Leaving a 125% mortgage and wanting to buy a new house....

ViolaLass

Or you could go on a cheaper honeymoon...

ViolaLass

You could try going over to the Debt Free Wannabes board - with an income of £50k, there is (so far) no obvious reason why you should be struggling and why your mortgage hasn't gone down.

foreversummer

blueelephanttrunk wrote: »

We're currently putting £1000 a month into our honeymoon fund (we go in October) so, when we get back will be able to put that money towards the new house / mortgage.

Not being at all judgmental, just intrigued, where are you going on your honeymoon?

blueelephanttrunk

foreversummer wrote: »

Not being at all judgmental, just intrigued, where are you going on your honeymoon?

We're going on a bit of an epic one, we wanted one last big holiday before we move and have children! Have already booked and paid for most of it so can't put that towards mortgage.

Off to Dubai for 4 nights and then Northern Thailand for 7 nights, Phuket for 9 nights and then Bangkok for 4 days. We were wanting to take about £3000 spend, have nearly paid the actual holiday off - not sure if that's enough or not enough, from what I've read it seems enough.

blueelephanttrunk

ViolaLass wrote: »

You could try going over to the Debt Free Wannabes board - with an income of £50k, there is (so far) no obvious reason why you should be struggling and why your mortgage hasn't gone down.

I will, I'm a lurker there- I may go say hello

You're right, there is no reason really - we're not struggling, just have used our spare cash for other things up to now.

saverjustice

Who sold you the 125% mortgage?

SandC

blueelephanttrunk wrote: »

We're going on a bit of an epic one, we wanted one last big holiday before we move and have children! Have already booked and paid for most of it so can't put that towards mortgage.

Off to Dubai for 4 nights and then Northern Thailand for 7 nights, Phuket for 9 nights and then Bangkok for 4 days. We were wanting to take about £3000 spend, have nearly paid the actual holiday off - not sure if that's enough or not enough, from what I've read it seems enough.

Not relevant to the mortgage but I just got back from two weeks in Thailand and only spent £250. That was all meals except breakfast. £3k will be difficult to spend!

SandC

With regards to the mortgage issue I would advise you have a good read on here to get a bit more clued up. Luckily you have good earnings between you but you do need to get saving that £1k per month to pay off some of your mortgage and put towards a bigger deposit. I would honestly consider staying put in the cheaper house for a few years whilst you get some decent equity behind you as you need to get used to what being a home owner and mortgage holder involves. Being 'useless' at this stuff is what got so many people in a mess because of the reckless way in which lenders where giving money out and loans on that money. It's no longer an excuse I'm afraid.

ViolaLass

blueelephanttrunk wrote: »

You're right, there is no reason really - we're not struggling, just have used our spare cash for other things up to now.

You say that but you are in negative equity and appear to have made no inroads into your mortgage in five years - you may not be struggling right now but you are not in a good position to weather any hiccups and you've blocked yourself from moving.

InMyDreams

blueelephanttrunk wrote: »

You're right, there is no reason really - we're not struggling, just have used our spare cash for other things up to now.

You have a funny definition of 'not struggling'. That cash wasn't 'spare'. To have spent it on 'other things' and even taken out further borrowing to boot implies that you are very much struggling and/or are living a lifestyle well beyond your means. Unfortunately your short-sightedness is only now starting to bite you on the bottom.

You are going to have to make some hard decisions about what is really important to you and to your future, but it's very clear that you are not going to be able to do and have everything you thought you were.