Estranged husband handing keys to house back to bank

neas

silvercar wrote: »

At what point does the wife say, "sod the car, I'm fed up of renting I want a house."?

Do you regret not buying in 2002? (Just curious, we were in a similar situation in 1985, just graduated, good jobs, house prices spiralling. Had to make a decision whether to jump on the ladder or wait for the fall. Had we waited we would have spent 6 years renting before prices bottomed out in our area.)

Graduated in 2005 so didnt have that choice, When i told my wife in December 2007 we were heading for a recession, and houses were going to crash, she didnt believe me... but as her husband she trusted me.. and every month I've been proved right.

She knows we heading for a recession as well, is polish so knows all too weel the devastating effects a recession can have (poland had a 10+ year recession before eu started investing in it and was very corrupt).

Obviously we would love or own piece of land... but the savings we make by waiting far outweigh the inconvenience, we've even planned to have children while renting.. and that does sound bizzarre lol. We aint putting our lives on hold we just trying to save 1k for a deposit every month... and at the moment overflow and other activities (cashback and ebay etc) go to her car fund.

Aim is to get 7-8k for her car by may (new citroen C1 or equivalent) while continuing to save 1k per month for deposit... her old car is bit knackered and will be expensive to get through mot (500-600 quid plus so gonna scrap it).

neas

confused31 wrote: »

deposit you will need to save 100 pound a month for the next 2 years.

confused

My wife and I save in excess of 1000 pound a month... and the example was a 100k house (its 10% gifted deposit)... we are aiming to buy one of the 130k 'nicer' houses maybe even with a garage and drive etc... in a nicer area.... for about 100k in 2 years.

Dont you just love it when houses fall 15% a year?

mbga9pgf

confused31 wrote: »

you can edit your post's as much as you like ive been through them, you told someone in another one of your posts, to go on a long 10 year fixed deal has you thought they the rates would be up by 6% by the end of the year.

To be honest i am not really bothered what you think, that house for 109,000 is not really that nice though is neas, plus for yo to buy that with a 40% deposit you will need to save 100 pound a month for the next 2 years.

Im not going on about my personal situation, and im not really interested in yours.

oh well chins up, are you two the same person???

confused

No I didnt. I said go on a 10 year fix because over the life of a mortgage, no-one can guarantee rates wont go back up significantly.

http://forums.moneysavingexpert.com/showpost.html?p=17478707&postcount=13

Notice no edits to my post. Which makes you sir, a bare-faced liar.

Im not going on about my personal situation, and im not really interested in yours.

Obviously bitter and twisted about something. Like FTBs not paying for your pension in bricks and mortar.

Dithering_Dad

A lot of people on the forum are obsessed with MEW (Mortgage Equity Withdrawal) and view it as tantamount to signing a financial death warrant.

The reality is quite different, if used correctly it can provide an effective and efficient way to finance large purchases that would either entail saving for many years or by getting a personal loan at a much higher rate.

The problem is not in using your mortgage as a flexible loan at an extremely low rate, it's in not repaying that loan as quickly as one would repay a more conventional loan.

I think neas has been sidetracked by the mew, basically the OP would have been well able to afford the mortgage had they not split up. Usually when a coupel get a house it is with the anticipation of a certain income. When that income more than halves, there is obviously going to be some sort of financial repercussions, even for the most cautious people.

If neas ever has children and becomes the sole breadwinner and mortgage payer for a large family home, he will look back at his comments made here with embarasment and shame, especially if he gets made redundant and has to pay for +£2k per month outgoings with £.5k per month income from savings/benefits.

silvercar

neas wrote: »

Graduated in 2005 so didnt have that choice, When i told my wife in December 2007 we were heading for a recession, and houses were going to crash, she didnt believe me... but as her husband she trusted me.. and every month I've been proved right.

She knows we heading for a recession as well, is polish so knows all too weel the devastating effects a recession can have (poland had a 10+ year recession before eu started investing in it and was very corrupt).

Obviously we would love or own piece of land... but the savings we make by waiting far outweigh the inconvenience, we've even planned to have children while renting.. and that does sound bizzarre lol. We aint putting our lives on hold we just trying to save 1k for a deposit every month... and at the moment overflow and other activities (cashback and ebay etc) go to her car fund.

Aim is to get 7-8k for her car by may (new citroen C1 or equivalent) while continuing to save 1k per month for deposit... her old car is bit knackered and will be expensive to get through mot (500-600 quid plus so gonna scrap it).

The more you post, the more I am understanding you, even though I have made the opposite decisions to you, faced with similar dilemmas.

Your last paragraph is where I really don't get your decision. You obviously are keen to save money, yet you look to buy a brand new car! I bought a ex demo Toyota Aygo for £6k last January, probably cheaper this year. That would save you £1,500-2k.

ALIBOBSY

Re th northern house prices, we bought our 3 bed semi with large gardens in a semi rural area on the edge of a small town in june 99 for £44950 although we did neg the price down as it was stood empty and needed some work. my parents bought a 4 bed around the corner in 79 for £18k (house next door sold for 95k in 98). So in 92 (when neas was 10) 46k doesn't sound too far out.
However although I agree neas has a right to post and give his opinion, he does need a lesson in tact and a reminder that on these forums "be nice to each other".

good luck to the op hope she gets sorted soon.

ali x

Clairobelle

Thank you Dithering Dad!! Top post.

My ex earns a good wage and we could afford our mortgage and bills before we split. Now of course on a 20 hour a week salary i have no chance of affording it. He is doing all this, i think, to try to control me and bully me. I also think he was trying to call my bluff, but i wont be bullied any more and if i have to go through a reposession and be made bankrupt in the course of getting him out of my life then i guess thats the price i have to pay.

Claire

neas

Im not very mechanically minded silvercar, im great with electronics, electrical items, you know the household appliance stuff, but car maintenance boggles me.

My car is a honda civic, bought it 2nd hand a year ago 2005 plate. Again choice was to buy a reliable car, with a reasonable engine that would las a while and be lower on maintenance costs.

Wifes car was 1k original, has cost her about 2k in repair bills over last 2 years and is a petrol eater.

The citroen C1 is tax band B (15-25 quid a year), high mpg so low, small tyres and is generally cheap and cheerful. Same as aygo, love the little things.

The goal at the mo is to get a car that I know hasnt been thrashed, and won't come up with big repair bills 1 year later etc. When you say ex-demo car how many mileage we talking about? And how do you try and find an ex-demo one etc?

mbga9pgf

Clairobelle wrote: »

Thank you Dithering Dad!! Top post.

My ex earns a good wage and we could afford our mortgage and bills before we split. Now of course on a 20 hour a week salary i have no chance of affording it. He is doing all this, i think, to try to control me and bully me. I also think he was trying to call my bluff, but i wont be bullied any more and if i have to go through a reposession and be made bankrupt in the course of getting him out of my life then i guess thats the price i have to pay.

Claire

Claire, dont let him win. You are doing exactly what he wants you to do. Its also worth noting that if he is quite senior in his firm and goes BR he may lose his job.

Take him to the cleaners, most importantly, go for the pension. It will be worth a fortune to him and you in the long run. Especially with the way he has treated you.

neas

Clairobelle wrote: »

Thank you Dithering Dad!! Top post.

My ex earns a good wage and we could afford our mortgage and bills before we split. Now of course on a 20 hour a week salary i have no chance of affording it. He is doing all this, i think, to try to control me and bully me. I also think he was trying to call my bluff, but i wont be bullied any more and if i have to go through a reposession and be made bankrupt in the course of getting him out of my life then i guess thats the price i have to pay.

Claire

well what will happen is when you are bankrupt they would chase him equally for the shortfall.. so its just as damaging for him too either forcing him to repay or go bankrupt too.

Either way its a silly way for him to be playing, sadly when people dall out they dont play fair with finances . He should do the most cost effective thing for both of you and split amicably... (except the cheating bit etc)