Half a house

TT £2 today, to round up the rent account to £2545. I will probably round up the rent account one day and round down the current account the next, so will be transferring £5 every two days if I haven't spent money.
Trying to declutter loads from the house this week, it's always a good reminder to stop buying stuff!

Getting cold feet about the whole thing... I'm sure it'll be fine once it's all sorted, but can't get my head around being in debt for 35 years and being broke trying to overpay it. It just seems like we're purposefully making ourselves broke, just to buy a house. I grew up in quite a poor household and it's just a horrible feeling of constant tension, so I'm probably projecting what the next 5+ years will be like. I'm not working at the moment because of the cost of childcare but I can just see that I'm going to have to find a job asap, end up doing something I don't like just to pay the bills, and not even breaking even due to childcare or school hours. I wasn't planning on buying anything for the foreseeable future. I mean, we're trying to buy a shared ownership because we can't afford to buy a house in this area, and I can't see that changing anytime soon.

I'm sure there's lots of positives to buy now but at the moment I'm just seeing the life of debt we're entering in, that we can't really afford.

Thanks, feeling a bit better about things today. I guess we're committed to doing it now, so it's a question of seeing it through. Maybe we won't ever be in the position of buying the whole house and I should just work with what we've got.
Yes we're claiming everything we can but we'll lose some when we buy as we won't be entitled to some. And we're using all our savings, so I'm feeling like we're going to be in a precarious situation for the next year, trying to build up our emergency fund again. I don't think I realised how much peace of mind it gave me, having that money available if need be.

shangaijimmy wrote: »

The first 2 years or so for the vast majority in a new house is tough, as people naturally stretch themselves to get the best they can. I know people have had much worse interest rates than us but when we bought in 2006 we could only afford interest only mortgage (would never have gotten such a big mortgage in the post financial crash world). Every 3 months for the first 18 months the interest rates went up. We went from approx £690 to £900 a month, but we found a way due to budgets and discipline. And now it was all worth it, and i still like eating baked beans on toast!!

My advice is not to look too far ahead, and i'd suggest 5yrs is too far. Focus on the next 3-6 months, then re-evaluate and go again!

And whatever does happen having your diary to vent, share and seek advice/reassurance is a fantastic asset.

Thanks! Yes, if we can survive the first month of necessary expenses (which we should be able to do, if we're careful, and do a lot of DIY) it should be much easier after that to build a budget, as we won't have huge expenses once the flooring is done. We've already got most of the furniture apart from a fridge, and we'll probably only get a cheap one for the foreseeable future. That's the good thing about a new build, there shouldn't be any expensive issues any time soon (hopefully not famous last words)