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longtomsilver

Another One Bites The Dust!

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Former employee and friend of my wife bought a house in 2007 taking out a 110% mortgage for £230k has confided in her that they are now struggling keeping up with the £1,500 a month mortgage payment on one income of £1,700 net and is considering putting it on the market and selling it. If only it was that easy.

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Former employee and friend of my wife bought a house in 2007 taking out a 110% mortgage for £230k has confided in her that they are now struggling keeping up with the £1,500 a month mortgage payment on one income of £1,700 net and is considering putting it on the market and selling it. If only it was that easy.

Did they take out a long term fixed.

Standard 2 year deal would have meant they moved to variable in 2009, when base rate would have been 0.5%.

Interest only at 3.5% should be about £670 a month?

But they probably cant switch to a IOM, not enough equity.

Why doesnt his partner get a job or is he single?

Edited by MonkeyNuts

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I'm only quoting numbers that my wife told me so couldn't really say. She is still the breadwinner however her current role is a big paycut.. her other half is an odd job man and is main carer of their only child.

The system is rotten to the core and my gut feeling tells me there are many like them keeping up appearances as their world crumbles. I take no pleasure in this posting and recall vividly the day that this couple bought (house warming - cringe) and my wife pestering me at the time to take out a whopping mortgage reasoning that she was her boss, earnt more, could get a mortgage for more with the same provider etc etc and getting quite angry with me when I told her that I was uncomfortable with the prospect and without children at the time that would have been enough to split us up.

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I'm only quoting numbers that my wife told me so couldn't really say. She is still the breadwinner however her current role is a big paycut.. her other half is an odd job man and is main carer of their only child.

The system is rotten to the core and my gut feeling tells me there are many like them keeping up appearances as their world crumbles. I take no pleasure in this posting and recall vividly the day that this couple bought (house warming - cringe) and my wife pestering me at the time to take out a whopping mortgage reasoning that she was her boss, earnt more, could get a mortgage for more with the same provider etc etc and getting quite angry with me when I told her that I was uncomfortable with the prospect and without children at the time that would have been enough to split us up.

How does your wife feel now about not having bought in 2007?

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How does your wife feel now about not having bought in 2007?

She is very, very happy. It was a genuine ultimatum at the time as well.. house or me!

Edited by tomposh101

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I know a couple, main earner takes home 1600 a month, mortgage is about 1300 a month, his partner earns 900 a month.

He works 4am to 2pm as a delivery man, she works 10pm to 7pm as a shop assistant.

So she drops the kids to school and he picks them up..

They get child benefit and maybe some child tax credits to bump up income by another few hundred a month.

So they have about 1400 a month to live on after the mortgage.

So it can be done, requires hard work, but a low paid couple can repay a 200K mortgage if both are working hard.

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I know a couple, main earner takes home 1600 a month, mortgage is about 1300 a month, his partner earns 900 a month.

He works 4am to 2pm as a delivery man, she works 10pm to 7pm as a shop assistant.

So she drops the kids to school and he picks them up..

They get child benefit and maybe some child tax credits to bump up income by another few hundred a month.

So they have about 1400 a month to live on after the mortgage.

So it can be done, requires hard work, but a low paid couple can repay a 200K mortgage if both are working hard.

I can't quite work out if this is should be worse case scenario or a lifestyle choice.

Let's face it, odds are their respective parents could have afforded a family home on one wage and without all this fannying about. This is f*cking progress, eh?

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She is very, very happy. It was a genuine ultimatum at the time as well.. house or me!

Tomposh - take it from one who has been there; you need a serious discussion about that past event, to make sure it doesn't happen again. Ultimatums over material things (not behaviours such as stop sleeping with my sister...) are a behaviour trait that destroy relationships.

If you don't lance this boil, it will resurface and if you get divorced later, you'll be even worse off....

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She is very, very happy. It was a genuine ultimatum at the time as well.. house or me!

I would have made the same ultimatum had Mrs Woods not already been in agreement. Glad it worked out for you.

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I can't quite work out if this is should be worse case scenario or a lifestyle choice.

Let's face it, odds are their respective parents could have afforded a family home on one wage and without all this fannying about. This is f*cking progress, eh?

+1

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Tomposh - take it from one who has been there; you need a serious discussion about that past event, to make sure it doesn't happen again. Ultimatums over material things (not behaviours such as stop sleeping with my sister...) are a behaviour trait that destroy relationships.

If you don't lance this boil, it will resurface and if you get divorced later, you'll be even worse off....

Thanks for your angle.

We have a stronger relationship without the mental anguish of taking on a millstone around our necks. I relented and we bought a house this year so our young family have a permanent home. Our mortgage is less than 1.5x her salary as I stopped her putting in an offer for another at £100k more persuading her that we could pay this one off in 10years and look at a bigger home only then. We (She, as I am now a stay at home dad) has already managed to put aside enough money to cover 6months mortgage payments which is kind of nice to know as our second child is about to make an appearance.

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She is very, very happy. It was a genuine ultimatum at the time as well.. house or me!

I second the thing about lancing the boil. Generally, from observation, people I know (usually blokes) suffering these choices (usually from the missus) tend to either:

A. Choose singlehood leading to a happier future relationship

B. Choose what the missus wants, leading to unhappiness, long-drawn out breakup, before a happier future relationship

You managed the third option, so well done - but don't let it happen again!

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I know a couple, main earner takes home 1600 a month, mortgage is about 1300 a month, his partner earns 900 a month.

He works 4am to 2pm as a delivery man, she works 10pm to 7pm as a shop assistant.

So she drops the kids to school and he picks them up..

They get child benefit and maybe some child tax credits to bump up income by another few hundred a month.

So they have about 1400 a month to live on after the mortgage.

So it can be done, requires hard work, but a low paid couple can repay a 200K mortgage if both are working hard.

Their combined take home is not much more than my take home and my wife work 3 to 5 days a MONTH just to keep her work benefits (we don't get tax credits any more). Despite having a similar monthly take home I choose to pay less than £700 rent.

I'm not sure who is dafter, them for being held to ransom and maybe losing out on life or me for not buying a house when I could easily afford one of sorts.

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I know a couple, main earner takes home 1600 a month, mortgage is about 1300 a month, his partner earns 900 a month.

He works 4am to 2pm as a delivery man, she works 10pm to 7pm as a shop assistant.

So she drops the kids to school and he picks them up..

They get child benefit and maybe some child tax credits to bump up income by another few hundred a month.

So they have about 1400 a month to live on after the mortgage.

So it can be done, requires hard work, but a low paid couple can repay a 200K mortgage if both are working hard.

Lovely - they have joined the plan.

Two incomes so they pay plenty of income tax to keep MPs/Public sector fat cats in a lifestyle to which they have become accustomed

House prices have at least doubled since Labour took over so that must have added £100's onto the mortgage payment and via the increased interest bankers can draw more bonuses.

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Did they take out a long term fixed.

Standard 2 year deal would have meant they moved to variable in 2009, when base rate would have been 0.5%.

Interest only at 3.5% should be about £670 a month?

But they probably cant switch to a IOM, not enough equity.

Why doesnt his partner get a job or is he single?

Yeah, 110% mortgage taken out at peak means they are definitely in negative equity now. No chance of remortgaging to a better rate. A lot of people who bought at the peak are now being moved onto uncompetitive variable rates and cannot remortgage.

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Tomposh - take it from one who has been there; you need a serious discussion about that past event, to make sure it doesn't happen again. Ultimatums over material things (not behaviours such as stop sleeping with my sister...) are a behaviour trait that destroy relationships.

If you don't lance this boil, it will resurface and if you get divorced later, you'll be even worse off....

Rock and a hard..... don't give in and the SHTF sooner; give in and wait for the financial stresses to poison the "union" later (and get the blame whichever option you choose).

Cannot fathom the mindset of guys who are prepared to tolerate this type of emotional blackmail. What doesn't it tell them about the true nature of their relationship, their subservient status within it and the wife's priorities ?

Would these understanding male types be the same guys who would forgive their wives for having affairs? Or take her back when the boyfriend kicks her out for the younger dirtier model.

Too many nice guys out there who feel so lucky to get a shagg.

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I know a couple, main earner takes home 1600 a month, mortgage is about 1300 a month, his partner earns 900 a month.

He works 4am to 2pm as a delivery man, she works 10pm to 7pm as a shop assistant.

So she drops the kids to school and he picks them up..

They get child benefit and maybe some child tax credits to bump up income by another few hundred a month.

So they have about 1400 a month to live on after the mortgage.

So it can be done, requires hard work, but a low paid couple can repay a 200K mortgage if both are working hard.

£3000 per month after tax is not low paid, even for a couple

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Rock and a hard..... don't give in and the SHTF sooner; give in and wait for the financial stresses to poison the "union" later (and get the blame whichever option you choose).

Cannot fathom the mindset of guys who are prepared to tolerate this type of emotional blackmail. What doesn't it tell them about the true nature of their relationship, their subservient status within it and the wife's priorities ?

Would these understanding male types be the same guys who would forgive their wives for having affairs? Or take her back when the boyfriend kicks her out for the younger dirtier model.

Too many nice guys out there who feel so lucky to get a shagg.

Spot on! Kick it to touch before whatever it is becomes an issue. Good old fashioned no nonsense talk is what keeps relationships strong, no bottling it up.

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£3000 per month after tax is not low paid, even for a couple

and their numbers don't add up either.

£1,600 a month net for a delivery driver and £900 a month for part-time retail work?? A mate of mine is a lorry driver and had to relocate 200miles away for just £10 an hour.

As a full time dad i'm hoping to pick-up some delivery driving work around child care and will happily pawn my self out to the lowest bidder even if it 'Meets NMW'. There'll be lots of competition at that rate too as it's easy work.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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