Wednesday, 13 December 2017

Halfway there - an update

In 2012 I started this blog with the grandiose idea of saving £70 in 10 years. ( see this first post ). Time has moved on as it is wont to do and although the blog posts have ground to a halt the saving hasn't.  
I now know that not just one but all three of my children are on the autistic spectrum and will require additional support for the rest of their lives, both financial and practical.  With my eldest 16 this year it also means that time is running ever shorter.
The crazy Brexit UK that we now live in means that prices are rising faster than ever.
I now have a part time job with a small wage so have been looking forward to getting a mortgage and making the "landlord" dream a reality in the near future.

So how have I done half way through my challenge?  (drum roll please...)
savings to date: £47,387.46

At this point I went to see a mortgage advisor and was pleasantly surprised to learn that I can still get a 25 year buy-to-let mortgage (even though I turned 50 this year) and that I already have enough for a minimum deposit for the kind of property that I have been dreaming about.  Next step (before signing myself up to £100K of debt, gulp) is to see an accountant so that the kids can get the maximum benefit longterm.
Hopefully have an update soon.

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