Split up with BF

esthomizzy

Not strictly speaking a DFW question but I have seen very good advice on here so I want to post my circs and ask whether what I propose to do is sensible or insane. This is the rough SOA. The bottom is the worst case scenario (well maybe not the 100% worst case but quite bad). My boyfriend and I own a flat and I need to buy him out. The 1400 mortgage payment is what I will have to find if he insists on the highest flat valuation (things a little difficult at the moment and this may be the case in fact it could be as bad as 1500 if it drags out as values are rising rapidly). Is living on this doable? I was quite comfortable when we were sharing our mortgage and I think it might be quite hard to adjust to living on much less. I think I could pay the mortgage on my own but buying him out is the expensive bit as well as paying it all myself. Almost everyone says sell it and both take the money and move on but I really want to stay in my home if I possibly can. I have a spare room so I could get a lodger. Should I give it up or can I do it? I would obviously have to reduce my spending to cover the shortfall.

Current situation
Outgoings (paid from my account) TOTAL
Spending on credit card 600
Contents insurance (to egg) 23
buildings insurance (to egg) 14
Club Imperial (sports) 18
Ecotricity (electricity) 42
Powergen (gas) 25
Mortgage 1119
Life insurance 10.94
Council Tax 110
minimum cash for spending (50pw living)250
Dry cleaning 10
AUT 14.14
Friendly Society bond 25
Emergency money 50
Water 27.05
premium bonds 100
lottery tickets (syndicate) 4
lottery tickets (mine) 18
Costs out of my account 2460.13
Personal costs

BF contribution (half costs minus what he pays) 647
Salary 2355
Total incomings 3002

Left over money (savings holidays etc)541.87

Possible new scenario
Regular Per Month
Mortgage £1,400.00
Council Tax £68.75
Telephone £11.00
Broadband £24.00
Electricity £42.00
Gas £25.00
Communal Electricity £3.33
Bike repayments £30.00
Credit Card £500.00
water £28.00
AUT £14.14
Emergency £50.00
Friendly society bond £25.00
Cash £200.00
Lottery Joe £4.00
Lottery Elmy £18.00
yearly conv to monthly£34.29
Regular Outgoings £2,477.51


Income £2,359.81
Outgoing £2,477.51
Left -£117.70

Bestthingsinlifearefree

What is the "value" of the flat and what is your current joint mortgage?

Are you saying in the potential keep the flat scenario you are going to run a £1500 mortgage off a £2359 income ?

If you are, I would say as over 60% of your pay would be going on mortgage costs I would say this is a bit risky / unsustainable etc.

Best,

momisa

Do you know how much you could rent the spare room for?

findingmyownway

esthomizzy wrote: »

Possible new scenario
Regular Per Month
Mortgage £1,400.00
Council Tax £68.75 this is with single person allowance?
Telephone £11.00
Broadband £24.00
Electricity £42.00 check you are on the cheapest suppliers for elec and gas
Gas £25.00
Communal Electricity £3.33
Bike repayments £30.00
Credit Card £500.00 is this minimum payment? i assume not so i guess you could reduce if neccessary but obv not ideal!
water £28.00
AUT £14.14
Emergency £50.00
Friendly society bond £25.00 whats this?
Cash £200.00 what do you spend this on?
Lottery Joe £4.00 not essential
Lottery Elmy £18.00not essential
yearly conv to monthly£34.29
Regular Outgoings £2,477.51


Income £2,359.81
Outgoing £2,477.51
Left -£117.70

It is going to leave you very tight! Wouldn't it make life easier to sell the house, split the profit and move to something cheaper?

chevalier

Don't see any food on either of the scenarios is that where the £200 cash goes? Also your gas and electric should be a bit less than at present (ie washer on less, less showers etc, lightbulb only on in one room not two etc), so that might be overstating it a bit.

How much is in your emergency fund now? Enough to buy say a tumble dryer or washing machine outright? Ie say £500 (and that would be a good one). If it is then I would stop saving this for now which would cut your overspend to £65 odd a week. If you got a lodger in your electric would be what it is now, and you would have to prove you are separate for council tax purposes, or else go back to full CT with them contributing. You could also get maybe some extra work eg in a bar, and that would make up the short fall too.

Best of luck
chev

TTMCMschine

Sell it. It is unsustainable on your income & you will end up with major debts.

Oldernotwiser

esthomizzy wrote: »

Income £2,359.81
Outgoing £2,477.51
Left -£117.70

I don't see how you can put a negative amount as "left". This would mean you're overspending by over £100 per month. I would think that you've got three main options;

1. Sell and buy something cheaper
2. Get somebody in to share if they would be paying a decent rent.
3. Switch to an interest only mortgage for a period.

No. 1 doesn't seem a good idea in a rising market, so I'd look at 2 and 3.

Tabby_Kitten_2

Am only very new at this but if you cut out the lottery then you would only be over spending by £100 a month, Also you might be able to find a better conbined deal for phone and broadband

joeblack066

If you are going to stay, definitely get a lodger, you are allowed to charge up to £75 p/w without it affecting your tax liability. Before you make any decisions, rationalise WHY you want to keep the house tho. Is it because you feel its the best thing for YOU, or is it so that you can prove something to HIM? If the latter, sell, you don't need to prove anything to anybody!!

thebillet

A big decision but for what it is worth my daughter went through a very similar situation and wanted to stay on in the shared house when her relationship ended. She intended to cover her mortgage costs through getting a lodger. This she did and even after the first one proved a little unreliable she used the experience to bit a little more organised with the next one, e.g. getting a WH Smith lodger agreement (£!5.00 approx) in place. She has been going for about 9 months so far and it is working out. She says she did as much for company as income. It is early days but the lesson seems to be, be organised, careful and sensible with people you rent to. She charges £75.00 a week and this makes a big hole in her mortgage. This of course doesn't prove it works for everyone but it does seem to have worked for her.

auntie_brenda

esthomizzy wrote: »

Possible new scenario
Regular Per Month
Mortgage £1,400.00 How about extending the term, if only for a short while? What if (when) mortgage rate increases?
Council Tax £68.75
Telephone £11.00
Broadband £24.00
Electricity £42.00 This is high. If you're on your own you can save some. Swirch everything off etc rather than leave on standby. Check out deals on www.uswitch.com, use quidco for switching.
Gas £25.00 as above
Communal Electricity £3.33
Bike repayments £30.00 how long left?????
Credit Card £500.00 is this a debt or regular spending? if spending you need to break it down and add to SOA. If a debt what is interest rate? How is credit rating? Worth swapping for 0% or low LOB.
water £28.00 Are you on a meter? this seems high for only 1 of you. if not on a meter speak to water board (not possible to instal in every location)
AUT £14.14
Emergency £50.00
Friendly society bond £25.00
Cash £200.00
Lottery Joe £4.00
Lottery Elmy £18.00
yearly conv to monthly£34.29
Regular Outgoings £2,477.51


Income £2,359.81
Outgoing £2,477.51
Left -£117.70

If you get in a lodger it would more than cover shortfall. But you need to examine why you want to keep flat, make sure it's for right reasons - you would be better off in rented. Good luck.