How to find £22k...?

Ember999

headchef wrote:

To have my name added to the deeds and the mortgage it cost £260 not £600!! £100 was a fee I had to pay to the mortgage company, about £50 to have the deeds sent to the solicitor and the rest was for the solicitor to do the paperwork. I wasn't able to barter with the mortgage company but I did shop around for a reasonably priced solicitor.

The property I was involved in doing this on was in Scotland where the law is a wee bit different to England. But the same process is available all over the United Kingdom. You won't be able to negotiate the cost the Mortage Company charges, but yes, you may get a 'better' price with shopping around with Solicitors etc. But do be sure, it is done 'properly' as you really do get what you pay for in this world

YorkshireBoy

Ember999 wrote:

End of Story.

It was a question, I wasn't saying it was! Crikey, and I thought we were blunt in Yorkshire!

Ember999

YorkshireBoy wrote:

It was a question, I wasn't saying it was! Crikey, and I thought we were blunt in Yorkshire!

Geez Yorkshire Boy lol Another example of posts being 'read' wrongly :rotfl: where I was brought up, saying 'end of story' just means you have nothing more to worry about etc. in the context I was using it. I am actually a Yorkshire Lass by birth (leeds) and yeah, we are blunt from Yorkshire, but my reply to your post wasn't meant to come across as blunt, it was merely trying to tell you 'end of story - that's all there is to it' if you get my meaning

Is that sorted now? Hope so..... :rotfl:

louise1234_2

You say interest on cards is less than you get on your savings.

If you have a joint income of £60k, £22k debt is manageable and could be cleared in a few years. I'd suggest getting seeing if you can get 0% cards to transfer the balances, if not then snowball. If you both have good credit ratings, this would be cheapest option.

Adding it to mortgage will cost more in the long run, and paying it off when you earn more in interest isn't sensible either.

delboypass

Whats the point louise. If you have the savings, nullify the debt now. It will save many a sleepness night and a lot of arguements in the future. You can easily start saving again if you both are on 30k.

Or how about a combined morgage, savings account like Virgin One - would this work out any better?

Pal

I am not sure it is worth spending the money to change the deeds or put the mortgage in joint names. If they are getting married then they both jointly own the property anyway as far as a divorce court is concerned. Similarly the mortgage debt is equally shared, at least until a divorce court decide on the distribution of assets. On death the other will inherit unless their wills say differently.

I can't really see a circumstance where spending the £260 or £600 is worth the money. Surely better to pay the money off the debt instead, at least for now?

Spendalot_2

If my partner paid off my debts, I dont think the so called lightbulb moment would sink in properly, I wouldnt have learned my lesson, and I think i would probably continue shopping running up more debts.

Obviously, you know your OH and god never made all females equal!

I would pay off, say half the debt, and encourage your partner to pay £1k per month from her income (if this is possible even with some additional financial support from you). Within a year, you will be debt free and some hard lessons will of been learned.

Finally, look for cards with 0% on balance transfers, which will make the job easier.

Nicky_3

Situations are different, I would say it took alot of courage to admit the situation in the first place, especially in the circumstances of not yet committed to each other, but about to be which could have broken the whole thing up.

I would hazzard a guess, that the lesson has probably already been learnt in this case

Jamer

Hiya. I think I'll step back in at this point. I really, really appreciate these ideas - especially as it nearly brought Yorkshireboy and Ember to blows!!! :beer:

In the aftermath of all this (and it really is since Sunday night) we've both been in tears. She feels ashamed and I feel sorry she was worrying without telling me for so long. But that aside, I think we're both extremely relieved it's now a problem shared.

In reality I'd have made the legal jump into the mortgage (and deeds etc) in the next 12 months anyway. Whatever solution we opt for may mean that that is merely brought forward.

Having said that, I'm determined not rush the decision on what to do (even though the next set of credit card bills are on the way). I know the "sticking it on the mortgage" decision is technically an expensive one, but I'm fascinated to know what they'll offer her/us and whether (on a good day, with a happy manager and the wind blowing in the right direction) we might be able to hammer out a better overall deal with them.

Failing all that, of course, we'll be following some of the advice on this site and I'll be trying to get my head around relieving the savings acc of £22k. I love her and everything... but... :eek: ...LOL...

Cheers, James

Nicky_3

Jamer wrote:

I love her and everything... but... :eek:

I'm sure you'll be fine.