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Thursday 20th September - Looking at options

Blog: Frustrated Businessman
Posted by: knightrider45 Thursday 20th September 2007, 5:55am

Woken up this morning at 5.15 am with a massive migraine. Not what I need at the start of a 7 days, 84 hour shift really is it? If I was "normal" I'd go sick today, but of course, I have no choice but to go in.

I'm on four days, starting today, then switch over to three nights starting Monday. Roll on next Tuesday morning!

I've had a valuer come around yesterday morning to value the house for the new mortgage . Turns out the house is now worth £155,000. Not bad considering it only cost £40,000 (just under) to buy it 10 years ago is it?

The new mortgage consultant came out to see us Tuesday night and, apparently, things are trundling along just fine.

BUT:

Because of the wife's age, I can only have a ten year mortgage. We can't afford a repayment one over 10 years (£1600 per month repayments) so we're having to settle for an Interest only mortgage, which then has to be paid back after the ten years. It will "allow" us to keep the house.

BUT:

This option ruins my 7 year mortgage clearance scheme. and worse, puts me in debt for another, extra 3 years initially - realistically, when we're sorted out a bit better, we'll go back on a repayment mortgage, my name only - which means I'll be in debt until I'm 65 plus.

AND:

We can only raise £4,000 cash as a result of the new mortgage, so I can't take any time off to live my life, instead of my life living me. Which means we'll be stuck in the same situation for all the rest of my life.

Isn't that frightening?

I'm trying to raise the cash I need to pay off the arrears on the secured loan account as the mortgage have accepted our proposals, then we keep the house as it is, and I'll be able to go part time in,say, 7 or 8 years.

So, following E2Socks suggestion, I'm aiming to start car booting the last weekend of this month so next week, I'm clearing out/sorting out the loft. I need to raise an extra £700 over the next month. Here we go!

If I don't do this, I know I'll be in debt, and a wage slave, for the rest of my life. Wish me luck!

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