What can I do to ensure I don't lose my house?

dooglebugg

lynzpower wrote:

NO
Never secure unsecured debts on your mortgage!! Read martins article about why not. Top & bottom, you will have a loan for a few years now, but it will translate into 25 years on your mortgage. God knows how much more interest you will end up paying!!

Hopefully a mod will move onto DFW board, we will help you all we can

To be honest I'm kidding myself if I think I can manage on my own. We can barely manage as a couple. I just don't want to face up to the fact that I have to sell but I need to get real.

Careful_girl

Hey don't give up yet. Try the DFW and looking at your budget. I will pm you.
At least try to keep your house.
All the best,
CG.:beer:

aloiseb

If it's a joint mortgage he will have to pay his share, or buy you out, surely? Why would he expect not to have to pay?

I think if it was me, I would look at moving into the boxroom and getting a lodger into the better room, to try and stay on the property ladder. (solong as they dont' play music like the evil penguin did in Wallace and Grommit, and put you off studying)
If that's too unbearable, maybe staying with parents for a bit would be a better plan - at least you can save up to afford your own place some time in the not-too distant future (and maybe the price crash will come, one day!....).

You will probably have to steel yourself aginast people saying things like "I told you so" however - I sympathise. I think lots of us have been there. Good luck.

dooglebugg

Thanks all.

If I was to rent my house out and move back in with my parents, how much rent would be reasonable to charge?

Looking in the papers, most houses round here which are a similar spec to mine are renting for about £550 per month. My mortgage is already £554 so I just wondered when deciding rent prices are you supposed to allow for the additional costs such as council tax, electricity etc or do the tenants pay their own? Do the prices differ if it is part furnished?

I haven't got a scooby about renting a place out - I'll do some reading around.

lynzpower

If this is the local rate for renting your house out then I would avoid it. You should be looking to cover the mortgage for voids, and for all repairs etc, plus having ga certificates and a whole host of other hassles. Can a landlord post up a website with the requirmemtns

Doodlebug

Come over to the DFW board and post up your sitautuin ( you can paste the link from here) and type out your SOA and we can see if there are any savings to keep your head above water. In any case your partner will have to pay half, he came into the agreement with you after all

MissMotivation

dooglebugg wrote:

Thanks all.

If I was to rent my house out and move back in with my parents, how much rent would be reasonable to charge?

Looking in the papers, most houses round here which are a similar spec to mine are renting for about £550 per month. My mortgage is already £554 so I just wondered when deciding rent prices are you supposed to allow for the additional costs such as council tax, electricity etc or do the tenants pay their own? Do the prices differ if it is part furnished?

I haven't got a scooby about renting a place out - I'll do some reading around.

You need to get a lettings agent round to tell you how much you can realistically get. Tenants are responsible for paying gas, elec, council tax, water rates etc. You will have to build into you figures letting fees (approx 10% per month in my area), maintenance, void periods etc. You can sometimes ask more for furnishing it but bear in mind that if appliances break down you will be responsible for getting them fixed or replacing them.

I would go down the route of getting a lodger, how big is your box room?

tiny1

1. Tell the boyfriend you want his name off the property deed as you are the only person paying the mortgage - you should take all the risk / profit.

2. Contact the lender in writing - explain the partner has left and you are the only person paying the mortgage - provide evidence of your salary + debts.

3. Make it clear in the letter that you want to keep the property and that your salary will rise after you complete your exams.

4. Ask for a 6 month " mortgage holiday" in order to get your high interest 6.5 k loan cleared and to give you some peace of mind as the debts are stressing you out.

5. They will play ball as they have no interest in repossesing you - the property is only worth the value of the loan - by the time they add the costs of repossession it will be too expensive for them.

6. Extend the length of the mortgage to 30 yrs to lower the monthly I/O mortgage and pay off lump sums off the debt as and when you can.

7. Ask the parents / friends for a no interest loan to clear high interest debt.

8. Get rid of any expensive habits for a year - i.e. smoking, drinking, new clothes, cars, expensive nights out and other such luxuries.

You can do it.
Tiny1

lynzpower

Not particularly moneysaving to be moving your mortgage, particularly if you move onto a longer term, of course you will be paying ridiculous mortgage interest for all eternity. Also dont make rash decisions by tying into any fixed product, if you are likely to need to sell to get out of it, thus possibly landing yourself with a host of admin charges or whatever your lender calls them

Even if you take a payment holiday, you will still be accruiing interest on the mortgage, break from payment but not a stop on the interest.

tread very carefully

dooglebugg

Thanks guys I'll see if I can figure out how to post a link from this thread to the DFW board.

I appreciate the recommendations though. Sadly my mortgage is already 30 years (we just couldn't afford it otherwise) and I stopped going out and buying things for myself ages ago. I could still probably cut down on a few things if I had to so I would appreciate any advice in this area.

Let's do things by worst case scenario then if my boyf can help me keep the house all the better.


Something else that dawned on me today - we need to remortgage in October anyway so whether I remortgage with my boyf or not I still think we will have a problem remortgaging as my boyf left his job 3 months ago when he left to travel so in effect they can only remortgage on my salary anyway. If I can't remortgage in my own name then our current mortgage rate jumps up to 6% something which is scandal!

dooglebugg

Moved to new thread

http://forums.moneysavingexpert.com/showthread.html?p=2499323#post2499323

please reply there to make it easier thanks