The ultimate incentive proposed! Buying a house, a wedding, and staying debt free.

Poolie

Dinah93 wrote: »

I've done it all. I might be between rock and hard place, but his head is firmly in the sand. He really is my mothers son.

Well I'm cheered a bit, NIM and I could get a decent rate mortgage from HSBC (my bank so first I looked at) for up to £154k, if we save £25k. Thats do able. And we can afford the repayments. Although I would prefer a 5 year fix.

How long was the rate you looked at? 2 years? What sort of interest rate are they talking?

Poolie

Whoooo £1225 is a month is a huge amount.

I thought £223 per month for my 5 year loan was a huge amount.

No wonder your cheezed off. Hopefully that CD arrives today and you can have a play.

Dinah93

2 years at 4.29%, 5 years is 6.19%. Both with £999 fee.

Poolie

As usual the mortgage interest rates are high as a kite. Not representive of the market at all. Still not bad on the 5 year.

Tete_en_l'Air

Dinah93 wrote: »

They're in an IVA Birdie, by the time he comes to get married it will be finished. Still another 3 years left at £1225 a month.

So, they're helping him through uni during the IVA, then helping him again with wedding/house once it's finished? And you didn't get help with either? :mad:

Dinah93

They paid my about half my rent and all the fees at uni, so I lived off the loan. But that meant it cost them about £9k over 3 years, they're going to be paying out a lot more for him. I did get help at uni, but I don't now, so if they want to go down the fair route then one or the other is fair.

Are those rates high Poolie, I thought that was really good - its within our affordability range at least!

Dinah93

Okay Poolie, as my little maths God. Would we be better off:

Scenario A:
39mpg, 1000 miles a month, 1.02 per litre + £35 repairs per month
67 mpg, 1000 miles a month, 1.05 per litre + £103 repayment

Flower08

Dinah93 wrote: »

They paid my about half my rent and all the fees at uni, so I lived off the loan. But that meant it cost them about £9k over 3 years, they're going to be paying out a lot more for him. I did get help at uni, but I don't now, so if they want to go down the fair route then one or the other is fair.

Must be very fustrating. When i have kids thats the one thing i will always be - fair. My parents helped me through uni, but my older brother didnt go, so they helped him with the deposit and first months rent of a flat when he decided to move to London.

Hopefully you and your mum will be able to come to some sort of comprimise, just very fustrating when she knows of all your plans and dreams.

Dinah93

Oh and Tete, Boro course lady got back to me - absolute muppets who can't tell a needle from their elbow can go on the course, so we should be good! Shall we book this evening? x

Dinah93

Thing is I think she was staggered we want it within a year. I thought that was kind of standard tbh, neither of us want to wait for 2 years. I'm happy with those house prices now, if we can scrape together the deposit we could afford a lovely house in a nice village. Not huge but big enough for us now and a little growing room for a few years.