Wife wants to buy now, I want to wait 5 years+. Advice?

CocoLoco_3

Glen0000 wrote: »

Due to an inheritance we have £15k for a deposit/fees. However, we also have £10k of credit card debt.

As a matter of interest, whose name is the £10k of debt in? Which of you was left the inheritance? ( that might affect my opinion! )

Squish_21

geoffky wrote: »

AND GET HER TO READ THESE REPLYS

Good idea!

Reds-on-Sea

How can you have a combined income of £42k & essentially £5k of savings (after you pay off your debts) only pay £350 rent a month and claim to be skint?

Bad with money you may be, but that is no small wage. Is there something you're not telling us?

If that's really the case, then go rent privately, get off the estate. learn to budget, forget about keeping up with the Jones'. Pay a bit more rent and be happier/prouder with your life.

Glen0000

Reds-on-Sea wrote: »

How can you have a combined income of £42k & essentially £5k of savings (after you pay off your debts) only pay £350 rent a month and claim to be skint?

Bad with money you may be, but that is no small wage. Is there something you're not telling us?

Not really? Wish I had the secret to have you all live so cheaply! We are paying about £500 off towards the £10k, £200 for our car, £350 rent, £100 CT, £400 groceries, £130 gas/ electric/ water, £50 sky/BB/telephone. That is my wage pretty much gone. Wife takes home about £500 a month and that has to pay for clothes/entertainment/xmans/birthdays/school trips. £500 is not a lot left to manage on. Child benefit is saved for our daughters future and not part of the pot.

£10k has been run up over about 4 years. We overspend about £400 a month, soon adds up.

I know. It has to stop, but all very depressing. The thought of scrimping and saving forever makes me want to pack in working.

Glen0000

CocoLoco wrote: »

As a matter of interest, whose name is the £10k of debt in? Which of you was left the inheritance? ( that might affect my opinion! )

Debt in mainly in my wifes name, inheritance left to me. I have to say I have contributed towards the CC debt, nights out, expensive toys. We are both to blame really.

Gazella77

Just a few words, personally I would not be able to live with such a debt esp on such a high interest so I'd pay it off and try to get my budgeting right!!!

I'll tell you what, if with such a massive income and such a low rent you ended up with a debt of £10000, then having a mortgage may be a killer for you. Honestly.

Plus the system is absolutely ridiculous in this country, I am an oversees observer with a property abroad and a mortgate of still 23 years here in the UK. I can't understand how ppl with income over £40000 can have a council house with such a small rent, lucky for those but a big burden on the country economy. Plus actually ppl with mortgages who actually were always budgeting, saving and living reasonably can be penalised. Like me at the mo, as in sad circumstances I became a single parent still on a maternity leave that even doesn't cover the mortgage itself but I do not get any help with the mortgage itself or any other housing benefits even though I am on less than half on Glen's income. So in a way I'd be better of not buying in the first place which is just crazy comparing to the systems in other countries. How on earth the economy can be stimualted if people are not encouraged to pay off the debts, save or buy and are so often better of on benefits?
The point is you never know what will happen in the future, you may become a parent, lose job, get ill, or even worse and the mortgage still needs to be paid.

So unless you learn to live very resaonably and avoid any debts than you should not buy a house.

Glen0000

Gazella77 wrote: »

I'll tell you what, if with such a massive income

I would not say my income is massive. A few thousand per year above average. And with my wife earning so little we are poorer than an average couple with 2 full time average incomes.

If I was on the dole I would get the equiv of £22k.(Rent paid, CT paid, free prescriptions, free school meals etc etc) Take into account my car costs me about £3k a year to run so I can work I am not much better off than someone without a job. Makes my income not seem so massive after all......

damanpunk

Glen0000 wrote: »

Debt in mainly in my wifes name, inheritance left to me. I have to say I have contributed towards the CC debt, nights out, expensive toys. We are both to blame really.

Pay off the card, start to save.

Gazella77

Right, I should say massive for somebody who gets governmental help. No offense, good for you that you are lucky in that way.

My post is only an observation on a global situation.

But still as almost everyone above told you, you need to clear the debt and start budgeting before you think of buying. Good luck

damanpunk

Glen0000 wrote: »

I would not say my income is massive. A few thousand per year above average. And with my wife earning so little we are poorer than an average couple with 2 full time average incomes.

If I was on the dole I would get the equiv of £22k.(Rent paid, CT paid, free prescriptions, free school meals etc etc) Take into account my car costs me about £3k a year to run so I can work I am not much better off than someone without a job. Makes my income not seem so massive after all......

And would you want to live like that?

I sure as f*ck wouldn't! Take some pride in the fact your providing for your family.