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Equity - Boyfriend - new house argument
Comments
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Annieireland71 wrote: »My debt will be cleared from the sale of my house - I wont be carrying over any debt...
But you wont have any money left either?
I don't understand.
You'll have £66k left when you sell, £33k each
You have £25k of debt, so £8k left.
New house is £270k with a 55k deposit - where's the other £47k coming from?
His debt is £36k for his car and £12k credit cards - lets say he just pays off the £12k in credit card debt, still only leaves £21k in money.
Even together you have £29k maximum, and a deficit cumulatively of £7k due to the car finance.
I'm not being harsh, I simply cant work out the maths of this situation0 -
Annieireland71 wrote: »the new house is on help to buy scheme and the builder is contributing 5% deposit - its a really good opportunity - BUT!!!!! and he has NO intention of selling his car!!!!
Property price £270k
Builder is contributing 5% = £13.5k
£256.5k needed
You said your partner was not going to be on the deeds of this new property and it would be based on you being on the mortgage only so I'm going to disregard his debts in this scenario.
£66k total joint equity from sale of your last place. This is done on the assumption he was giving you back his equity to move into the new place.
You have £25k worth of debt. You said debt would be cleared on sale of your house.
£66k - £25k = £41k to put towards your deposit.
£256.5k - £41k = £215.5k needed as mortgage loan.
Most lenders will go to multiples of between 4 and 5 times your salary. Lets say you managed to get a lender to give you 5.
£36k x 5 = £180k = max amount the bank would be willing to loan you for mortgage amount.
£215.5k - £180k = £35k deficit.
Am I missing something here?I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
But you wont have any money left either?
I don't understand.
You'll have £66k left when you sell, £33k each
You have £25k of debt, so £8k left.
New house is £270k with a 55k deposit - where's the other £47k coming from?
His debt is £36k for his car and £12k credit cards - lets say he just pays off the £12k in credit card debt, still only leaves £21k in money.
Even together you have £29k maximum, and a deficit cumulatively of £7k due to the car finance.
I'm not being harsh, I simply cant work out the maths of this situation
he is not sttling his debt from the equity funds0 -
Annieireland71 wrote: »I think I might be physically sick
hes just called me shouting the odds that I'm refusing to sell my car and only have use of 1 car - or worse! hes askes me if public transport is beneath me!! says what type of person am I that think that life would be so hard only having a Mercedes to drive around in!!
says he cant work and its my fault
Money, Debt, Equity, Houses aside....
Sorry, but are you seriously still considering staying a relationship that ends up resulting in you posting this!!!!How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0 -
Candyapple wrote: »Property price £270k
Builder is contributing 5% = £13.5k
£256.5k needed
You said your partner was not going to be on the deeds of this new property and it would be based on you being on the mortgage only so I'm going to disregard his debts in this scenario.
£66k total joint equity from sale of your last place. This is done on the assumption he was giving you back his equity to move into the new place.
You have £25k worth of debt. You said debt would be cleared on sale of your house.
£66k - £25k = £41k to put towards your deposit.
£256.5k - £41k = £215.5k needed as mortgage loan.
Most lenders will go to multiples of between 4 and 5 times your salary. Lets say you managed to get a lender to give you 5.
£36k x 5 = £180k = max amount the bank would be willing to loan you for mortgage amount.
£215.5k - £180k = £35k deficit.
Am I missing something here?
help to buy scheme gives a 20% deposit :-)0 -
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Annieireland71 wrote: »help to buy scheme gives a 20% deposit :-)
Are you talking about shared ownership?
I've never heard of a help to buy giving 20% deposit.0 -
but you said he wanted £12k from the equity??Annieireland71 wrote: »he is not sttling his debt from the equity funds0 -
Annieireland71 wrote: »i wished i didnt have feelings for him but i do
even his daughter and his father think he's a loser
I'm sorry, but this sounds like an abusive relationship, both mentally and financially, if not (yet) physically.
Finances aside, I really think that you need to seek help from someone, as otherwise the rest of your life will be like this....him making you feel physically sick all the time!!! Unfortunately, these things can and do escalate to the physical.
What if next time its a broken rib, rather than "just" feeling sick. Please, get help!How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0 -
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