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Worried-Fixed Term Ending-Lower income-HELP!
MissKay
Posts: 52 Forumite
Our fixed term is coming to an end at the beginning of June and we really need to keep our monthly repayments down.
Me and Partner are both going part-time to look after our children so we need to keep the payments down. We've got reliable jobs (teaching) and we'll still be bringing in roughly £36k. Our house is worth about 150,000 and our mortgage is currently 90,000. We also need to borrow about another 10000 to pay off some stupid debts :embarasse
Our monthly payments at the moment are about £450 plus insurances. We're 23 years into a 25 year term.
My partner thinks we're doomed and have no chance of getting a mortgage that's a reasonable monthly payment - say under £750. He thinks we're going to end up having to get part-time jobs etc... He's terrifying me, but he is prone to drama. I'm really worried - this isn't what we planned - but I think we're in a better position than lots of people and we can always extend the term and then remortgage later when we're both back at work full-time. I'm trying to be upbeat infront of my partner but I'm really in the dark - I don't know if I'm just burying my head in the sand???
Has anyone got any perspective they can add to this? Are we doomed? _pale_
Me and Partner are both going part-time to look after our children so we need to keep the payments down. We've got reliable jobs (teaching) and we'll still be bringing in roughly £36k. Our house is worth about 150,000 and our mortgage is currently 90,000. We also need to borrow about another 10000 to pay off some stupid debts :embarasse
Our monthly payments at the moment are about £450 plus insurances. We're 23 years into a 25 year term.
My partner thinks we're doomed and have no chance of getting a mortgage that's a reasonable monthly payment - say under £750. He thinks we're going to end up having to get part-time jobs etc... He's terrifying me, but he is prone to drama. I'm really worried - this isn't what we planned - but I think we're in a better position than lots of people and we can always extend the term and then remortgage later when we're both back at work full-time. I'm trying to be upbeat infront of my partner but I'm really in the dark - I don't know if I'm just burying my head in the sand???
Has anyone got any perspective they can add to this? Are we doomed? _pale_
That money talks - I can't deny,
I heard it once - it said 'goodbye'!
I heard it once - it said 'goodbye'!
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Comments
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How do figures stack up if one of your works full time and the other part time? Or even both full time and pay childcare?
Why on earth are you both going part time?0 -
We don't want someone else looking after our children while we're looking after someone else's children... etc. It doesn't make sense.That money talks - I can't deny,
I heard it once - it said 'goodbye'!
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Can you not borrow 3 times joint income?
Speak to a mortgage advisor to see what income multiples are currently being offered.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
We don't want someone else looking after our children while we're looking after someone else's children... etc. It doesn't make sense.
Your statement doesn't make sense! So it is ok for you to look after someone else's children, but not for yours to be looked after?
You say that you are 23 years into a 25 year term - I assume you have something in place to pay off the £90K at the end of the term?Gone ... or have I?0 -
If you both working part time means you can't afford the mortgage and have to get additional part time jobs and you think this doesn't make sense then I suggest (at least one of) you consider working full time.
Steady hours of teacher is much more stable for children than you working part time at two jobs - one of which may have to be funny shifts to fit in around each other to avoid paying additional childcare. This'll damage your relationship with your partner and your children!0 -
Why are my childcare choices an issue?
Our mortgage will be paid off in 23 years. It's a repayment mortgage.That money talks - I can't deny,
I heard it once - it said 'goodbye'!
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Sorry, maybe i'm not making sense. I think we can afford it, it's whether we'll get a mortgage or not in the current climate?That money talks - I can't deny,
I heard it once - it said 'goodbye'!
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Ask your mortgage advisor why your part time work option is an issue.0
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Why are my childcare choices an issue?
Our mortgage will be paid off in 23 years. It's a repayment mortgage.
So you are not 23 years into a 25 year term, you are 2 years into a 25 year term.
Your hypocritical childcare choices are an issue when you are concerned that your income is not high enough!
With a joint income of £36K and a LTV of 60% you should have no problems remortgaging for £90K, or even securing an additional £10K.Gone ... or have I?0 -
So , dont mean to nitpick, but you are 2 years into a 25 year term and not the other way round.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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