Mortgage help - employer in administration

[Ekona]

Deposit doesn't have to come from cash, it can also be from the equity in the current house

[gangzoom]

Deposit doesn't have to come from cash, it can also be from the equity in the current house

 

The problem with trying to factor in rising house prices into their equity calculations is forgetting to take into considering how much your end up spending on the next move up the ladder.....If your house has gone up by 10% than so has the house your about to buy. Given most people buy more expensive houses as they move up that ladder, rising house prices may make you feel richer, but unless your downgrading your actually simply building up more debt.

 

For example, a 10% price increase on a £100K house is £10K extra - you feel great, but that's a £50K increase on a £500K house you want to buy next, so your £40K net worse off. Ofcourse if you can afford to move without selling up that's the best way to generate true increases in equality.

Edited May 6, 2016 by gangzoom

[Ekona]

Depends where you're moving to though, doesn't it? Or what house you want.

 

Sure, if you're playing the percentage game then yeah, increases work both ways, but if it's a new build and the price is the price and you know what you can get for yours, then you're sorted.

[ioneabee]

Depends where you're moving to though, doesn't it? Or what house you want.

as a good example of this - a mid terrace 2/3 bed house in London will buy you a Mansion where I live

[Husky]

Always entertaining to convert the cost of UK houses to USA houses for the mrs' family If I spent the same money over there as I have here, I could have my home theatre room and huge workshop and and and .....

[gangzoom]

Depends where you're moving to though, doesn't it? Or what house you want.

 

Sure, if you're playing the percentage game then yeah, increases work both ways, but if it's a new build and the price is the price and you know what you can get for yours, then you're sorted.

 

Absolutely at the end of the day to most people a house is a home first and foremost. It really doesn't matter what the market is upto, when it's your time to buy, and if you can afford it than it's all good .

[The Bounty Bar Kid]

Been in the property game with my dad since I was 18, so 16 years ago. Cash is coming from a place we've just sold that we bought back in 2003. Bought for 275, sold for 560. Could have sold it for 585-615 (top end If redecorated) but a quick sale with them taking over the tennants as they are was a better idea for us so I'll have the funds available for September onwards. Rest will be money I've saved up on top of the 250, I'll get from it.

Edited May 6, 2016 by The Bounty Bar Kid

[marzman]

I'm so glad i live 'up north'.

 

We bought our first house last year. It was a 'modest' £265k, but it's a large 5-bed with double garage in a nice but cheap area. We had some friends from London come and visit and they were really p***ed off, saying it would have cost about £1M where they live!

 

...just move up here and buy a nice house outright!

[rtbiscuit]

good luck with the interview

[The Bounty Bar Kid]

good luck with the interview

Cheers

[350 Russ]

I'm so glad i live 'up north'.

 

We bought our first house last year. It was a 'modest' £265k, but it's a large 5-bed with double garage in a nice but cheap area. We had some friends from London come and visit and they were really p***ed off, saying it would have cost about £1M where they live!

 

...just move up here and buy a nice house outright!

 

I just bought an ex council 2 bed flat near the nice part of Rickmansworth for £285k!!!!

[HaydnH]

We bought our first house last year. It was a 'modest' £265k, but it's a large 5-bed with double garage in a nice but cheap area.

 

I just bought an ex council 2 bed flat near the nice part of Rickmansworth for £285k!!!!

 

My 1 bed flat in Surbiton is worth about £450k at the minute... yes... one bed! I'm sure that's nothing compared to central London but still...

[HaydnH]

To make matters worse the boring job is with a friends husband so I can't just take it and then leave if I get another job as I'd be letting them down.

 

Have you thought about talking to him about the situation? Sure, if he has someone else lined up who may be a longer term deal he may go with them, but he may not have and may require the extra resource to get work done asap while he finds someone else.

[The Bounty Bar Kid]

The property we just sold was a small 2 bed flat in canary wharf.

[glrnet]

I'm so glad i live 'up north'.

 

We bought our first house last year. It was a 'modest' £265k, but it's a large 5-bed with double garage in a nice but cheap area. We had some friends from London come and visit and they were really p***ed off, saying it would have cost about £1M where they live!

 

...just move up here and buy a nice house outright!

So true! Some of you know that I've been working in Oldham of late, £3.20 a pint of Becks. Went to our local last night, pint of Kronenborg £4.50!!

[steve916]

If you want some straight forward advice, I'd say the following. No job is forever, as your current circumstances show.

 

Having been offered a job, which may be boring, at least it's an offer. So that's your immediate problem almost addressed. Slightly less pay, slightly less interesting, but you should / could be sorted.

 

Now the mercenary in me says, if you accept the offer, they'll have to draw up and send you a contract, but you haven't yet signed it. Well that might take a week or more. By the time you get the contract from the first job, you should know about the other job.

 

If the second job makes you an offer (get something in writing). Then if it's something more interesting, something with more opportunity, more potential. Then take the offer from the second company.

 

Then politely inform the first that, unfortunately your circumstances have changed. And you won't be taking up their offer after all. It sounds a bit rough but you have to look after your own interests.

 

If you don't get a positive response from the second company, You can then fully commit to the first job which has been offered

 

This is exactly what I had to do back in February. I accepted a job offer just to get me out of where I was. It paid the same money but was 20 miles per day extra travelling. I then heard about a job going at a place virtually on my doorstep paying 5k more and less hours too. I applied for it. Then whilst waiting for the outcome of the interview, the contract came through for the first job. I delayed sending it back by a week and then the offer came through for the second job, which I accepted. I then apologised to the first company and explained that I had received a better offer.

You have to look after number 1 at the end of the day.

Good luck with everything.

[grahamc]

Thats one hell of a deposit, if it were me I would go for a cheaper house keeping my LTV at the same rate and buy a lambo

Sorry to hear the dramas buddy hope all works out but at least you have a great starting point with job offer and the deposit you got

 

Down size the dream to 1 kid and have a lambo as well Lambo will save you money in the long run

 

I'm so glad i live 'up north'.

 

We bought our first house last year. It was a 'modest' £265k, but it's a large 5-bed with double garage in a nice but cheap area. We had some friends from London come and visit and they were really p***ed off, saying it would have cost about £1M where they live!

 

...just move up here and buy a nice house outright!

 

I just bought an ex council 2 bed flat near the nice part of Rickmansworth for £285k!!!!

 

I just bought a 1 bed apartment in London, warehouse conversion, big, parking, E1,,,, pricetag was utterly silly, but I did look at houses in Surrey for similar money and could never commit to it, especially considering the commute. With the new place, I walk to work.......... and hopefully in a few years time, I can cash it all in and buy Nurburgring (which should be bankrupt for the 13th time).

[gangzoom]

Thats one hell of a deposit, if it were me I would go for a cheaper house keeping my LTV at the same rate and buy a lambo

Sorry to hear the dramas buddy hope all works out but at least you have a great starting point with job offer and the deposit you got

 

Down size the dream to 1 kid and have a lambo as well Lambo will save you money in the long run

 

I'm so glad i live 'up north'.

 

We bought our first house last year. It was a 'modest' £265k, but it's a large 5-bed with double garage in a nice but cheap area. We had some friends from London come and visit and they were really p***ed off, saying it would have cost about £1M where they live!

 

...just move up here and buy a nice house outright!

 

I just bought an ex council 2 bed flat near the nice part of Rickmansworth for £285k!!!!

 

I just bought a 1 bed apartment in London, warehouse conversion, big, parking, E1,,,, pricetag was utterly silly, but I did look at houses in Surrey for similar money and could never commit to it, especially considering the commute. With the new place, I walk to work.......... and hopefully in a few years time, I can cash it all in and buy Nurburgring (which should be bankrupt for the 13th time).

 

Your going to drive the GTR in central London!!! I see another potential EVer looming

[ioneabee]

Just a thought but

If you leave do you forego redundancy payments?

[ioneabee]

Just a thought but

If you leave do you forego redundancy payments?

[grahamc]

Thats one hell of a deposit, if it were me I would go for a cheaper house keeping my LTV at the same rate and buy a lambo

Sorry to hear the dramas buddy hope all works out but at least you have a great starting point with job offer and the deposit you got

 

Down size the dream to 1 kid and have a lambo as well Lambo will save you money in the long run

 

I'm so glad i live 'up north'.

 

We bought our first house last year. It was a 'modest' £265k, but it's a large 5-bed with double garage in a nice but cheap area. We had some friends from London come and visit and they were really p***ed off, saying it would have cost about £1M where they live!

 

...just move up here and buy a nice house outright!

 

I just bought an ex council 2 bed flat near the nice part of Rickmansworth for £285k!!!!

 

I just bought a 1 bed apartment in London, warehouse conversion, big, parking, E1,,,, pricetag was utterly silly, but I did look at houses in Surrey for similar money and could never commit to it, especially considering the commute. With the new place, I walk to work.......... and hopefully in a few years time, I can cash it all in and buy Nurburgring (which should be bankrupt for the 13th time).

 

Your going to drive the GTR in central London!!! I see another potential EVer looming

 

My newly refurbed wheels?

 

I will only drive it out, have safe storage here.......... but may switch to keeping the MX5 with us and storing the GTR

 

Just a thought but

If you leave do you forego redundancy payments?

 

Most likely, since the package hasnt been announced

 

Sorry meant not likely ^^^

Edited May 6, 2016 by grahamc

[HaydnH]

Just a thought but

If you leave do you forego redundancy payments?

 

Most likely, since the package hasnt been announced

 

The press have been saying the tax payer will likely be paying for the redundancy payments, if so it will most likely be the statutory redundancy pay only. i.e: 1 week for every year worked (assuming BBK was over 22 when he joined, he looks about 12 to me. ). I don't think I'd risk hanging around for redundancy and losing the other job, also bear in mind that there may be plenty other BHS employees seeking work soon so the longer you leave it the more competition there will be.

 

BBK, consider the worst case scenario: you wait for the good job, you get made redundant, the good job falls through and the boring job has now gone leaving you hunting for a job for X months/years - what happens to your Wedding/House/Kid plans then? I think I'd take the boring job now, even though it's a friends husband, if it doesn't work out I'm sure they'll understand that you didn't like it there/had a better job offer/weren't challenged enough or whatever the reason to move on after short notice, if it's purely money they may even make you a better offer at that point assuming you've proven your worth by then.

[Ekona]

Any job is better than no job.

[rtbiscuit]

Just a thought but

If you leave do you forego redundancy payments?

 

you only get redundancy pay if you have nothing to go to.

 

having just been through it in my department, they only pay out if you haven't found a job, my colleague found employment before the deadline so therefore was not classed as redundancy but as natural wastage (how convenient)

 

you can sometimes be clever, have heard of people picking up the redundancy check and then the next day walking into another job.

 

I should note this was in education; the real world may be different

Edited May 6, 2016 by rtbiscuit

[The Bounty Bar Kid]

I'd only end up with 6k. Not worth waiting for redundancy. PS I'm 34

 

Taking a chance on the job. However if it's still there once I've had my interview he'll still give it to me. Hopefully the interesting job get back to me sharpish. So either way I might kinda win.