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thriftychap wrote: »How can a deposit be a cost, it's an asset.
Not sure that I understand you. How can a deposit not be a cost? If you pay for it then it is a cost surely? You hand over your deposit to the mortgage company then that is 4600 that you no longer have in the bank. It costs you 4600.
The post from RenovationMan upthread also deducts your deposit from your profit. There's no other way to do it if you are making a proper financial analysis of a situation.0 -
Hi Guys a bit of advice please I am desperate at the moment - I am facing serious financial issues I am currently just starting my 2nd year with DMP with the CCCS who have been fantastic with me I owe about 19K in credit cards loans and an ovedraft some of it my fault but some if it belongedto m ex partner who promised he would paay me back yes I know daft I am but its done - I also have a mortgage of 106,000 outstanding which i am currently paying 720 per month as I have just come off the interest only after 2 years at 504- I am really worried as i don't think I am going to be able to keep up with my mortgage payments - I live with my disabled mother who is on the mortgage with me and a son whiois 17 and a half. after all bills and mortgage been paid and the DMP we are left with hardly anything for food clothes etc general necessities - there is about 10K equity i would say - Have tried to seek advice from Housing Association to explain that once my son leaves college shortly I will have a big drop in income and wont be able to afford my mortgage ett I don't know which way to turn Difficult to rent with a poor credit hisotry and also as my mother is disabled we have had a grant to adapt part of our home ie stair lift and walk in shower as she struggles we are not going to find anything suitable for her - does anyone know if your house is repossessed will the council help house us due to my mum being disabled and I am her carer - or if I went bancrupt as we would have 10k left would they want that cash from the sale -This whole situation is making me ill with worry and I am desperate xx Thanks for any advice0
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