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Thread: Some help please

  
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    DANGERMOUSE's Avatar
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    Some help please

    Hello!

    I know some of you have been in the same situation as i am now so really im just after some advice and finding out what made you make your decision.

    Myself and my boyfriend are looking to get a mortgage within the next 6 months or so,but i dont think im going to be able to afford my car and the house.

    I really really really (x 100) dont want to get rid of my car certainly not for a smaller, slower car but i dont see what other choice i have. Ive looked into getting a Saxo VTR slower than my SRI but its £700 per year cheaper on insurance,£££ a year cheaper on petrol and i wont have a car loan at all- ill pay outright for it.

    I think i make my mind up, then walk out to my car and then i realise i just cant do it.

    What should i do? change the car and save lots of money but regret it forever? or keep the car and watch every penny and probably do overtime every day?

    any opinons welcome ,need an outside view of this, from like minded people!

    Many thanks

    nat

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    Blue Coupe's Avatar
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    re: Some help please

    Dump the car, buy the (right) house.

    Being an old fart I know it makes sense.

    Cars = Money down Drain.

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    Cameron Ginger Diaz
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    I agree hun,

    It's a difficult decision but with interest rates rising, it might be wise to get on the property ladder now - like Blue Coupe says cars just depreciate value and you're more likely to add more value onto your house, than your car. Us ladies do get attached to our cars so I know what you're going through - but a new car which you can pay outright for would be a lot better - nothing hanging over your head at all. Hope you make the right decision nat, - it might be less painful if you could sell your car privately to somebody on here - and then keep in touch with it.


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    johnny's Avatar
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    yeah your car will only cost you more money that wont be being spent on the house. its not nice but its true. i would be trying to save as much as i could so that i wouldn't have to sell it. its a real shame if your do decide to sell it

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    Natalie - if you dont mind me asking how old are you ??

    I'm not being rude but I thought you were very young <21 - leaves plenty of time for mortgages and houses in the future.

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    Get rid of the man Sorry Adam Nah, only joking. You know whats right Nat. I think its a good idea to start early on the property ladder, and if you have to get rid of her to do it, then.... so be it im afraid. A house will keep you safe. A Silver 2Ltr Astra wont. Simple as im afraid.
    Richie Rich - The Resident P.I.M.P
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    Yeah I'm with Nikon, thought you were young, sound like a right couple of pervs ops: but most people I know inc me didn't do the house thing till 25 ish.

    Surely if you and the BF are on the mortgage that still leaves enough for the car

    if interest rates go up then house prices should calm down a touch....... hopefully

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    ME and Lego pervs :| ....................... never ! ops: ops:

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    re: Some help please

    The plus bit of having the house is that with the right mortgage you can have a "cash reserve". See Standard Life Bank web site.

    So if you do not borrow upto you limit then you can have the difference in the reserve. So as your earning increase (hopefully) as you get older the reserve increases, least i think thats the theory.

    The bottom line is you can borrow this money to do what you want like buy a car. I had to buy the Astra to get to work, so I used my cash reserve to borrow at what was then I think about 4.7% but I maybe wrong, a lot lower than you can normally borrow money at.

    So suggest a bit of patience and make sure you get the right deal for you and not somebody who is going get your hard earned in commission.

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    Quote Originally Posted by LordNikon
    ME and Lego pervs :| ....................... never ! ops: ops:
    :shock: never ops: , oh but mate, you missed a cracking pair in a pink bikini at PV

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