Estranged husband handing keys to house back to bank

confused31_2

neas wrote: »

Again... if you'd know from my usual posts I've been calling House price crashs of 30% since april 2008.... back when the banks would lend on 5% deposit.

My intention from the start has been to save as much as possible putting me and my family in the best circumstances.... essentially the imbalance of overpriced house prices will fix itself. My sister born 6 years earlier than me has a 40k mortgage on a 170k house with her husband... just because when they bought the first house it cost 50k and then jumped each time to a bigger house.

I've always inteded to buy... in 2010+ thats why 90% of the savings are fixed in high interest accounts

we ll if your listening to your mate above he reckons interest rates are going up to over 6% by the end of the year, so get yourself into a long 10 year deal.

so if hes right you will be borrowing at a higher rate thatn 6%

It makes me laugh, you people have never owned a house then all of a sudden you are experts on the art of house buying.:rotfl:

Confused

neas

the advice is simple.

Either let you husband take over house

Or hand keys back in and go bankrupt, the house is not maintainable on a 20 hr week salary.

Being bankrupt will make your debts 0... make you worry less, and will prob entitle you to a council housing

try going to www.entitledto.co.uk, i used this website to help friends get 30 quid extra a week in housing benefit. Type in your salary, two children, single etc.

So as a single mother, no savings, with two children you would get help housed, benefits, child food tokens for school. Its a different stlye of life.

The alternative is to stop paying mortgage get forced repossessed by lender, and because you've been kicked out you are priority for a council house (prob 2 bedroom, maybe 3) then go bankrupt... work next 5 years on your childen and saving a bit of cash every month.... and bankruptcy will clear.

its obvious repossesion then bankruptcy is easiest route for you.

mlz1413

mumps wrote: »

So did they buy the house before you were born? If so £46k was a massive mortgage especially in a "working class town up north where houses were and are still relatively cheap" I got married a couple of years after you were born and bought a lovely 4 bed house in Worcestershire for £10k less than that. Perhaps they bought it later but as you link childs age to how long parents have owned house I am assuming they would have bought it at least 27 years ago?

Good point Mumps. I bought a house in 1988 just as the first boom was gathering speed, that 3 bed terrace in Northamptonshire cost £30,000.
My Mum bought a old chapel in Northamptonshire in 1983 that needed converting it cost £25,000 to buy and about the same to turn into a house.

So in 1982 in the north £47,000 must have bought a mansion, I never realised how the 'working class' northerns lived!!

confused31_2

mbga9pgf wrote: »

Confused, rubbish.

http://www.fool.co.uk/mortgages/search-all-mortgages.aspx

Northern Bank (NI)
Variable 3.49% Variable N/A 3.6%
Variable 3.49% Variable N/A 3.7%
Lowest fix for 5 years:Cambridge BS
Fixed 4.99% Fixed to 20/03/2014 4% 4.7%

100K mortgage.


so you are, quite frankly, talking rubbish.

The issue is, who is going to save a 20-30% deposit now the credit crunch is in full swing?

By the way, try punctuation. It helps others read what you are posting.

what you going to buy for 100,000 pound???

neas

confused31 wrote: »

what you going to buy for 100,000 pound???

http://www.rightmove.co.uk/property-for-sale/property-11699676.html?pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DREGION%255E1073%26radius%3D0.0%26displayPropertyType%3D%26minBedrooms%3D3%26maxBedrooms%3D3%26minPrice%3D100000%26maxPrice%3D120000%26maxDaysSinceAdded%3D7%26_includeSSTC%3Don%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26oldSecondaryDisplayPropertyType%3D%26newHome%3D%26retirement%3D%26auction%3Dfalse%26partBuyPartRent%3Dfalse%26x%3D89%26y%3D2&locationIdentifier=REGION^1073&maxBeds=3&radius=0.0&maxPrice=120000&minPrice=100000&minBeds=3

neas

thats 100k now... in 2 years time a 130k will be around 100k.. i'll have 40-45% deposit and will be with a 55k mortgage.... not a 100k one.

mbga9pgf

we ll if your listening to your mate above he reckons interest rates are going up to over 6% by the end of the year

where did I say that?

You have some serious issues mate.

Buy for 130K you are forgetting the deposit. Which, after prices collapse this year, will get you quite a lot actually. That's not including any savings this year.

I may not have owned a house, but I can add 100 to 30.

Rates will be low for the next 2 years, then its going to be up, up and away as all the measures the government are doing causes rates to go through the roof. You didnt really expect the Japanese to buy government debt a 1.5% forever did you?

silvercar

neas wrote: »

thats 100k now... in 2 years time a 130k will be around 100k.. i'll have 40-45% deposit and will be with a 55k mortgage.... not a 100k one.

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.)

confused31_2

mbga9pgf wrote: »

we ll if your listening to your mate above he reckons interest rates are going up to over 6% by the end of the year

where did I say that?

You have some serious issues mate.

Buy for 130K you are forgetting the deposit. Which, after prices collapse this year, will get you quite a lot actually. That's not including any savings this year.

I may not have owned a house, but I can add 100 to 30.

Rates will be low for the next 2 years, then its going to be up, up and away as all the measures the government are doing causes rates to go through the roof. You didnt really expect the Japanese to buy government debt a 1.5% forever did you?

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

neas

Just using entitled to:

Say you rent a private 2 bed house:
You earn 120 quid a week before tax (around min wage)
2 children aged 6 and 8
Single
Assuming your local housing benefit for 2 people (might be 3 for you) is 120 quid a week (is in my town).

Tax Credits: 156.43 per week
Child Allowance: 31.50 per week

Plus sure you'd be eleigble for a significant portion of LHA.