Remortgage coming up in September... eeek

psychopathbabble

Good afternoon everyone,

It’s been a very long time since I’ve posted on the mse forums!

I feel like we are going round in circles and it’s driving me mad. I need help to explain to my husband how critical our situation is.

We are due to remortgage in September (our 5yr rate ends) and we are hoping to borrow additional to pay off our government help to buy, as well as possibly borrow some towards a small extension (much cheaper than moving to a bigger house in our area). We haven’t ruled out moving but we need our finances in tip top shape by then.

We have just moved our older child to a new nursery which cuts her fees in half and we will move our youngest in a few months when he is old enough. This frees up approx £600pm now and once we move him, it’ll be another £100 odd extra in our pocket.

We are paying off a 0% credit card but frustrating just before Christmas, another cc got racked up and this meant the 0% doubled from £2 to £4.3k. This means we won’t have it paid off until June/July and we won’t be able to save anything to help pay fees for moving/remortgaging.

We both have a set amount of spends each month which is ours, it doesn’t include groceries, fuel, insurances, phones etc. His is £300pm and he complains it isn’t enough. By the end of the month he is putting lunch time snacks and other costs onto his credit card. I am trying to persuade him to close his credit card but he wants it ‘for emergencies’.

I go through our budget almost daily and constantly adjust it, we switch suppliers etc. We got rid of sky.

Anyway... how can I impress upon him the important of cutting spending and getting these cards paid off. That his personal spends are actually quite generous and some people don’t even have £50 to spend on stuff.

I’m really starting to panic about being able to remortgage or give ourselves the option of moving (I would prefer not to put all the money we are saving from nursery into a bigger mortgage as we would be in the same position but with a bigger house and bigger bills!!)

gettingtheresometime

Forget the additional borrowing for a moment, can you find out what the new mortgage payment will be once the deal has ended ?

Then ask him how, within the existing budget, you'd meet that? Bet it would be more than a couple of lunch time sandwiches

psychopathbabble

It’s possible it will be less as interest rates are less than our current rate. But it’s a good idea as we will need to factor in the interest on the government loan as that will be due to start .

jwil

Welcome back!