sensible affordability?

mp80

Marine_life wrote: »

Me?

I would sit tight and put the money to early retirement ;-)

I get insatiably bored after taking 2 days off work, so that's the last thing I want to be doing

getmore4less

mp80 wrote: »

Accruing savings, and also unfortunately paying off a 30k loan my wife had from her parents from years ago.

I still think you're right though, We buy £200 jeans, not £50 ones, etc. That will need to stop, definitely. Just the new house wasn't a priority at the time.

£50 having a laugh
I like my 501 and get them for around £20 on holiday to the US.

end of the day it is about priorities.

If £30k went on debt last year you can spend it on a bigger mortgage this year together with cuurent house costs you will have £3kpm and not notice any change.

mp80 wrote: »

I get insatiably bored after taking 2 days off work, so that's the last thing I want to be doing

I Used to say that but as you get older having the choice is a good option to have just in case you feel different.

I think around 55 is a good target, at least mortgage free and decent savings/pension pot.

also you are covered if your joibs decide to retire you.

Crashy_Time

lincroft1710 wrote: »

On a net of £9K pm you surely cannot be worrying about a mortgage of £1.5K pm?

...and only have 50k savings? And be asking for advice on here about affordability, why not ask some of the very senior and well off people you manage at work?

mp80

Life's not just about saving, holidaying in a caravan in Blackpool and buying Primark clothes, so I can retire at 55 and have a heart attack the very next day, is it?

getmore4less

mp80 wrote: »

Life's not just about saving, holidaying in a caravan in Blackpool and buying Primark clothes, so I can retire at 55 and have a heart attack the very next day, is it?

it's about a ballance and choices.

currently you seem to be falling into the trap of we don't need to care what stuff costs because you don't have any focus or goals that could make better use of the money.

Why not do a 20 year plan for the £2 million+ you will take home in that time.

You said in your opening post you NEED a bigger house make that a priority, to be paid off in 20years.

11k stamp duty is £420k house 90% LTV you want to be looking at £2kpm on that

Try to pick one big enough to last you, having to move again will be a big waste of money.

every £100pm month you can find buys another £20k bit of a house by the time you are 60.

mp80

Stamp duty is 7.5k I miscalced it (although I will need to pay 18k up front and then get a rebate due to higher SDLC) - house is 350, has value potential and is 5 beds + has had one of those trendy rear full width glass door extensions, it's in a decent area with excellent schools and close by to family and friends so should be more than enough for a long time to come.

getmore4less

Why are you thinking of buying before selling?

Also not understanding why you borrowed to buy a car.

mp80

The car was a requirement (new kid) and I didn't have the funds at the time to buy it outright (well I did, but it would have violated my keep 12 months bills back approach)

mp80

All irrelevant anyway, it's the reality and I can't go back. As previously stated, the reason to want to buy before selling is to avoid the chain. The house we like has vacant possession. The previous house I sold took almost a year to close, so I'm keen to avoid that scenario again.

mp80

I was looking at my old threads thought I'd post as to what happened.

We bought the place, 350k was just the beginning - haha! 20k spent on renovating it since, but I have to say she was right, it is amazing.

We sold our old home for a 42k net profit, I got the SDLC back and within 30 days of the sale.

The worst happened and my wife had to quit work due to serious health issues, but we manage just fine on my salary. She is back to full health now and looking to return to work

MP