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February 2018 debt payments and UK mortgage thoughts

February 2nd, 2018 at 06:39 am

All our mortgage payments hit:
US: $713 to principal
UK1: $180
UK2: $38
UK3: $40

All told, that's $971 put toward debt.

Our debt now stands at:
US Mortgage $390,423
Loan from friends (duplex) $9,000
UK Mortgage 1 $33,213
UK Mortgage 2 $7,001
UK Mortgage 3 $7,373
---
TOTAL DEBT $447,010

I was thinking the past few days: We're so close to our EF goal of $10K in the UK savings account. After that I'm going to start saving up spending money for our next UK trip. But now that it's happening later in the year than usual (we intend to fly there 12/26 or so), I know we'll save up more than we need for that.

I started to think maybe I should work on one of those smaller UK mortgages with the extra money. I could probably cut one of them in half before the end of the year even after funding our EF and our next vacay's spending money.

But then I thought, if we want to list the UK place this year, we might need money for sprucing it up. And even if we decide the market still isn't good, we may have maintenance costs that come up.

So now I'm leaning toward saving any extra money this year in a UK maintenance category. The interest rates on those debts are only about 1.4% anyway, so it's not like it's costing us much to carry them.

5 Responses to “February 2018 debt payments and UK mortgage thoughts”

  1. Butterscotch Says:

    Are you planning to get dual citizenship for your girls? My husbands mother is from England so he got that dual citizenship established when he was a kid. Maybe they don’t offer it anymore as times were different back then, but maybe worth looking into if you’re going to be traveling over there!

  2. snafu Says:

    Suggest keeping an eye on currency values. Pound is currently low vs USD but WH threatens to lower value. The Brexit will return to negotiation 2/5//18. Will anything get agreement?

  3. ceejay74 Says:

    Butterscotch, I believe we can get them a sort of informal dual citizenship by getting them British passports. We looked into it a bit a couple years ago but I can't remember what came of it. Red-tapey things left in my husband's court tend to fall by the wayside (like housekeeping chores left in my court do!). Smile

  4. ceejay74 Says:

    Snafu, thanks for the reminder to check that! I see it’s $1.41 to 1 pound. I have our UK debt and assets calculated at $1.25!

    I probably shouldn’t change it now, since as you say so much is in flux in both countries. But that is very interesting.

  5. rob62521 Says:

    I think it is smart to save money and then you will have it if you need it for any repairs. If you don't need it, perhaps you could then apply it to the mortgages later on in the year.

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