24 become single mum with mortgage & scared

lambo_3

an you tell me what you will be earning from your new job?

What do you get from your self employed earnings?

Can you estimate how much you will get from WFTC?

I notice your current mortgage is £59k plus 20k of debts, what type of debts are these? Credit cards? unsecured loans? secured loans? hire purchase? car loans?

How long are you tied into your current mortgage and how much will it cost to leave?

I am a little confused as to what you said you wanted to do re the ex - were you going to remortgage to pay off all the debts so he could start fresh or were you planning on giving him some cash?
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HiMortgage mama -hope you had a nice nighyt out and are not suffering with a bruised head too much! Right i have the info you asked for here:

New job earnings wil be £520 after tax(monthly)
wf tax 600 (monthly)
child benefit 69.80
Previous earnings from self employed job - approx £3000 (part time since han 06 - really estimated as havnt done a tax return yet - ooohh cant wait!)
my debts are:
7000 - hsbc graduate loan
2000 - barclays resolved loan - in ex partners name but all debts are joint
1,500 - 0 per cent credit card
10,000 - unsecured loan

Mortgage details are:
59,000 mortgage, worth 82,000. Tied in until 1 may 2007. early repayment charges would be £690.22 on 27th feb 2006 so dont know how to work out how much that would be now, 6 months on(?)

My plan if i was able to remortgage would be to pay off teh debt but this is also my confusion as i would really like to be able to give him some money to start again as he will be leaving with nothing although once teh debt is payed off, there may be very little - of there is anything, i would like to give that to him.

Waiting in anticipation that you can make something out of the above ...perferably a miracle!!!

MortgageMamma

Hi Lambo

Can you give me your gross earnings for your 520 a month job, and also, your current monthly payments on the debts.

I doubt you will be able to give him any money (there's nothing stopping you doing this further down the line in future though) but remember you are doing him a favour by taking on his half of the debts when he is unable to support the debts or his child his self. I know you care about him and want whats best, but you have to think about you and the baby now - hope dont sound harsh but the reality is you can't afford to give him cash, but you could possibly take the debts on

kind regards

Mortgagemamma

MortgageMamma

Just bumping this up, so Lambo can see it again if she still needs help

lambo_3

my gross yearly wage will be £8350.08 (part time).

Currently monthly payments onto debt is 168.00 (10k loan), 120 (7k grad loan), 50 (on 2k loan) and 80 (on credit card debt) toatl monthly repayment = £418.00. Obviously shows how desperate i am to consolodate - its leaving me thread bare every month and i cant cope with such huge outgoings.

I think you are very right in what you said about the reality of not being able to give my ex partner any money and I am doing him a big favour by taking on the debt and leaving him with a clean, fresh start - just want him to be successful and with a bit of capital i think his business would begin to work but maybe he needs to start looking elsewhere. Thankyou again for your support

MortgageMamma

Hi Lambo

with regard to your credit commitments, have you kept all payments up to date? what is your credit rating like - do you have any ccj's or defaults? How long do you want your mortgage term? (if you are on a capital and interest i.e. repayment mortgage the longer you stretch the term the lower the payments, no great long term but ok for a breathing period)

As regards your partners business, he could apply for funding throught the princes trust if he is under 30, there is also private start up funding from organisations such as shell.org, he could get a matched business loan from his bank, if he's contributing to a community or has potential to create jobs he could get money from his local enterprise/regeneration trust of about £1k. The best place for him to go for support, if he doesn't already is http://www.businesslink.gov.uk/bdotg/action/home?target=http%3A//www.businesslink.gov.uk/&domain=www.businesslink.gov.uk and get him to speak with a funding/finance advisor.

I'm probably sticking my nose in a bit too much here so tell me to shut it if you want, but to me, judging by your level of concern for partner, your relationship seems very far from dead - hopefully just a bad patch/stress of business/young children/money - believe me, I know more than anyone what that can do to a relationship, I hope you get through it.

missk_ensington

waterbaby- thanks (sorry delayed reply been ill this week off work!) Needs must sometimes, its a case of 'don't let the bawastards grind you down'.

Oh, and my wedding in Stoke was lovely! I'd throroughly recommend going inot a pub at tea time by yourself and sitting at th bar. I find most people automatically include you in the conversation if youre alone (maybe thats a Northern thing?) and ask where your from etc etc and you soon make friends!

MortgageMamma

I do hope you have not been overdoing it miss K?

dixie06

Hi, wonder if anyone can offer some advice?? I am thinking of moving house (2nd purchase) perhaps this isn't the right thread but have seen some good advice being given!! I have made quite a lot of money on my first purchase and intend to downsize my mortgage by paying 10grand off it. I am tied in for three years with 1 year 6 months to go to my current lender. Have an "iffy" credit rating defaults from approx 2 years ago. Don't want to get tied into another sub-prime lender would rather let it run its tie in period and then re-mortgage when no redemption fees to pay, is it possible to take your existing mortgage with you when you move or do you have to re-mortgage again? and can you take a lump sum and pay this off?

Any help appreciated!

MortgageMamma

Hi It depends very much on the terms of your mortgage. You need to call your lender and ask what the maximum overpayment is and how you do it, and also if its portable.

MM

dixie06

MortgageMamma wrote:

Hi It depends very much on the terms of your mortgage. You need to call your lender and ask what the maximum overpayment is and how you do it, and also if its portable.

MM

Hi there thanks for that I will do.