Cheer Me up, i have just been slated!!

Beetlebug1983

House prices are so mad these days, my area isn't that bad but it's on its way up. It's just really scary,

L-Jay

Beetlebug1983 wrote:

House prices are so mad these days, my area isn't that bad but it's on its way up. It's just really scary,

I rent and I am in no position at all (financially) to buy, frankly though I ain't fussed. It's a terribly British obsession to own your own home (or rather pay rent to a bank for 25 years +) and one that really doesn't bother me. I can't really see a big advantage in buying rather than renting

Beetlebug1983

Its something for the future i supose, or for you to leave once you have gone.

L-Jay

Beetlebug1983 wrote:

Its something for the future i supose, or for you to leave once you have gone.

I've got a pension for the future and after I die my kids can have me stuffed. S'good a inheritance as any.

rinkydink_2

Hi BB i just went over and had a look (i did make a quick post over there) and there was only one poster that was rude i think hes new as i am. And obviously hasnt needed anyones help yet which is what this sight was intended for so dont let him put you off posting again, i think all the other points were very valid and well put really, i think its best you get your finances in order before taking on more debt to such a great extent. The majority off posts were genuinley telling you the truth and they cant all be of the wrong opinion.

Pobby

I have had a similar conversation with my niece.I really think that your personal debt should be tackled before you take on a mortgage.To say that with your combined income you would be very highly geared is an understatement.Also think of the disaster that would happen if interest rates increase.Guess this is not what you want to hear but that is my opinion.

Lydia.42

Hi Beetlejuice.
Maybe the other posted was a bit harse and could have put things better, but please consider their advice. I too wish someone had been harse with me.

My OH and i got a mortgage when we were in debt, shortly after leaving uni. We could have done ok, my brother and his girlfriend rented a spare room, so helped with the cash flow. But we hadn't learnt anything, and we spent their rent, spent our wages and spent on cards.
We consolidated to various loans, some secured, and got to the point where we had no choice but to go for a bad mortgage deal to get out of the mess we were in.
We lost so much money (not included the wasted interest, etc on debts).
We then moved to a different area, and stayed with relatives for a while, before renting.

Did we learn a valuable lession??? Not yet. We rented for 3 years, spending more money, and not learning the value of money. Moved in with my Mum for 8 months, before getting a mortgage by the only means we could - going self cert. This was illegal (we have since re-mortgaged legally thankfully). We were willing to risk this to get on the 'porperty ladder'. :eek:

We thought it was the thing to do. Since then we carried on spending, and consolidated AGAIN!!! onto our morgage a little over a year ago. However, each time we get a worse deal than the high street, as we have so much debt. And our choices got more and more limited.

We finally had our light bulb moment in Dec 05. We have started to address our issues, and have not spent on a credit card in over a year. We have finally learnt.

But i so wish that we had learnt a long time ago. You have no idea how many times i have thought 'if only we were more sensible, if only...'

Please, you said you are both young. Take this time now, to sort your debt, and more importantly the reason you got into debt. Without sorting this you will continue to spiral, as one little over spend leads to another. When you get your house, a little spending on DIY wont hurt will it. That faulty boiler will be ok to repair, just put the money on a card. I'm not being harse, i am speaking from experience. The number of times we said that next month salary would clear this months over spend!!!!!

And worst of all, debt affects your choices so much in life. At some point you may want children. How hard will it be when you can't afford to have children? Or something else that you really want? It's already affecting your life now, as you can't afford a mortgage at the moment. And your choices get less the more you get into debt.

I wish you every success, as i know how much you want house of your own. Please keep posting on here, and post your SOA. People here will help you see where you can cut back and start clearing those debts, so you can get the house you want, without paying some dodgey mortgage company a hideous % rate.

I hope my past will help your future (if you have made it this far through my waffling).

Hugs

liz105

Beetlebug1983, I have read both posts and just wanted to get one thing across

my OH owed about a 1/3 of your debt when we started looking for a flat to buy. (south coast, pricey enough) went to a high street lender (our employers at the time would you believe.) Now, at the time we were taking home about £30k between us and they'd still only lend us £69k.

Thats approx 3 times joint income minus debt calculations. Wouldnt buy us a shed.

On the basic calculations you would get £72k to borrow, without looking at the debt figure yet.

A mortgage of £110k flat repayment over 30 years is around £600 p/m. Can you honestly and truely afford this on your salaries with your debt repayment?

Beetlebug1983

Thanks for your advice, i do appreciate it. I have odne the best i can with addressing our debts and have secure frozen interest on all of the debts so that has reduced them a bit. Looking at your signaute, how have you been able to clear nearly half in that space of time?

liz105

Hi again,

if I can assume you havent rented or owned anywhere and have lived at home, what was the debt spent on and have you taken measures that it won't happen again?

If you arent paying much rent at the moment can you increase your repayments?