments that will last us. Got my enormous sofa back from being stored at a mate's. It was 800 twenty years ago in the john lewis sale. Was hoping for a similar bargain in either John lewis or next but found nothing yesterday. Off to a furniture outlet on Friday and if there's nothing there, I'll buy an IKEA ektorp but get a custom made cover. I think that'll be a cheap option and their ektorp range are cheap but last quite well.

    It's exciting buying furniture. Had put it off hoping to get the work done on the house first but we're getting nowhere with that!
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