My Shiny New Diary!!

embarrassed_about_my_debt

As Lucy said we all get the demotivated days, its just now rather than increasing the debt it just doesnt move!

We sound really similar in our impatience and how getting £2's we get excited (how bad is that!:rotfl: )

I keep looking at houses aswell but know i wont be able to afford till Dec 09 or Beggining of 2010 Could have been looking now if it hadnt been for my own stupidity :mad:

**Amy**

Thanks Lucy and EAMD :beer:

Im not too down today, just feel stuck i think.

I will have a look through my clothes. Im sure there are lots of size 8 things from when i was 18 that i have kept "just in case" but actually i know deep down will never fit me again! :rotfl:

I know how you feel about houses! I have just tried working out mortgages and stuff and actually i dont even know if i will be able to afford one, which is probably why im feeling slightly down today. Suppose the only way i will know is if i clear my debts and then see what is happening with the housing market.

xxx

embarrassed_about_my_debt

Plan it into your debt planning i.e once you finished paying off your debts start saving for a deposit.

By the time 09/2010 comes round i want to have some where around the 7500-10k mark saved up. If you do the same im sure you'll be fine!

**Amy**

That is my plan.

Should finish paying most of my debt off this year, and then I will save the same amount as I have been paying off. This time next year hopefully i will have around £4K worth of savings. I need around £10-15K though, so its looking less likely I will get the house next year.

x

embarrassed_about_my_debt

We can keep each other going through the saving phase then! :rotfl:

Should hopefully have all of mine paid off by April next year then onto the saving!:D Least then you know the money is yours not going into someone elses pocket (until you get a mortgage of course! :rolleyes: )

**Amy**

Yey!! We should deffo keep each other motivated.

Right well, im confused!!!

I have just spoken with a Financial Advisor (one of the ones recommended by the housing association) and he was very nice but I am now confused! :rolleyes: :rotfl:

I asked about mortgages and he said would be best to call back nearer the time i want to purchase as so many things can change. Thats fair enough.

Then he asked what my salary was, and he then said under the My Choice Homebuy Scheme (which is where you can buy a house from the open market) i would be able to have £202K :eek: I asked if that was without the mortgage, and he said that the housing association would say that that is the maximum you could have, so in other words get a mortgage for what you can (or what you need regarding % of property you want to own) and the Loan from the housing association would make up the rest of the house price up to a maximum of £202K :eek: :eek:

Im not sure thats right... so have emailed someone i know who works with the housing association to see if she can check.

He also asked why i was waiting until next year, so i explained i wanted to pay off my debts (to which he replied "fair play, good on you!" ) and then i said i had to save up for a deposit of around £7-10K.

He said i didnt need a deposit as the loan would act as that... again :eek: I would still need around £3.5K for fees etc. but im still not sure that tahts right (or more to the point that I have understood it correctly).

I dont want to get my hopes up to find that I wont be able to get anything.

I have also just checked their online mortgage calculator and it says:

With my salary and for a hosue with purchase price of £126K and no deposit (from me) (50% share) it would be £540 a month (approx).

If i was to get a 75% share of the property it would be: £665.39 a month

Sooooo generally not as bad as i first thought... hmmmmmm very confused and trying not to get too excited! :rotfl:

xxx

Claire_Jones_3

just bear in mind amy with some shared ownership schemes you pay your mortgage and also rent to the shared ownership.

**Amy**

Claire_Jones wrote: »

just bear in mind amy with some shared ownership schemes you pay your mortgage and also rent to the shared ownership.

Hi Claire

The amount of £540 a month I quoted was for rent and mortgage (and it gave me the breakdown of mortgage being around £400 and rent being £140 roughly.

Thanks though.

x

Claire_Jones_3

Thats ok then, sorry for butting in

embarrassed_about_my_debt

Morning Amy,

That sounds great then!

Do you just rent at the minute? If so why are the council trying to get you to pay £3.5k for the balcony?