Need to get myself together: The beginning
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Will be speaking to HSBC tomorrow when the girl is back and see exactly what it is they are offering me. I can even ask my mum and dad for the £5k and tell them once its through will get the loan and pay them and pay it off that way also.
Firstly will see what I am being offered before rash decisions.
3 weeks to payday.
Thinking how much I can get for some organs lol... might even buy a lottery :P xxDebt (1/9/14) £6,702.11 Debt free (30/11/2016) mortgage port- £70,077.82 and mortgage £126,517.39 o/s currently
Debt - £17,190.83 (29/7/22) now (19/8/22) £16,688.800 -
If they are only offering you 80% mortgage because of 'non standard construction' I think that's because they've only valued the house at 80% of what the selling price is. Make sure you ask HBSC if that's the case
If that's the reason for only 80% you need to speak to the sellers and see if they will reduce the price. They will find that anyone else needing a mortgage will have the same problem.
Really hope you can get things sorted, but you don't want to be in a position where the value of the property you are buying is worth less than your mortgage. Negative equity is no fun.I Believe.....
That it isn't always enough, to be forgiven by others.
Sometimes, you have to learn to forgive yourself.
Yesterday is history, tomorrow is a mystery
Today is a gift. That's why it is called the present.
happiness isn't achieved by getting extra things,
but by getting rid of the things that make you unhappy0 -
Agreed on the negative equity front! I was stung by that ten years ago as a first time buyer and I still have the property, despite moving out of it 4 years ago. Hope your chat with HSBC goes well.
Also, not sure if you're doing this yourself, but might be worth getting advice from an independent financial advisor? I have a great one locally that I can recommend - they've dug us out of a couple of holes with their expertise.CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))
July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
*My debt busting and savings diary*0 -
You need to be really careful about the legal side of getting a loan to finance a deposit on a house - you're not supposed to and I think they can reject you based on that.
Yes this is right, we said it was for a car, we didn't say it was for the deposit xxDebt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid OffMortgage (01/04/09 - 01/07/39)
£79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off
Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20
Asda Savings - £0
POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80
~ Emergency Savings: £0
My Debt Free Diary (Link)0 -
My kitchen is getting done up........Debt (1/9/14) £6,702.11 Debt free (30/11/2016) mortgage port- £70,077.82 and mortgage £126,517.39 o/s currently
Debt - £17,190.83 (29/7/22) now (19/8/22) £16,688.800 -
kindofagilr wrote: »Yes this is right, we said it was for a car, we didn't say it was for the deposit xx
Just a note - even in doing this, they might say ';ok, this loan was for a car, but show me proof of you saving up the deposit and show me the account that it's been in and for how long' etc. Basically, I'd seek advice from your lawyer to confirm before you bank on any of this being a solution. It's a minefield, that's for sure!CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))
July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
*My debt busting and savings diary*0 -
Just a note - even in doing this, they might say ';ok, this loan was for a car, but show me proof of you saving up the deposit and show me the account that it's been in and for how long' etc. Basically, I'd seek advice from your lawyer to confirm before you bank on any of this being a solution. It's a minefield, that's for sure!
Yeah deffo, the lawyer will say not to do it that's for sure, guess we were lucky they didn't ask for proof of deposit xDebt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid OffMortgage (01/04/09 - 01/07/39)
£79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off
Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20
Asda Savings - £0
POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80
~ Emergency Savings: £0
My Debt Free Diary (Link)0 -
Hey everyone
Thank you so much for your advice!
My mum has agreed to lend me £4k and I have to pay her back £250 a month over 16 months. Once this goes this will update signature.
I have to transfer over £4,250 for deposit. Add £1150 lawyer fees I will be left with about £1k.
My sister is getting me an over and I will buy the American fridge. This will leave me enough money to buy paint to decorate.
I am allowed furniture from flat and will save up to replace for couch and new beds
Thank god!!
Today will have final decision of new mortgage deal of £450.02 per month over 18 year mortgage and 2 months
She said it will be approved as they had approved for a much higher loan.
So when this goes through will let you know when I have the update and spoken to my solicitors xxDebt (1/9/14) £6,702.11 Debt free (30/11/2016) mortgage port- £70,077.82 and mortgage £126,517.39 o/s currently
Debt - £17,190.83 (29/7/22) now (19/8/22) £16,688.800 -
Phew! I'm glad your mum has come around - it should make life so much easier in the short term. Short term pain for long term gain!
Hope the solicitor comes back quickly.
Any idea on an entry date yet?CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))
July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
*My debt busting and savings diary*0 -
when I get word fully from mortgage people today of full confirmation, I will be phoning them tomorrow on my lunch
Finishing off a PA study next week and will be due £50 though this is due to Belfast. Hoping I will have money left over from Spain as £300 spending and All inclusive should be more than enough.
End of June the owners are wanting
xxx Debt (1/9/14) £6,702.11 Debt free (30/11/2016) mortgage port- £70,077.82 and mortgage £126,517.39 o/s currently
Debt - £17,190.83 (29/7/22) now (19/8/22) £16,688.800
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