My Single-interest only-mortgage journey

A_Frayed_Knot

You've been busy, then

Best Wishes

EatingTheElephant

Fingers crossed for lots of interest on rightmove.

Monkeychops16

Well 2 months since I last posted and we are all moved in:beer:

A young girl and her child are renting mine.

Things going well in the new house and living together is ok!

Just getting the hang of sharing money. He says I spend too much money though eeek

New dilemma-

He revealed to me that he doesn't have a mortgage on the property. His parents bought it in cash and he owes them the value.

He's been paying them back £200 a month and now wants to up it.

I think we need to concentrate on either overpaying one or the other...

My readings say I should overpay highest rate of debt-which is mine.
He doesn't pay interest on the loan.
We aren't in a position to really pay much of either but need to try hey.

I'm very confused!

Hope everyone is well.

midnight_child

Hi MonkeyChops,

I dont wish to seem negative, though in the event of a split I'd much rather have paid down a mortgage in my own name than a loan that I have no legal responsibility for. You might find it's not easy to recoup any monies that you had paid your BF or his parents. That said, you have a tenant who is covering your mortgage interest (hopefully :eek:), and you dont want to come across to BF, or rather his parents that you are a free-loader living for free in his place.

I would therefore suggest that you agree a monthly sum that is paid to BF to contribute towards the upkeep of his property, which you live in. The intention is he would use the money to increase paying back his loan, but it is his decision. Any additional that you have spare I would then use to pay down the mortgage on the rental property. You should discuss with BF what a suitable amount should be.

MC

A_Frayed_Knot

I take it the rent you receive would cover your mortgage leaving you (for saying sake) mortgage free, are you still paying your mortgage which in effect would be an o/p every month, thus paying your mortgage double quick.

Eeeek, did you not discuss, mortgages and financials before, maybe I'm too thorough, think I would know financials, as how we could manage etc.


Nice to hear your all settled in.

Monkeychops16

midnight_child wrote: »

Hi MonkeyChops,

I dont wish to seem negative, though in the event of a split I'd much rather have paid down a mortgage in my own name than a loan that I have no legal responsibility for. You might find it's not easy to recoup any monies that you had paid your BF or his parents. That said, you have a tenant who is covering your mortgage interest (hopefully :eek:), and you dont want to come across to BF, or rather his parents that you are a free-loader living for free in his place.

I would therefore suggest that you agree a monthly sum that is paid to BF to contribute towards the upkeep of his property, which you live in. The intention is he would use the money to increase paying back his loan, but it is his decision. Any additional that you have spare I would then use to pay down the mortgage on the rental property. You should discuss with BF what a suitable amount should be.

MC

Thank you, this sounds great. I am paying him some 'rent' to live here and he has sent that to his dad towards payment. I will do as you said for now, overpay mine where I can.

Monkeychops16

A_Frayed_Knot wrote: »

I take it the rent you receive would cover your mortgage leaving you (for saying sake) mortgage free, are you still paying your mortgage which in effect would be an o/p every month, thus paying your mortgage double quick.

Eeeek, did you not discuss, mortgages and financials before, maybe I'm too thorough, think I would know financials, as how we could manage etc.


Nice to hear your all settled in.

Yes the rent is covering my mortage with an extra £20 odd.

We discussed money and living but not overpaying the houses... My ex husband pipes up every now and again about my house so I was cautious from the beginning. I have offered to sign some kind of document to say if we split my house is mine and his house is his but he says no need as we trust each other.
It's tricky as we are planning a long term future together (planning a baby end of the year) but then we are wary. He is very cautions AFK his dad is an accountant and trained him well! x

selloptape

All moved in and babies talked about - gosh that's happened fast... I would say just be cautious as it's early days, but then I am single with a string of failed relationships so maybe ignore any advice from me

Glad you're enjoying living together, I hope all goes well xxx

A_Frayed_Knot

Just re-capped your diary.

Good news you managed to find someone for your house, and if still kept paying what you did, that would your o/p.

However Re BF - If I had a lodger and paying back a mortgage of £200, then in effect I wouldn't be paying anything at all back as the lodger would be paying it.

With lodger gone, your needing to find the "lost" income to BF.

Hope this makes sense

Monkeychops16

Nearly a month since my last update.

I have gone very wrong with money and totally overspent this last month. BOOOO.

Need to get back on the wagon. Overtime has been stopped at work at the moment so can't look to that. Ex husband late with the CSA so can't get that as yet either.

What's costing me an arm and a leg at the moment is the 6 year old's dance classes. Last month I spent £288 on it! That's private lessons, costumes, standard classes, competition fees etc
The worst thing is she's not that fussed. Every now and then she throws a wobbler and says she wants to leave. Sometimes she loves it but most of the team she's not that bothered. It's actually very stressful for both of us-the teacher is very strict! We've invested so much time and effort in to I wanted her to continue but now I think it would save me lots if she stopped. I've said she can have a think over next few days.

I'm going to spend a lot of time reading through other diaries and see if I can start over.

:rotfl: