I want to stop drowning

motivated

Well done debtaghh. I found that by making small overpayments even 5 or 10 pounds here and there made a massive difference.

Keep going
Good luck
M

debtaghh

Morning,

I have made another £20 payment off the Nuba as I wanted to get under £47k!

enthusiasticsaver

Great. Small and frequent payments can really add up without you noticing. Great for getting under £47k.

It is probably the fan which has pushed the electric bill up. We just tend to open all the windows at night and close bedroom curtains to keep rooms cool. Lightest duvet.

debtaghh

I looked up about the cost of the fan and it's says 15p each night. We have all the windows open but this new house it ridiculously hot. To the extent I checked the heating wasn't on!

I have come to realise that I don't think we will ever be able to buy our own property. Houses cost too much and we would only get a mortgage of 25 years which even for 350000 that would be £1150 which is so high. Plus I don't think once we have no cc debt we would get £350000. That made me feel very deflated

enthusiasticsaver

Unfortunately the area you live in is very expensive which I think is the cause of most of your financial woes. £350k down here would pay for a large newish 4/5 bedroom house. Even a bit further out from Where you are now assuming you in London commutable area would be cheaper. Owning property is not the be all and end all and you are not alone in your generation not to be able to buy. Most can't do it without family help or buy in another part of the country to London and South East.

debtaghh

I don't mind moving but I can't see them lending us even £250k which I don't think will get us much anywhere nowadays. Plus I don't want our mortgage to be too high. I just hate the uncertainty of renting.

enthusiasticsaver

There was an interesting link on MSE about what £100k buys property wise around the country. A few cities were one bed flats, a few could get you a house in the north of the UK mainly. It got you a barge boat in Oxford and parking space in London

My daughter paid £160k for 2 bed flat in Bristol area in last few years, other DD got 4 bed house in our town in Cornwall for about £180k which is now worth around £240k and ours is worth around £280k for a 4 bed. Still a lot cheaper than where you are but of course it depends on how moveable your jobs are and you have family and friends and schools to consider if you move elsewhere.

Don't let this detract from getting rid of the debt though. Being financially solvent at least means you can do things like holidays, pay for car repairs or move to another private rented house should you need to.

debtaghh

Thanks and good point about clearing debt will just put us in a better position in general.

Cornwall is beautiful, love it there.

System

£180,000 would buy you a 3bed semi up here with a garden in a nice area. £250,000 would get you one in a posh area . £100,000 would buy you a terraced house in an acceptable area. House prices are pretty steep here at the moment because of the BBC and media city.

I won't be buying again , as the boat has sailed for me, but never say never!

debtaghh

Thanks Cumbria. Where do you live?