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  • FIRST POST
    • psychopathbabble
    • By psychopathbabble 16th Jan 20, 4:16 PM
    • 5,863Posts
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    psychopathbabble
    Remortgage coming up in September... eeek
    • #1
    • 16th Jan 20, 4:16 PM
    Remortgage coming up in September... eeek 16th Jan 20 at 4:16 PM
    Good afternoon everyone,

    Itís been a very long time since Iíve posted on the mse forums!

    I feel like we are going round in circles and itís driving me mad. I need help to explain to my husband how critical our situation is.

    We are due to remortgage in September (our 5yr rate ends) and we are hoping to borrow additional to pay off our government help to buy, as well as possibly borrow some towards a small extension (much cheaper than moving to a bigger house in our area). We havenít ruled out moving but we need our finances in tip top shape by then.

    We have just moved our older child to a new nursery which cuts her fees in half and we will move our youngest in a few months when he is old enough. This frees up approx £600pm now and once we move him, itíll be another £100 odd extra in our pocket.

    We are paying off a 0% credit card but frustrating just before Christmas, another cc got racked up and this meant the 0% doubled from £2 to £4.3k. This means we wonít have it paid off until June/July and we wonít be able to save anything to help pay fees for moving/remortgaging.

    We both have a set amount of spends each month which is ours, it doesnít include groceries, fuel, insurances, phones etc. His is £300pm and he complains it isnít enough. By the end of the month he is putting lunch time snacks and other costs onto his credit card. I am trying to persuade him to close his credit card but he wants it Ďfor emergenciesí.

    I go through our budget almost daily and constantly adjust it, we switch suppliers etc. We got rid of sky.

    Anyway... how can I impress upon him the important of cutting spending and getting these cards paid off. That his personal spends are actually quite generous and some people donít even have £50 to spend on stuff.

    Iím really starting to panic about being able to remortgage or give ourselves the option of moving (I would prefer not to put all the money we are saving from nursery into a bigger mortgage as we would be in the same position but with a bigger house and bigger bills!!)
    Became Mrs Scotland 16.01.16 Became homeowners 26.02.16 Baby girl arrived 27.10.16 Baby boy arrived 16.09.2018
Page 1
    • gettingtheresometime
    • By gettingtheresometime 16th Jan 20, 4:59 PM
    • 5,092 Posts
    • 12,658 Thanks
    gettingtheresometime
    • #2
    • 16th Jan 20, 4:59 PM
    • #2
    • 16th Jan 20, 4:59 PM
    Forget the additional borrowing for a moment, can you find out what the new mortgage payment will be once the deal has ended ?

    Then ask him how, within the existing budget, you'd meet that? Bet it would be more than a couple of lunch time sandwiches
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card / JD Williams cleared thanks to the 1 debt v 100 day challenge
    • psychopathbabble
    • By psychopathbabble 16th Jan 20, 6:43 PM
    • 5,863 Posts
    • 38,829 Thanks
    psychopathbabble
    • #3
    • 16th Jan 20, 6:43 PM
    • #3
    • 16th Jan 20, 6:43 PM
    It’s possible it will be less as interest rates are less than our current rate. But it’s a good idea as we will need to factor in the interest on the government loan as that will be due to start .
    Became Mrs Scotland 16.01.16 Became homeowners 26.02.16 Baby girl arrived 27.10.16 Baby boy arrived 16.09.2018
    • jwil
    • By jwil 17th Jan 20, 6:05 PM
    • 11,517 Posts
    • 42,865 Thanks
    jwil
    • #4
    • 17th Jan 20, 6:05 PM
    • #4
    • 17th Jan 20, 6:05 PM
    Welcome back!
    "If you can dream it, you can do it". Walt Disney
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