Terrible News - I feel sick

Housebuyer958

I don't want to seem like a spoiled brat or anything but I don't really see why I should not move forward this if I can.

I'm not skint every month - I already pay about £850 rent every month so an extra £100 per month for a mortgage seem fine. And my wife will be working full time from August (for the first time in 10 years) and the household income will go up by around 500-600 per month.

As for the money I owe I have two opinons on this:

1. I have been paying these off every month for almost half my life. they don't bother me, I don't lay awake thinking about them in fact they are considered just another bill of £100 per month that comes out with the Electric, sky, etc, and I haven't had a letter chasing me about these debts for getting on close to 6 years now. If I have the oppotunity to get my own house and the sums work out (ie my repayments aren't hundereds of pounds more) then I don't see why I shouldn't just because I have a few debts. I never try to get anything on credit now - everything I pay in cash.

2. If I can't get a mortgage because of the debts then I know that I will have to get them paid off quicker than I had previously planned and I can work that out if I need to.

If my creditors are happy to be paid a few quid each month then why should I offer to help them beyond that......they have never done anything for me.

If I can get a house (which doesn't affect my month to month budget) then I will. If I can't because of the debts then at least I know the score.

But I can't see why you would say that getting a mortgage would turn into a nightmare.....as I said, the mortgage is about £100 a month more than what I pay now and I currently have about £300 per month of excess money, with income going up from my wife and also expenses coming down as my kids go to secondary school they won't need looking after school clubs (approx £350 per month).

Thrugelmir

Housebuyer958 wrote: »

If my creditors are happy to be paid a few quid each month then why should I offer to help them beyond that......they have never done anything for me.

Then don't expect to get a mortgage at a competitive rate of interest. Those same creditors are the ones you now wish to borrow from. So be as arrogant as you like but it won't actually help you.

If you'd paid off your debts quicker then that dream house would have been achievable. Instead you are paying dead money for renting.

Only one person is a loser in all this. You.

Housebuyer958

Thrugelmir wrote: »

Then don't expect to get a mortgage at a competitive rate of interest. Those same creditors are the ones you now wish to borrow from. So be as arrogant as you like but it won't actually help you.

If you'd paid off your debts quicker then that dream house would have been achievable. Instead you are paying dead money for renting.

Only one person is a loser in all this. You.

The company that deals in defaults has an interest rate of 5.86% on a fixed rate for 2 years on 25 year mortgage. To compare, my Halifax quote before I found out about my bad credit was a fixed at 6.12% on 30 years............so that blows your theroy out of the water.

My house is still achievable it just might take a bit more work to get - and you echo my whole point in this that my rent is dead money - that's why I want a house!!

I can't really see why you think I am losing in all of this, unless you are just someone who worries themselves to death that they went £5 overdrawn for 10 minutes.

Thrugelmir

Housebuyer958 wrote: »

The company that deals in defaults has an interest rate of 5.86% on a fixed rate for 2 years on 25 year mortgage. To compare, my Halifax quote before I found out about my bad credit was a fixed at 6.12% on 30 years............so that blows your theroy out of the water.

You are comparing 2 year and 30 year fixed rates. So in 2 years time you will be exposed to market rates at that point in time whatever they might be.

What arrangement fees are payable on the deals? On a 2 year fix that will add to the true cost of the money. As in 2 years time further fees will be payable if you choose to fix again. Whereas on the 30 year fix there's no more fees to pay ever.

beecher2

Housebuyer958 wrote: »

I can't really see why you think I am losing in all of this, unless you are just someone who worries themselves to death that they went £5 overdrawn for 10 minutes.

That's rich coming from someone who has completely overdramatised the process of buying a house so far.

980233

Housebuyer958 wrote: »

The company that deals in defaults has an interest rate of 5.86% on a fixed rate for 2 years on 25 year mortgage. To compare, my Halifax quote before I found out about my bad credit was a fixed at 6.12% on 30 years............so that blows your theroy out of the water.

My house is still achievable it just might take a bit more work to get - and you echo my whole point in this that my rent is dead money - that's why I want a house!!

I can't really see why you think I am losing in all of this, unless you are just someone who worries themselves to death that they went £5 overdrawn for 10 minutes.

From first post

"My dream house is gone, my wife is devesated, my kids are going to have to go to an awful school now......I've just had the wind knocked right out of me"

Pot and kettle springs to mind with your last comment me thinks.

Trollfever

But, but, but..............

OP has to go to The Bank of Mum and Dad to raise the deposit.

My Dad originally said that he would give me 50K as a deposit a few weeks ago and to go looking for places, which I did and had the offer accepted. I happen to have bought a house from someone who is on a mission to get everything sorted asap and he reckons 6-8 weeks to complete which is fine with me as FTB.

However, my Dad told me today that he can't get the money together now until mid to end July!!!!!

Housebuyer958

I don't really understand why you are all attacking me on this.

I'm sorry if my other posts are bit panic posting but at the time I was posting straight on here because I have had some really good advice - I didn't think any further posts would be ridiculed.

I don't expect any of you to understand my own personal feelings on this situation - I have many which revolve around my house buying wants, but I'm sure you can understand my frustration when I try to live my whole life by the rules but just get doors shut in my face.

Anyway, without getting smart I will try to answer you quotes above as I do think that while done in an antagonistic manner, they are valid points:

Thrugelmir - thats a good point and something I have to look into. I just have made some preliminary checks and got the rate back, but I would like some more info about what could be involved. I.E - I know that the rate will following the BOE after the 2 years and if I remortgage then I know there are fees to pay but some new banks will pay them - but anything else?

beecher2 - I'm sorry that you feel i've over dramatised everything but this is very important and brand new to me. I'm also very concerned that I am letting down the seller who has been very good to me.

Hugh Jarce - Sorry but I don't understand the point of your comment or what it is supposed to mean

Trollfever - Well first it's just my Dad as my Mum is dead so thanks for that. However, it is actually an inheritence from my Gran who has sold her house to live with Auntie and this was a complete out of the blue offer from my Dad as he wants me to get on the housing ladder. It's not anything I've asked for.

RobertoMoir

Housebuyer958 wrote: »

I don't want to seem like a spoiled brat or anything but I don't really see why I should not move forward this if I can.

My point being that I don't think you can. But it's your decision of course.

But I can't see why you would say that getting a mortgage would turn into a nightmare.....as I said, the mortgage is about £100 a month more than what I pay now and I currently have about £300 per month of excess money, with income going up from my wife and also expenses coming down as my kids go to secondary school they won't need looking after school clubs (approx £350 per month).

You might choose to disagree with what I said but if you can't see why I might think it then you might want to go back and try to read some of your posts from a neutral point of view.

• You're in debt.
• You've got a bad credit history.
• You're prepared to go to family for the deposit because you don't have it to hand yourself rather than save.
• You're prepared to pay well over the odds for finance rather than wait.

Back when I worked as a bailiff we had a name for people who thought like that:
"The next call on today's list".

Housebuyer958

Points in reply

- Yes
- Yes
- Wrong
- Wrong

But then you used to be a baliff, which means you morally have something missing anway