When you need somewhere to live - rent/buy?

SecondStar

MovingForwards said:

Try not to think of 'only' having upto £3.5k in savings if you were to buy. 

In a perfect world everyone would have a year's wages spare in the bank when getting keys, in reality many of us have had a loss less than £1k and slowly built up savings.

It would be easier to consider renting or lodging for 6+ months, give yourself time to come to terms with what's happened and then decide. Having pets does make it harder. 

Move in to your friends, sort out the former property and have a think. 

I assume family are not able to help financially so you could buy your ex out or increase your buying power if that's what you decide?

Thank you, this is very true.

No family, unfortunately, I only have the money I’ve got.

I can’t bring my pets to live at my friend’s house - she has a dog that doesn’t like other animals. At the moment, my ex is taking care or the pets at home, and I’m popping back to feed them in the evenings if he’s working late.

We’ll talk more about ongoing arrangements on Friday, I think.

SecondStar

Boat_to_Bolivia said:

This is just in my humble opinion, but paying a mortgage is always preferable to paying rent. 

I agree that you need some breathing space and having somewhere to stay until June gives you that.

I understand the need for an emergency fund, but sometimes that isn't practical. 

I bought because the rent was double what my mortgage payments would be. Yes I exhausted all my savings but in the long run I was better off.

Thank you, truly.

I’m hoping we can have a discussion on Friday about what’s best for both of us, while I keep in mind that, while we have to work together, we’re not on the same team any more. I have to put myself first.

I believe I would be far happier in the tiniest, crappiest, cheapest property that I was paying a mortgage on; rather than worrying about paying rent that I could barely afford.

Boat_to_Bolivia

SecondStar said:

Boat_to_Bolivia said:

This is just in my humble opinion, but paying a mortgage is always preferable to paying rent. 

I agree that you need some breathing space and having somewhere to stay until June gives you that.

I understand the need for an emergency fund, but sometimes that isn't practical. 

I bought because the rent was double what my mortgage payments would be. Yes I exhausted all my savings but in the long run I was better off.

Thank you, truly.

I’m hoping we can have a discussion on Friday about what’s best for both of us, while I keep in mind that, while we have to work together, we’re not on the same team any more. I have to put myself first.

I believe I would be far happier in the tiniest, crappiest, cheapest property that I was paying a mortgage on; rather than worrying about paying rent that I could barely afford.

Exactly ....Good luck OP 

Atomix

Okay... £6k cash could virtually buy out your ex-partner. 
You then own the property (with £100k mortgage). however you just suggested above - £90k crappy flat and save £200 a month?
or... £100k mortgage, you own the property, rent out a room to one of your mates?
- has to be worth a thought? save solicitors, Estate agents, moving costs...

Atomix

Atomix said:

Okay... £6k cash could virtually buy out your ex-partner. 
You then own the property (with £100k mortgage). however you just suggested above - £90k crappy flat and save £200 a month?
or... £100k mortgage, you own the property, rent out a room to one of your mates?
- has to be worth a thought? save solicitors, Estate agents, moving costs...

sorry, £95k mortgage not £100k....? has to be a way - surely?

Atomix

Atomix said:

Atomix said:

Okay... £6k cash could virtually buy out your ex-partner. 
You then own the property (with £100k mortgage). however you just suggested above - £90k crappy flat and save £200 a month?
or... £100k mortgage, you own the property, rent out a room to one of your mates?
- has to be worth a thought? save solicitors, Estate agents, moving costs...

sorry, £95k mortgage not £100k....? has to be a way - surely?

Atomix said:

Atomix said:

Okay... £6k cash could virtually buy out your ex-partner. 
You then own the property (with £100k mortgage). however you just suggested above - £90k crappy flat and save £200 a month?
or... £100k mortgage, you own the property, rent out a room to one of your mates?
- has to be worth a thought? save solicitors, Estate agents, moving costs...

sorry, £95k mortgage not £100k....? has to be a way - surely?

Plus your pets etc can stay put too....

SecondStar

Atomix said:

Okay... £6k cash could virtually buy out your ex-partner. 
You then own the property (with £100k mortgage). however you just suggested above - £90k crappy flat and save £200 a month?
or... £100k mortgage, you own the property, rent out a room to one of your mates?
- has to be worth a thought? save solicitors, Estate agents, moving costs...

I’ve gave it thought, and visited mortgage advisors about this to boot.

Trouble is, 6k will not buy out my ex partner - 10k does. 10k is what we each put in to the deposit & buying costs. Hence why I’d need to be remortgaging 100k on a 95k balance - the extra 5k would go towards buying him out.

I couldn’t afford the payments on 100k - it would be around £650. At best I’d break even on outgoings after bare expenses, wouldn’t be able to save, and would have no cash at all left after buying him out.

I don’t have any single friends who need a room, and I wouldn’t want to base my security and bet my home on a lodger.

hazyjo

Many flats have a no pets clause. Just a heads up to triple check when eventually buying.

Helenochka

Sounds to me like you’ve already made up your mind. 

So, bearing in mind Hazyjo’s point about many flats having a no-pets clause, how crap are these properties you’re talking about?
Roughly which area are you looking at (so we can see what properties are for sale there)? I have a rental in Bangor (currently let to a very good tenant). I frequently see small houses for sale there at under 100,000. Some are fine - they just need a bit of TLC.  

SecondStar

Helenochka said:

Sounds to me like you’ve already made up your mind. 

So, bearing in mind Hazyjo’s point about many flats having a no-pets clause, how crap are these properties you’re talking about?
Roughly which area are you looking at (so we can see what properties are for sale there)? I have a rental in Bangor (currently let to a very good tenant). I frequently see small houses for sale there at under 100,000. Some are fine - they just need a bit of TLC.  

North County Down would be my preference, so I’d say you’d be familiar with the area.

Bangor, Newtownards, Comber, Donaghadee, Dundonald. 

Would rather not go too far down the peninsular as the transport links aren’t great.