looking to buy a house

CBR600F_2

I'm a childless weirdo, but for what it's worth, I think the child would need its own room. I mean what if it wakes up to see Daddy hurting (ifyouknowwhatImeanandIthinkyoudo) Mummy. It'll cost you a fortune in therapy to get the kid's head straight.

Dave_Ham

To be honest, I think the OP had every right to have a pop. The flippancy about the contraception point is pathetic, without being dramatic these are peoples lives you are almost belittling..

Sometimes, I wish we all just give advice or give nothing.

So, this is an extremely difficult case as is and I think you already know that now if not before..

You can get another place in just OH name and maximum is about 5 times her income as a mortgage.

Failing this, you could consider putting a family member on the mortgage with your OH and then remortgage you on and them off in 2 years once you have put another 2 years on credit file.

There are loads of variables here for consideration though so not a straightforward solution..

Good luck

Wutang_2

CBR600F wrote: »

I'm a childless weirdo, but for what it's worth, I think the child would need its own room. I mean what if it wakes up to see Daddy hurting (ifyouknowwhatImeanandIthinkyoudo) Mummy. It'll cost you a fortune in therapy to get the kid's head straight.

Nothing weird about you in the slightest.

Thrugelmir

Dave_Ham wrote: »

Sometimes, I wish we all just give advice or give nothing.

That's the downside of posting on an open forum. The challenge is to take it on the chin. Pick oneself up. Dust oneself down. Then have a Light Bulb moment.

Dave_Ham

Thrugelmir wrote: »

That's the downside of posting on an open forum. The challenge is to take it on the chin. Pick oneself up. Dust oneself down. Then have a Light Bulb moment.

Think we will agree to disagree; clearly you are knowledgeable gent/lady although you need to look at the best way to apply this.

Just because the forum is open, it does not give open license to attack under the guise of some sort of shock treatment - not at all.

Anyway, rant over - back on topic

Thrugelmir

Dave_Ham wrote: »

Think we will agree to disagree

That's the point of forums. To debate. Agree or disagree or whatever.

The inherent danger with forums is when self interest influences opinion.

Dave_Ham

or self importance influences opinion...

Thrugelmir

Dave_Ham wrote: »

or self importance influences opinion...

When you've been mortgage broking for the same length of time as I've been in finance. You'll view the world in a different light. That I can assure you.

Dave_Ham

Fair play - just hopefully I will retain some of my self-awareness and appreciate my impact on others when I share that built up "wisdom"

getmore4less

You might not like the contraception comment but you focused on that and ignored the key financial point,

You need to find around £20k for a 10% deposit and costs of moving.


What's the arrangement with the current creditors to have them all at 0% paying at £300pm.

If you are now saving £800pm, have cicumstances changed since you got the agreement, have you updated your creditors?

If you got another mortgage and the current creditors find out you are happy to take on new debt paying interest they may decide thay want their interest as well.

Kids cost money and impact income that needs some serious planning.
what happens when No.2 comes along? another move?

How you got where you are is not that relevent it is what you do to move on.

if family is a priority then I think this is a reasonable plan

Stick it out in the flat while trying to sell for a good price.
Reduce debt and build up credit report.
Look at renting somewhere suitable
Build up deposit
Look to buy a suitable place(might need to be 3 bed by then)

This will potentialy eliminate the cost of moving twice.
Also give time for improvments in income
The timescales will depend on how soon you take the hit with the cost of kids.

this does not stack up
Myself and my girlfriend are currently living in a 1 bed flat which has a mortgage on a part-buy part rent (25%) and is currently valued at 90k. We have £5k equity and a £22.5k

If this is a 25% own 75% rent how do you get £5k equity
£22.5k + £5k * 4 is £110.

£90k/4 - £22.5k = 0

what was paid for this place?