Cheer Me up, i have just been slated!!

CFC

Mr Scouser, there's no-one slating Beetlebug in this thread. In the other thread there was a lot of sound and very sensible opinions offered. One poster was somewhat blunt in the way it was presented, but it was still sensible advice with Beetlebug's best interests at heart. (Though some of did make me laugh so hard I coughed my coffee up all over the keyboard)

Beetlebug, as other posters have suggested, why not budget for how much a mortgage payment would be every month and use it to pay off the debt. It would be a terrible idea to try to buy a house in your present circumstances, I think.

I'm also a bit concerned that one of your main motivators is the though of embarassment about telling your mum that you are not in the financial circumstances she thinks you are in. My advice would be to bite the bullet and tell her, and if not then just tell her you both prefer to rent for awhile.

Emotions and money can be very closely connected, be careful you don't make an emotional decision about buying somewhere rather than a cold, hard, worked out financial decision, especially as you lost your dad recently. (which I am very very sorry to hear) Paying a mortgage every month is just the start of outgoings with a house, it's quite incredible until you experience it.

southernscouser

CFC wrote:

Mr Scouser, there's no-one slating Beetlebug in this thread. In the other thread there was a lot of sound and very sensible opinions offered. One poster was somewhat blunt in the way it was presented, but it was still sensible advice with Beetlebug's best interests at heart.

I'm sorry but that poster did not have Beetlebugs interests at heart. They decided they would try and belittle someone in front of everyone else to try and feel better about themselves. In my eyes thats bullying and it's bang out of order. Why couldn't they have posted constructively like everyone else?

GreyPilgrim

Come on...sticks and stones and all of that. It's just a bit of tough love thats all.

I wish someone had given me that same harsh advice before I turned off Solvent Road, entered Overdraft Street and proceeded to drive around Debt Avenue for ten years

steve700

GreyPilgrim wrote:

I wish someone had given me that same harsh advice before I turned off Solvent Road, entered Overdraft Street and proceeded to drive around Debt Avenue for ten years

You need SatNav

GreyPilgrim

steve700 wrote:

You need SatNav

hehehe. But then from a symbolic point of view, someone giving me that advice WOULD HAVE BEEN my spiritual satnav, wouldn't they?

Wise man say "Chain Still Swinging, Seat Still Warm"

GreyPilgrim

southernscouser wrote:

I'm sorry but that poster did not have Beetlebugs interests at heart. They decided they would try and belittle someone in front of everyone else to try and feel better about themselves. In my eyes thats bullying and it's bang out of order. Why couldn't they have posted constructively like everyone else?

Maybe he just needs a few words about etiquette, but he did seem to have his best interests at heart. BB does come across as a little...naive? (Hope I'm being diplomatic enough?) He didn't seem to want to hear that everyone was telling him it was a very very bad idea to pile on so much more debt to a situation which he was already having a difficult time handling.

Have you never had the feeling that sometimes you have to shout because the other party has their fingers in their ears?

JMartin

Sorry if this has been said already ... I don't have the time to read all of the posts.

BeetleBug can you advise if the date in your signature is correct? If so that would indicate that your debts are rising rather than reducing...in which case you really need to deal with them before you take on a mortgage.

Also, are you certain that you need a £100k house? I know you might want a £100k house but is that really what you need. Would you consider buying a cheaper house or a flat to keep your repayments lower and help you to get through your debt crisis? Could you move outside town for example to reduce the cost?

Consider what would happen if the interest rates rose...not just by 0.5-1 % but by 3-4%...you should check that you're not likely to be repossessed if they did rise by that amount.

With reducing your debt...I'm afraid the only way is to cut back and earn more. Second jobs, stop going out, packed lunches rather than canteen, get rid of Sky, etc...

There are companies that will offer you a mortgage but you probably shouldn't be doing business with them. Find yourself an independant financial advisor - there's almost one in every town centre - and ask their advice. They'll be able to take you through the options in detail before you make a decision.

Final word on this...up until last year we were paying a £60k mortgage on the salary you have between you. We have two kids and a dog to feed too, although no debts...it is possible but it's hard. I'm pretty sure we couldn't have afforded the repayments on the sorts of mortgage amounts we were offered (incidentally none above £100k) even though the banks said we could...be very careful. What you can actually afford and what the bank says you can afford are two very different things.

Best of luck to you.

Jo

Beetlebug1983

All i wanted was some advice, i didn't want to be judgeed for asking such a stupid question. all i wanted was to be guided.

Beetlebug1983

All i wanted was some advice, i didn't want to be judgeed for asking such a stupid question. all i wanted was to be guided.

mizmir

Beetlebug1983 wrote:

All i wanted was some advice, i didn't want to be judgeed for asking such a stupid question. all i wanted was to be guided.

It wasn't a stupid question - and the one or two bullying responses were out of order - but you have been given good guidance on both threads - whether or not it is what you wanted to hear. Please listen to this advice. The bottom line is that you cannot afford a £100K mortgage right now. For your sake I hope no lender would give you one. But to get one with your current level of salary/debt (which would be taken off the amount available to borrow) you would need someone willing to lend you more than 5 times your salary. That is not sustainable.

And the mortgage is just the beginning. What would you do when the boiler breaks in the middle of winter? or when there is a hole in the roof that needs fixing? Or when any one of a thousand things that can go wrong with a house does go wrong? You can't just ignore problems as they become more serious and there is no landlord to ring to get it sorted. If you have no reserve for this the only option is to borrow.

If your mother definitely wants to sell the house why not rent for a while? Pay off your debts with the lump sum and then save as much as you can. If you don't want to tell her why just say you want to take your time finding just the right place to buy - that can take a while!

Good luck.