Does this sound like a good plan?

findingmyownway

Hi

I have (very) recently split with my OH of 7 years, not through my choice.

We have a house together (although i have less than half of it cos he put up the deposit). We are not arguing about the finances and the chance of me buying him out are slim - most likely be the other way round.

Anyway, at the moment i am still in our house and he has a rented house for 6 months. I intend to stay for a while and get my head straight a bit. After that, i guess i have the choice of buying him out (slightly over my capability at the mo), buying alone something cheaper, or renting.

The house i could buy alone (taking into account salary and not going over 90% mortgage) would be up to about £110K which doesn't seem to buy much these days.

So my current plan is to rent a house (possibly sharing with a friend) for a couple of years. If i save the money OH will pay me out for our house, plus savings from salary (particularly if i share the rent) then i reckon i could have about £30K in 2 years. Then the house prices might be a bit lower, and i could look to buy either alone or with an as-yet-unidentified new man

Does that sound like a sensible plan? My head isn't very clear at the moment but i think it seems financially sound. I don't really like the idea of going from owning to renting but i don't think now is the right time to buy alone.

I'd appreciate any thoughts on anything i've missed!

Mumstheword

How much is the mortgage on your house now?

How much would it cost to rent?

How much could you get in if you took over your house and rented out a bedroom?

findingmyownway

Mortgage now - £96K (£650/month) but i would have to up it to about £145K (£900ish/month) to buy him out. Not sure i can get that on my salary.

Renting around £600/month for a decent ish house. So sharing would be £300 each.

If i stayed in our house could rent out the spare room i guess - don't know how much for - £300 ish ??

PasturesNew

Well it all sounds great except thinking of buying with a new man.
Rent: yes
Save: yes
Buy in 2 years: yes
With new man: no. No need to complicate your financial position. I wouldn't buy property with somebody until I'd been with them at least 5 years (8 is preferable but I'm getting quite old now so you always have to think if you'll be alive that far in the future)

findingmyownway

PasturesNew wrote: »

Well it all sounds great except thinking of buying with a new man.
Rent: yes
Save: yes
Buy in 2 years: yes
With new man: no. No need to complicate your financial position. I wouldn't buy property with somebody until I'd been with them at least 5 years (8 is preferable but I'm getting quite old now so you always have to think if you'll be alive that far in the future)

:rotfl: :rotfl: :rotfl:
I think you're probably right - at the moment i am feeling like i'll be single forever!!

But realistically if i do meet someone else i will want to settle down and have kids in 4-8 years (I am 25yo now). I think i'll cross that bridge when i come to it

PasturesNew

findingmyownway wrote: »

I think you're probably right - at the moment i am feeling like i'll be single forever!!

You might be, but it's better to be single than to rush into something with the wrong person and have to try to sort that out down the line.

findingmyownway wrote: »

But realistically if i do meet someone else i will want to settle down and have kids in 4-8 years (I am 25yo now). I think i'll cross that bridge when i come to it

So you're planning kids, buying a house with a man ... and you're not even out of the previous situation yet.

There's no rush. Find out who YOU are first. Stop making long-term plans. Take the next 2-3 years to be yourself without a plan. Once you know who you are, you know what is and what isn't acceptable in somebody else and helps you judge things without the rose-tinted specs.

findingmyownway

PasturesNew wrote: »

You might be, but it's better to be single than to rush into something with the wrong person and have to try to sort that out down the line.

So you're planning kids, buying a house with a man ... and you're not even out of the previous situation yet.

There's no rush. Find out who YOU are first. Stop making long-term plans. Take the next 2-3 years to be yourself without a plan. Once you know who you are, you know what is and what isn't acceptable in somebody else and helps you judge things without the rose-tinted specs.

Food for thought, thanks