Buying and new job offer

Draemus

Hi there, hoping this has gone in at least roughly a right place.

Looking for some advice as having great difficulty making my own mind up.

Buying a house not perfect but plenty good enough for myself as it currently stand things are going fairly smoothly. What's happend recently is I've been offered a new job working for same company. Currently my basic pay is topped up by allowances and makes the house easily affordable, problem being is the promotion doesn't come with any pay rise as I'm already well within the pay band for the job. Way the company works sadly and no wriggle room on it. Short version is I'd loose all my extras and be down to my basic pay.

Long hard look at budgeting I can just about afford it but obviously I suspect would scupper my mortgage application and to say the least would make things at best uncomfortably close. Based off this I can't even see why I'm still considering but the job is moving into a role I want to do and currently job is tedious to say the least along with working awkward hours etc but that's what I get the additional money for.

Sadly I'm being pushed to give an answer fairly quickly and having difficulty making my mind up either way. I know it's silly maybe to some but am finding it very stressful and would appreciate any advice people might have.

Thanks

Old_Git

Draemus wrote: »

Hi there, hoping this has gone in at least roughly a right place.

Looking for some advice as having great difficulty making my own mind up.

Buying a house not perfect but plenty good enough for myself as it currently stand things are going fairly smoothly. What's happend recently is I've been offered a new job working for same company. Currently my basic pay is topped up by allowances and makes the house easily affordable, problem being is the promotion doesn't come with any pay rise as I'm already well within the pay band for the job. Way the company works sadly and no wriggle room on it. Short version is I'd loose all my extras and be down to my basic pay.

Long hard look at budgeting I can just about afford it but obviously I suspect would scupper my mortgage application and to say the least would make things at best uncomfortably close. Based off this I can't even see why I'm still considering but the job is moving into a role I want to do and currently job is tedious to say the least along with working awkward hours etc but that's what I get the additional money for.

Sadly I'm being pushed to give an answer fairly quickly and having difficulty making my mind up either way. I know it's silly maybe to some but am finding it very stressful and would appreciate any advice people might have.

Thanks

buy the house and take a lodger

questionss

Do you have an agreement for mortgage? Were your allowances taken into account when this was agreed or just your basic? You will need to notify any change in circumstances...

How much are you likely to lose per year? What could this buy you? Or alternatively how much quicker could you pay off your mortgage if you used it for overpayment?

What are the prospects for future promotion/pay increase in each role?

The_Druid

Are you going to spend the next five or ten years bored with, and increasingly resentful of, your present job - and wishing bitterly that you had seized the opportunity for promotion?

If so, work out a way to manage the financial pressures (such as Old Git's suggestion above), and go for it.

Draemus

Thanks for the replies pritty much exactly what I'm going over in my head right now and why it's 50:50 each way.

A lodger is an option I'd rather not but if needs must it's an option.

Money wise I'm talking about a drop of 20k including overtime etc which I'd loose. The allowances would have been taken into account for the mortgage hence the doubt I'd still qualify also likely loosing the house if I take the job offer. Also the fact 20k isn't exactly a laughing matter and will be sacrificing pay rises over next few years (differnt and much worse union)

On the other hand job is next to maddening now and while no guantee new job would be better I expect it will be the team it's in works close with my current role so I know what they do and much better at least for a few years till it gets boring.

From a strictly financial point of view on face of it staying settled getting house then maybe looking elsewhere in say 8 months makes more sense, I'd be burning a lot of bridges and there is a small risk I could end up loosing all allowances anyway in a few weeks for all I know but that's my Paranoia talking and isn't likely or any evidence of that at all (guys I work with have been going 30+ years on it and no sign of anything stopping just same paranoid risk of could die getting run over going outside kinda thinking on this point)

The problem is I just can't seem to make a decision either way. I come to work for the money but I'd be willing to give up the extra for the better job but loosing the house into the bargain I just don't know.

Hehe I feel like a teenager again trying to make my mind up over which girl to date. Must admit feels silly reading over it but I imagine others have been there and know how maddening this must be hence why I'm seeking advice and ideas.

questionss

I wouldn't take a drop of 20k and miss out on the house but then I have 3small children so I haven't just myself to consider!

It's a tough decision! Good luck!

fishpond

If you have the spare time with your promotion, maybe a part time job will help you out instead of a lodger.

Argghhh

20k loss is no promotion in my eyes

zarf2007

Argghhh wrote: »

20k loss is no promotion in my eyes

This. Think of how it would look if you eventually left the company and you have taken a 20k cut, it will take a while to make that up.

I would stick where you are, get the house and then look outside for something else. After all the grass isn't always greener and if you take the new job and it isn't as good as you thought how would you feel then?

Talc1234

Old_Git wrote: »

buy the house and take a lodger

Banks / Building societies don't recognise income from lodger. A promotion might make you more marketable in the future, and who wants to work at a job they hate.

I would sort your career out first, house later.

xylophone

I think I'd stick with the current job and look for another outside the firm.