We really can't afford the house we want/need will things get better for us or just forget it?

getmore4less

Send him to live with her  for the lholidays that will free up some space.

mrsmortgage

Well in other news we have a disposable monthly income of £2k, I'm shocked (and pleased) at the same time. This is the first month with my full new salary. 

Tokmon

mrsmortgage said:

Davesnave said:

mrsmortgage said:

Davesnave said:

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

Not to sound rude, but I think you've missed the point of the thread (or didn't keep up with it). The mortgage itself isn't the problem. For all terms and purposes it's just £100 extra a month. The issue here, is that to be able to afford a MUCH bigger house, we'd need a deposit of £150k or thereabouts. 

As it's very rare for £150k to drop through one's letterbox, it might be safe to assume that it will take some time to amass that much, or something else will have to change, but others have been through alternative options ad infinitum.

I recall we were similarly short in or around 2002. Our our situation left us wanting, as we'd outgrown what we had in various ways. Despite trying to think out of the box, we concluded factors related to family and not just money were the true stumbling block. We couldn't be properly creative until the kids were off our hands. It was late 2007 by the time we became free to sell up and make a move, but we all know what happened then and we were caught up in it.

My caution derives from that time. I realise it won't please anyone to suggest economic pain is on the horizon, but with every major change comes opportunity. We wouldn't be where we are now without the last recession reducing competition and ourselves positioned in rented with no encumbrances. If your income is secure and as buoyant as you suggest, I doubt if you'll have wait as long as we did.

If I think of the day the older kids have left for uni/adult life.... Then I would be able to move to/closer to London, so I can get my career back, but most importantly my salary will then be what it should be. By then, my stake in the family business would be in cash, and would be able to sell my other properties abroad. We're talking at the very least of £500k total. I'll still be youngish (with 25 years of working life) so I see this as completely temporary. But this 8 years living in a place I don't want to live at all feel like an eternity...

I've been following this thread and all I've seen is a mention of you owning one property abroad that your mother forbids you from selling. Are you saying you now have several properties abroad that you own?

grumiofoundation

Tokmon said:

mrsmortgage said:

Davesnave said:

mrsmortgage said:

Davesnave said:

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

Not to sound rude, but I think you've missed the point of the thread (or didn't keep up with it). The mortgage itself isn't the problem. For all terms and purposes it's just £100 extra a month. The issue here, is that to be able to afford a MUCH bigger house, we'd need a deposit of £150k or thereabouts. 

As it's very rare for £150k to drop through one's letterbox, it might be safe to assume that it will take some time to amass that much, or something else will have to change, but others have been through alternative options ad infinitum.

I recall we were similarly short in or around 2002. Our our situation left us wanting, as we'd outgrown what we had in various ways. Despite trying to think out of the box, we concluded factors related to family and not just money were the true stumbling block. We couldn't be properly creative until the kids were off our hands. It was late 2007 by the time we became free to sell up and make a move, but we all know what happened then and we were caught up in it.

My caution derives from that time. I realise it won't please anyone to suggest economic pain is on the horizon, but with every major change comes opportunity. We wouldn't be where we are now without the last recession reducing competition and ourselves positioned in rented with no encumbrances. If your income is secure and as buoyant as you suggest, I doubt if you'll have wait as long as we did.

If I think of the day the older kids have left for uni/adult life.... Then I would be able to move to/closer to London, so I can get my career back, but most importantly my salary will then be what it should be. By then, my stake in the family business would be in cash, and would be able to sell my other properties abroad. We're talking at the very least of £500k total. I'll still be youngish (with 25 years of working life) so I see this as completely temporary. But this 8 years living in a place I don't want to live at all feel like an eternity...

I've been following this thread and all I've seen is a mention of you owning one property abroad that your mother forbids you from selling. Are you saying you now have several properties abroad that you own?

With every passing minute the thread title seems to becomes less and less accurate…! 

Tokmon

grumiofoundation said:

Tokmon said:

mrsmortgage said:

Davesnave said:

mrsmortgage said:

Davesnave said:

However the OP seems to be saying now that financial worries are behind her with a sudden doubling of income, so it seems the dilemma may be resolved. I wish her well.

Not to sound rude, but I think you've missed the point of the thread (or didn't keep up with it). The mortgage itself isn't the problem. For all terms and purposes it's just £100 extra a month. The issue here, is that to be able to afford a MUCH bigger house, we'd need a deposit of £150k or thereabouts. 

As it's very rare for £150k to drop through one's letterbox, it might be safe to assume that it will take some time to amass that much, or something else will have to change, but others have been through alternative options ad infinitum.

I recall we were similarly short in or around 2002. Our our situation left us wanting, as we'd outgrown what we had in various ways. Despite trying to think out of the box, we concluded factors related to family and not just money were the true stumbling block. We couldn't be properly creative until the kids were off our hands. It was late 2007 by the time we became free to sell up and make a move, but we all know what happened then and we were caught up in it.

My caution derives from that time. I realise it won't please anyone to suggest economic pain is on the horizon, but with every major change comes opportunity. We wouldn't be where we are now without the last recession reducing competition and ourselves positioned in rented with no encumbrances. If your income is secure and as buoyant as you suggest, I doubt if you'll have wait as long as we did.

If I think of the day the older kids have left for uni/adult life.... Then I would be able to move to/closer to London, so I can get my career back, but most importantly my salary will then be what it should be. By then, my stake in the family business would be in cash, and would be able to sell my other properties abroad. We're talking at the very least of £500k total. I'll still be youngish (with 25 years of working life) so I see this as completely temporary. But this 8 years living in a place I don't want to live at all feel like an eternity...

I've been following this thread and all I've seen is a mention of you owning one property abroad that your mother forbids you from selling. Are you saying you now have several properties abroad that you own?

With every passing minute the thread title seems to becomes less and less accurate…! 

Yes indeed!.

I have not idea why the title is asking if things will get better for when in 8 years time they know they will be able to get a job paying £70k+ and have £500k+ cash.

They also own a property abroad which if sold would give them enough money for the house they want/need.


There aren't any financial issues here it's all to do with family and personal "issues"

mrsmortgage

Tokmon said:

Yes indeed!.

I have not idea why the title is asking if things will get better for when in 8 years time they know they will be able to get a job paying £70k+ and have £500k+ cash.

They also own a property abroad which if sold would give them enough money for the house they want/need.


There aren't any financial issues here it's all to do with family and personal "issues"

You're indeed correct that it is more personal  issues than anything else, but 8 years to me do feel like an eternity (as much as I know there's light at the end of the tunnel).  But ultimately we need this bigger house NOW and that's something that no matter what can't be changed, nor the possibility to afford it. 

To clarify, one flat is solely mine, and the other two are co-owned. (Family business and home, which will be dissolved at some point). 

sheramber

is the flat the property you are selling in your other thread?

. I'm also in the process of selling foreign property that will give me £100k. 

mrsmortgage

sheramber said:

is the flat the property you are selling in your other thread?

. I'm also in the process of selling foreign property that will give me £100k. 

That was the family business, but the sale fell through. God only knows when we'll be able to sell it. So i'm not counting on that cash at all. 

lookstraightahead

What's happened to your buyers? 

Why don't you sell your property abroad and if the one you co own fell through why can't you remarket it?

lookstraightahead

You're not really getting anywhere. I think you need to shift your focus.