Cheer Me up, i have just been slated!!

Beetlebug1983

My debts were spent on crap basically, it was at a time of my life where i had got my first proper paid job after leaving college, went mad and spent too much money. My partners circumstances were different (you haven't met his mother, that's a whole different thread). We have addressed the issue, and we understand the value of money. We budget carefully each month. It's just paying it all off that's left to do.

mountainofdebt

Beetlebug

To be honest the crux of the problem is your reluctance to tell your mum about your debt......if you can get over the embarressment then things become alot easier to dealwith.

I wonder how many of us are in debt because we liked to keep up appearances?

What's the worst she can do? You are an adult dealing with your problems in an adult fashion. What would be childish is if you just dug yourself a bigger hole.

As for your mum selling - is there any pressing need for her to sell ? You never know if there isn't then she may reconsider her plans to help you out.

Beetlebug1983

No, she wants to get rid of the house. It needs upgrading and she feels that it's a part of the past that needs to go. We also had land in the back that she sold last year to a builder who has plonked two houses there, which has changed the way she looks at the house and the village. I suppose she feels that it is a fresh start after loosing dad.

Fonz_2

Hi,

This is kinda off topic and I'm sure someone will have already covered it but I'm 23 (about the same age if your username is anything to go by) and we've just bought our first place.

We rented for a year first and I can honestly say I had absolutely no idea how much running a house costs so I'm glad I did it. When I originally did the maths of rent Vs. debt/outgoings it looked easy as pie but the reality was a lot tighter than I could have known. The upside was that we spent a year still having our own space but relatively commitment free in which we paid off quite a chunk of debt and saved for a decent deposit.

I guess what I'm getting at is the fact that getting your own place seems like a great idea, but if the day to day reality of owning makes your life a misery anyhow its simply not worth it - take your time, get on the level and enjoy

em84_2

Hiya
I was reading ya post bout getting a mortage to buy a house with ur debts.
me and hubby is with first national. we needed the income to be times by 5 insead of 4 or 4.25 like most banks and the more debt u have the more they take of the amount they will lend ya. we had a loan for £7,000 and was worry bout buying our first house.
most bank give us £102,000 but we need £104,000 lol plus we was buying next to a hair dresser was more problems!! lol
with first national give you 7 times ur income and they may put ur debts on the mortage too. they was very helpful. must tell ya % is a bit more. with our one it is £18.00 more then abbey

good luck!

ollyshaw

It would be a very brave person taking out a mortgage of 7x income!

Olly

em84_2

i know but people do tho! we on a fix rate for 3 yrs then hopefully we pay enough off to move to a high street bank.

Beetlebug1983

em84 -

So you have gone with the people you mentioned earlier?

mountainofdebt

ollyshaw wrote:

It would be a very brave person taking out a mortgage of 7x income!

Olly

Well that's one way of describing that person....I'm sure there are others that spring to mind,lol!

OP, I know you've said that your mum wants to sell the house to sort put the past behind her but you haven't said how you feel about the house. How do you feel about it?

The only reason I am asking is I have known family members 'buy' the house off a relative and instead of paying for it all up front they have had an agreement drawn up where a monthly sum is paid for a set period of time although I'm not sure whether the house was signed over at the start of the agreement.

That way, you could buy yourself sometimeto clear your debt before you got a 'proper' mortgage.

southernscouser

iceicebaby wrote:

Who ?? LOL

The people slating Beetlebug.