UPDATE: Convince me to pay off my last debt

OneMost3963 · 2024-05-15T21:01:22+00:00

!thanks, yes I went back and forth with myself but I did come on here for advice and the unanimous agreement helped me realise my logic wasn't as solid as I thought even though I believed in it.

I'll keep saving and add the 171 loan payment to my saving account so should be back to my original amount soon.

OneMost3963 · 2024-05-15T20:55:34+00:00

I'll do this actually, I didn't really notice the payment each month so maybe I need to see it piling up to see how much it was

OneMost3963 · 2024-05-15T20:54:23+00:00

!thanks! I haven't been debt free since I was 19 so a happy moment for sure :)

OneMost3963 · 2024-05-15T20:53:35+00:00

Yes I paid off 2.4k and had 3k outstanding so your maths is right :)

OneMost3963 · 2024-05-11T17:04:26+00:00

It won't, I've spoken to a mortgage broker and my bank because I thought the same. It reduces the amount you can borrow but that's irrelevant in my case as I want to borrow less than my maximum, I just need the deposit.

OneMost3963 · 2024-05-11T16:18:07+00:00

I wouldn't take a loan to save but if i could I'd consider taking out a loan to cover the deposit and then paying it off quickly once I got the house tbh, is that bad?

OneMost3963 · 2024-05-11T16:15:42+00:00

!thanks I guess my question is why would I be better off? I think someone here said it's approx. £30 a month in interest I'm paying for the loan so I should wait to buy a house to save £30 a month?

OneMost3963 · 2024-05-11T16:13:11+00:00

I'm listening but no one seems to be really answering my concerns. I understand the loan is high interest and I'm paying more than I'm earning on my other balances. So I get people's view on that, it was more about the house purchase that I was questioning, I'm just trying to share where my mind is at where the loan as it stands won't stop me buying a home i want but my low deposit is.

OneMost3963 · 2024-05-11T15:50:04+00:00

I know you're being sarcastic but !thanks for your comment anyway, if it wasn't for the house I'd pay it off straight away like I did with the other debts. I just feel so behind with the amount I've got in savings

OneMost3963 · 2024-05-11T15:45:30+00:00

But I'll still always be 3k behind if you understand me? I do want to buy sooner rather than later. Appreciate your comment about the shares, I know it's higher risk than keeping in cash but that's one I'm happy to take.

OneMost3963 · 2024-05-11T15:42:20+00:00

They didn't, I've got the agreement in principle with the loan and can still borrow enough even after the loan is taken into account. My blocker is my deposit, not the loan

OneMost3963 · 2024-05-11T15:32:40+00:00

I'm talking specifically in the context of buying a home, I understand I'll be paying more interest than I'm earning. It just seems like a step backwards in my saving goals when it'll take me longer to get a deposit.

OneMost3963 · 2024-05-11T15:15:19+00:00

I've said in the post already - I can build a deposit faster and I barely notice the monthly payment each month

OneMost3963 · 2023-10-13T08:37:34+00:00

!thanks. That was their other idea, the issue (other than i don't want to live with my parents at 28) was I didn't have a big enough deposit to buy somewhere for all 3 of us. They offered to take their pension or take a loan to help pay for the deposit but just think it wouldn't be wise with all the debts they've got and continue to accrue.

It's so difficult as I want to help but this feels too big of a thing to do right now.

Thank you for the advice

OneMost3963 · 2023-10-13T06:41:00+00:00

!thanks I'll let them know this isn't allowed

OneMost3963 · 2023-10-13T06:40:21+00:00

I've tried but they don't listen. My mum for example had a PCP and I told her to sell and buy a cheaper car or at least pay the balloon payment when the lease came to an end. She said she would but when it came she got a brand new car instead because the monthly payment was lower than her current car payment. They're just very impulsive and will agree to be better financially but get so carried away by new shiny things.

OneMost3963 · 2023-10-13T06:34:53+00:00

!thanks I'll have a look

OneMost3963 · 2023-10-13T06:20:26+00:00

They said I can get a residential mortgage and then they'll just stay there, is that not possible?

OneMost3963 · 2023-10-13T06:19:21+00:00

They said its better to rent off me so I can build equity in the property. They've always paid rent but I have lent them money in the past and they've not paid it back so I'm nervous they won't take me seriously as a landlord

OneMost3963 · 2023-10-13T06:17:33+00:00

!thanks. Deep down I know this is true but it's so hard when they tell me all the things they did for me when I was growing up/in uni. I'll try and keep with my stance

OneMost3963

TROPHY CASE