What would you do...

[apeksdiver]

Can anyone enlighten me a bit regarding mortgages, I'm trying to work out what sort of amount I'd be looking to save in order to sell my flat, for arguments sake lets say the flat is on equal equity and i sell it for no loss or profit and i want to move to a house worth £140,000 to £150,000 what sort of amount should i be looking to save? Is 10% pretty much a minimum these days?

Saw a mortgage uy last week the current costs on a repayment mortgage is approx £100 per month for every £15,000 borrowed so £150,000 would cost you £1,000 per month

 

[Haggisman]

Why can't the missus' dad love into the 1 bed flat instead.

I'm guessing you mean move?

If he did that then OP would have to pay the full cost for the house he's currently in, which he's said he can't afford.

Edit: if the ex-partner only owns 50% of the property, surely she has to come to some agreement with the dad on the rent? After all, he's entitled to half of it... In fact, why does he have to "pay the difference" at all, since he'd effectively be paying rent to himself!! Doesn't make sense, unless he's being a complete pushover

 

[McGray]

Option 3 squire.

6 months really isn't that long.

 

[atpbx]

I'm guessing you mean move?

If he did that then OP would have to pay the full cost for the house he's currently in, which he's said he can't afford.

Edit: if the ex-partner only owns 50% of the property, surely she has to come to some agreement with the dad on the rent? After all, he's entitled to half of it... In fact, why does he have to "pay the difference" at all, since he'd effectively be paying rent to himself!! Doesn't make sense, unless he's being a complete pushover

No, the sensible option here is for the father to move into the flat, and buy out the other half of the house the OP lives in, then the OP and the father come to a rent agreement between the pair of them.

Problem sorted, next question.

 

[Energizer Bunny]

Given the father cannot afford anything more than a house share how is he supposed to buy out the other half of the house?

 

[atpbx]

Given the father cannot afford anything more than a house share how is he supposed to buy out the other half of the house?

Right just seen it.

Its still the only realistic option.

And I would suggest if they "own" the house outright, he wouldnt have a problem securing a loan against the property to buy the other half out.

 

[mrbios]

Edit: if the ex-partner only owns 50% of the property, surely she has to come to some agreement with the dad on the rent? After all, he's entitled to half of it... In fact, why does he have to "pay the difference" at all, since he'd effectively be paying rent to himself!! Doesn't make sense, unless he's being a complete pushover

There's some details that make no sense at all to me to be honest with you, everything in this whole arrangement seems geared to benefit the ex, I'd suspect my missus dad doesn't have much of a backbone in arguments with her too.....

There are some 5% deals coming back on the market but you will be paying a horrible rate 6% ish

10% isn't much better but you at least be able to get a decent fix rate below 5%

For the best rates you still need 20%+

Also don't forget the 1.5k stamp duty solicitors costs moving costs etc you would probably want closer to 15% saved

Thank you for this information, I'm wondering now would i be best off putting that £1000pm in to the mortgage currently on the flat to force that as low as possible or would i be best of saving it separately in order to use it as a separate deposit on a home in the future?

What is going to happen to 'missus dad' if you move out given there is nowhere else to rent?

He's looked at a number of rooms to let but some have gone before he's got there and some he simply hasn't liked. So i guess he'd just have to find a room asap once we decide we want to move....he'd have 2 months anyway as we have to give our current tennant notice.

So hold on a second... You currently live in a house, and have a 1 bedroom flat which you own, and you are worrying about having somewhere to live?

Get a grip mate. Some people dont even have the luxury of a roof over their heads, let alone 2.

Yes there are people in worse positions, I know that, but like everyone else on these boards I have my own problems to sort. I simply want the best for my family and have to deeply consider whether to squash them into that flat, thus I'm here for advise! Get off your high horse.

It's also worth noting this doesn't just affect my life, I'm trying to make a decision that could end up affecting 5 or so peoples lives, so i have to give this serious thought.

 

[LordSplodge]

Option 3. Not pleasant but the the best of a bad bunch.

 

[jonneymendoza]

6-9 months will absolutely fly by and you'll find yourself in a much better position financially and will be able to seriously start thinking about a more permanent base for your family.

Option 3 is a no-brainer for me. Every other option is just a stall in your life and will leave you in the same position as you are now.. only 6-9 months down the line.

option 3.

Keep playing fifa 13, banging in the goals for 6-9 months and time will fly mate u wont even notice it

Good luck though mate. it doesnt sound too bad your situation. just go for option 3 and best of luck!

Knew there was something up with u! dont worry, me and our fellow crew will cheer u up next time your on mumble

 

[Haggisman]

There's some details that make no sense at all to me to be honest with you, everything in this whole arrangement seems geared to benefit the ex, I'd suspect my missus dad doesn't have much of a backbone in arguments with her too.....

His apparent lack of backbone is causing potential financial/housing issues for his daughter and grandson. Without meaning to sound harsh, he needs to grow a pair and do something about it. While obviously you guys aren't going to end up on the street because of it, the house you are (and he will be) living in is 50% his, so regardless of what the ex wants to do with the rent, he should be entitled to half of it.

It's probably worth him speaking to a solicitor about the ownership of the house to be honest.

 

[Pestilence]

Burn it all to the ground.

 

[mrbios]

His apparent lack of backbone is causing potential financial/housing issues for his daughter and grandson. Without meaning to sound harsh, he needs to grow a pair and do something about it. While obviously you guys aren't going to end up on the street because of it, the house you are (and he will be) living in is 50% his, so regardless of what the ex wants to do with the rent, he should be entitled to half of it.

It's probably worth him speaking to a solicitor about the ownership of the house to be honest.

I think the problem he has is that she's holding all the cards, he's been working on making money out of a website for some time but his savings ran out, now he's forced to work a job that pays probably around the minimum wage region while still trying to work on his site. She's the one with the money, he needs her money to pay the mortgage and she knows it.

It's a pretty sad state of affairs, no one in our entire family has ever liked this woman, she's showing how much of a selfish ***** she truly is now.

option 3.

Keep playing fifa 13, banging in the goals for 6-9 months and time will fly mate u wont even notice it

Good luck though mate. it doesnt sound too bad your situation. just go for option 3 and best of luck!

Knew there was something up with u! dont worry, me and our fellow crew will cheer u up next time your on mumble

haha cheers man, keep getting your wife to shout at you in the background while you play that always raises a smile RIBENA!