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The relief!

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
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tryingtocutbacktryingtocutback Forumite
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edited 30 November -1 at 1:00AM in Debt-Free Wannabe
I have posted in the past about how I cant see a future and cant see me ever owning my own place again etc.

But, I have just had a little look at some calculations and I can see that it could be possible - albeit a 1 bed flat! I calculated that I could get a mortgage when im 45 till im 65 and pay it off (looking at the price of 1 bed flats in my area). In addition, the cost wouldnt be as bad as I expected.

So, now I can see that, I am very determined to get this debt paid off and aim to do this when I am 45 (2.5 years to go!). I hope to also save some kind of deposit/money for fees etc.

I know its probably not as easy as I think but it is do-able and I honestly didnt think it ever was.

Its so wonderful to be able to see a future at last!!!!!!!!!!

Replies

  • curlytop12curlytop12 Forumite
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    hi,well done on theCC payments.
    it must be a relief to know what your hearts desire is actually do-able.
    good luck with your dream
    :)
  • I hope to also save some kind of deposit/money for fees etc.

    Sorry to be a downer on this, but how exactly have you calculated this? You say you "hope" to save a deposit - a 10% deposit is a minimum in this kind of mortgage market, they're usually asking for a lot more than that and I doubt that will change much for the better in the next two years.

    It's great that you're trying to pay down debt as quickly as possible, you are to be applauded for that. I don't mean to burst the bubble, but the calculations need to be realistic if it's going to work.
  • tryingtocutbacktryingtocutback Forumite
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    Thanks for your "help" but yes my calculations are correct (and confirmed by advisors).

    Blimey I thought this was the place for support!
  • CH27CH27 Forumite
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    I have posted in the past about how I cant see a future and cant see me ever owning my own place again etc.

    But, I have just had a little look at some calculations and I can see that it could be possible - albeit a 1 bed flat! I calculated that I could get a mortgage when im 45 till im 65 and pay it off (looking at the price of 1 bed flats in my area). In addition, the cost wouldnt be as bad as I expected.

    So, now I can see that, I am very determined to get this debt paid off and aim to do this when I am 45 (2.5 years to go!). I hope to also save some kind of deposit/money for fees etc.

    I know its probably not as easy as I think but it is do-able and I honestly didnt think it ever was.

    Its so wonderful to be able to see a future at last!!!!!!!!!!


    Well done for what you have acheived so far:T
    Try to be a rainbow in someone's cloud.
  • tryingtocutbacktryingtocutback Forumite
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    Thanks CH27 - I slept well for the first time in ages last night (well until I saw that someone had tried to put a downer on it for me lol!).

    Never mind.
  • climbgirlclimbgirl Forumite
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    Sorry, as I said, I don't mean to be negative. I think it's great that you're paying down debt and trying to turn things around, I genuinely do.

    I just wanted to check that your calculations were correct as you said you "hoped" to have a deposit. Perhaps it's in the phrasing and you have factored a deposit into the equations - if so, great! But the reality is that 100% mortgages are pretty much non-existent these days and are unlikely to come back in the timeframe you mentioned. So a deposit is kind of essential in this market, not something you hope to have.

    From the way you phrased your original post, it wasn't clear if you'd factored that into the equation or not. Maybe it's all in the phrasing and you do have a deposit planned. But I suppose I believe that it's better to know about something that might throw a potential spanner in the works, as early as possible so you can deal with it and plan for it.

    That's why I posted and asked the question - not to be mean, but to make sure you were making plans with full knowledge of the market conditions.

    I genuinely applaud you for turning things around, it's fantastic. I hope it works out well for you and I do apologise if the post came out the wrong way. It wasn't intended in that fashion.
  • tryingtocutbacktryingtocutback Forumite
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    Oh well, we will see - thanks for explaining.
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