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

Dinah93

Morning all. Payday today, but for the first time since NIM asked me, I'm not happy. Suddenly realised this morning I still have £2500 of debt of mums in my name. So thats a mortgage within a year out the window then. Seems to long to have to wait 2 years to get married, and through no fault of our own. Feeling sad.

Little_Maya

Awwwww hun, big hugs to you.

Tete_en_l'Air

Is this the money you're paying off with your rent? How long will it take to pay off? Will you not be able to get a mortgage with say a few hundred left in your name? If you're paying it off regularly and never default then I don't think you have a bad credit rating?

Birdie85

It's not too much and as long as you have a deposit and can prove that you can meet all the payments it shouldn't be a problem; I got a mortgage with all my dodgy credit cards and with OH's fairly crummy credit rating so don't stress too much!

Poolie

I agree with Birdie. I managed to get a mortgage for our flat in Scotland with 2 credit card which had about £1000+ on them. As long as you are making the payments on time and you have non missed then you should be fine.

Cinny91

If it is the CC you're paying off with your rent I'd be tempted to pay it off in full with savings then you'll basically have half a year rent free to put as much as you can into the house/wedding funds. But then I know you won't really be wanting to touch your savings.

Don't let it ruin your happy engagementness though, it's just money afterall! (Really shouldn't say that on a money forum) Anyways I think if you go in with a 40k deposit they aren't going to be fretting over a 2.5k credit card!

Dinah93

We've been told any debt we have will be effectively deducted from our deposit. So £2500 debt, means we'd need to save that much extra.

No, we only make minimum payments on it from the rent. So after interest less than £10 per month gets paid off. I stupidly emailed her to ask if there was any possibility of her upping the payments. I kind of thought I might be able to discuss money with her by now, but no. Asked really lightly and she sent back a really angry response saying they had to give my brother spending money at uni so they had less spare money not more. So not I'm angry and trying not to cry. I worked 50 hours a week in the holidays and 2 days a fornight in term time to pay my way through uni. He has basically said 'sod that' to the concept of work, and so they cover him, and I'm loosing out over it. She promised it would be paid back within a year, that year was past in June.

It's like a huge life lesson not to try to help people or do things on good faith.

Dinah93

We're wanting to get married next year, we'd have a £25k deposit and that would JUST hit the 20% to get a bearable rate. £40k is not achieveable by next year. I can't stand the idea of living at home an extra year. Dad is ready for some space, so are NIM and I. And in all honesty the money thing makes it hard to live there since shes really difficult with me.

Birdie85

Oh poor Dinah, if I was there 'd give you a big hug! It's so difficult when family and money get mixed up! It is very unfair of your brother to go away with that attitude, especially as you were the opposite; he's going to have a shock when he has to start working full time! It's probably because he's the 'Baby' that your parents are spoiling him like that but I don't see why they can't put their foot down with a firm hand and make him do what you did, you turned out very well from it all!

Poolie

It is a shame your mum is being like that at the moment. Have you tried sitting down for a girlie chat with her. She might understand your point especially if your mum is going to get two of you out of the house (in a good way).