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  • FIRST POST
    • JennyP
    • By JennyP 6th Apr 18, 12:46 PM
    • 958Posts
    • 754Thanks
    JennyP
    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
    • 958 Posts
    • 754 Thanks
    JennyP
    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
    • 215 Posts
    • 574 Thanks
    Runders
    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: £87,999.08 Offset: £17101.13
    £70,987.95 until mortgage neutral
    • JennyP
    • By JennyP 24th Jun 18, 9:51 AM
    • 958 Posts
    • 754 Thanks
    JennyP
    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
    • 638 Posts
    • 4,260 Thanks
    FloppyDisk
    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 --- £412,214
    BTL Mar 18 £162,857
    BTL now --- £162,143
    • daisy 1571
    • By daisy 1571 7th Jul 18, 3:48 PM
    • 328 Posts
    • 3,963 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
    • 958 Posts
    • 754 Thanks
    JennyP
    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
    • 6,533 Posts
    • 45,447 Thanks
    newgirly
    Hi, I've just read your dairy and wanted to wish you all the best
    MFW 21

    £77,580
    • Runders
    • By Runders 10th Jul 18, 9:09 AM
    • 215 Posts
    • 574 Thanks
    Runders
    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: £87,999.08 Offset: £17101.13
    £70,987.95 until mortgage neutral
    • JennyP
    • By JennyP 10th Jul 18, 9:24 AM
    • 958 Posts
    • 754 Thanks
    JennyP
    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!
    • JennyP
    • By JennyP 3rd Aug 18, 10:12 AM
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    • 754 Thanks
    JennyP
    Hurray! Cleared one mortgage yesterday using my boat money. A whopping £49,977 paid off.



    The other mortgage is down at about £29k.



    Every month my current account dips a couple of hundred into the red (authorised overdraft) then comes up to the black as money comes in. This has happened for years (badly timed direct debits). Could have sorted it by paying in a buffer but I would have spent that so I didn't. Anyway, by October, that will no longer happen thanks to one less btl mortgage payment!!!!



    So happy!



    Got to save to clear the £29k one now by end march 2022.



    Disappointing eBay last month. Had lovely clothes and shoes on but no takers so oxfam benefited.



    I did get over £100 for a piece of camera equipment I no longer used so that was good!



    Got some rolls of wallpaper to sell that I bought years ago for another house.



    Best news is we are finally starting on our house after three frustrating months of not being able to get decent tradesmen. A friend came and started building a wall for us yesterday and suddenly two quotes came in from builders and two plumbers said they could come and quote. Happy days!
    • julicorn
    • By julicorn 3rd Aug 18, 10:18 AM
    • 459 Posts
    • 1,683 Thanks
    julicorn
    That's incredible, well done for paying off one of your mortgages! And great to hear you're finally making progress on your house as well.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £183,900
    • greent
    • By greent 4th Aug 18, 9:42 AM
    • 7,600 Posts
    • 77,431 Thanks
    greent
    Congrats on clearing the big mortgage!
    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) £7575.92/£7500
    Net sales 2018 £751.22/£1000 PAYDOX18 (#15) Done £18918.90
    • tootallulah
    • By tootallulah 4th Aug 18, 9:53 AM
    • 2,172 Posts
    • 7,608 Thanks
    tootallulah
    That is great news, well done I have 2 btl once they are mortgage free the change in income is amazing I feel very lucky. EBay has been dead I hope it brightens up in September I have 26 sewing machines to sell!
    Mortgage House £45,000, 26 January 2018, 17th September 2018 £1,000.
    • JennyP
    • By JennyP 4th Aug 18, 6:47 PM
    • 958 Posts
    • 754 Thanks
    JennyP
    Thanks Greent, Julicorn and Tootallulah!



    I feel like a bit of a cheat really because all I did was sell my boat.....



    Unless you count the enormous effort I made over the years doing internet dating - eventually met my hubby who bought the house we live in so I no longer needed my boat to live on!!!!! That was a lot of effort to be honest and a lot of ups and downs!



    Got the other one to clear now...wondering if I should just wait till September before trying anything else on eBay.



    26 sewing machines....wow. Thought I was bad having two - hardly use either of them. That's something I would like to change. It strikes me as a really lovely hobby. I mended several pairs of jeans the other week and it was really satisfying. Just seams had gone so it was a waste to throw them in the bin.



    Have to share another jeans story. Occasionally I go to a personal shopper in John Lewis. I am not good at clothes and she is wonderful. It saves me money as I just ask for simple things like I wanted smart black trousers for work, clothes that were warm but still looked stylish and always always jeans that fit.



    Last time, she recommended Levi's 714s. I bought one pair and they are great. Last week, I saw that Levi's had a sale on so I ordered a couple more pairs of them - I think they are being discontinued so I wanted to stock up. It's annoying when the ones that are a decent fit change. I am not exactly slim around the bottom area so I need the help of a decent pair of jeans! They arrived but were too big (yippee!) Levi's website sadly did not have the size down.



    Then I went in John Lewis. In the corner was a pile of 714s, all reduced to £42.50 same as online. They had the size I needed. I took two pairs to the checkout and there was confusion as one pair came up as £25 on the till. The manager came over. I thought they'd amend both pairs to £42.50 but they didn't - I got given both pairs for £25! Very happy! So I have the new jeans for going out - I will keep them for best - and the patched jeans for around the house.



    This has nothing to do with my mortgage clearing except that now I am stocked up on jeans, I think the only clothing I will need to see me through the next couple of years is a few more warm jumpers now we're living up north!
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 4th Aug 18, 8:01 PM
    • 1,767 Posts
    • 9,009 Thanks
    wishingthemortgaheaway
    Oooh John Lewis personal shopper, please can you share how it works/what it costs etc? I'd love to use the service for don't know anything about the etiquette and don't want to appear a fool!

    Thank you

    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 Dec: 28/100
    MFW 2019 Challenge Member #59: 0/£2860
    • JennyP
    • By JennyP 4th Aug 18, 8:12 PM
    • 958 Posts
    • 754 Thanks
    JennyP
    Oooh John Lewis personal shopper, please can you share how it works/what it costs etc? I'd love to use the service for don't know anything about the etiquette and don't want to appear a fool!

    Thank you

    Wish.
    Originally posted by wishingthemortgaheaway

    I was exactly the same.



    It is free in john lewis.



    I first went with a friend. It was a Sunday and we enquired if I could see the personal shopper but they said no, you have to book and she was fully booked. We mooched about in john lewis for half an hour then the personal shopper found us and said no-one had shown up so she could see me. Since then, I have always booked. You can book online.



    I saw Sarah in John Lewis in Welwyn Garden City. I live nowhere near but she's so good it's worth the trip.



    There's no pressure to buy. In fact, Sarah once took a top off me as she said I should only buy stuff I loved not stuff I only sort of liked. I've taken two friends to see her. One bought nothing as she didn't feel ready for a change of wardrobe. So there really is no pressure.



    Last time, I asked her to find me scarves and jewellery as I am useless at accessories and she made up complete outfits. She pushed Me out of my comfort zone a couple of times - but with great results. But she's also good at listening to what you want and asking where you'd wear outfits so you don't buy things that don't suit your lifestyle.



    I am a bit evangelical about it as you can tell. Thing is, I still wear stuff from 8 years ago that she first sold me. I don't keep other clothes so long.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 4th Aug 18, 8:26 PM
    • 1,767 Posts
    • 9,009 Thanks
    wishingthemortgaheaway
    Thank you. That's really helpful. We're in the north, but I assume it's the same. I shall save up some pennies and book an appointment
    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 Dec: 28/100
    MFW 2019 Challenge Member #59: 0/£2860
    • JennyP
    • By JennyP 4th Aug 18, 8:33 PM
    • 958 Posts
    • 754 Thanks
    JennyP
    We're in the north too now....not sure when I will next go.



    I did try the personal shopper at the Trafford Centre but it wasn't as good. Haven't tried Cheadle or Leeds yet - we're half way between those two stores.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 4th Aug 18, 8:34 PM
    • 1,767 Posts
    • 9,009 Thanks
    wishingthemortgaheaway
    Ahh shame Trafford is my closest.
    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 Dec: 28/100
    MFW 2019 Challenge Member #59: 0/£2860
    • Runders
    • By Runders 5th Aug 18, 11:57 AM
    • 215 Posts
    • 574 Thanks
    Runders
    Hello, massive congrats on clearing the big mortgage, that must feel amazing!!!
    MFW Start: September 2014 - £110844
    Current: £87,999.08 Offset: £17101.13
    £70,987.95 until mortgage neutral
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