Remortgage query
Discussion
Hello all,
Hopefully someone can give me a few pointers on the best course of action.
Bought my first house in 2016 for 115k. Was lucky enough that my Gramp gave me 7k for a deposit and I put the rest. Then my old man helped me out with the renovation, both financially and the actual work. Fast forward 18 months and I sold it for 145k. Paid my old chap back, cleared a credit card and still had a nice amount left.
Then got a place with my then girlfriend, now wife. We went 50/50 on deposit, fees and mortgage repayments. Paid 212k for the house. To date I’ve put roughly 22k of my own money I made on the first place into full renovation. We’re almost done and should have it all done by October when the initial 2 year rate ends on current mortgage.
I obviously love my wife but me and my old chap have been working out knackers off for years now so I’d quite like her to pay me half the renovation money back. She is all for this but doesn’t have the cash. She just took out a personal loan to pay off her crappy PCP deal so borrowing more is out the question.
Luckily house prices in the area have gone up a fair whack, I got the house at a good price and doing most of the work myself means not paid through the nose for trades. Me and my dad have done a bloody good job too, I don’t mind saying!
Anyway, should have roughly 180k left on mortgage and house I’m hoping will be worth 280k. Maybe a bit more. Do I remortgage, come down the LTV band due to the equity I’ve earned but borrow more to get the renovation money back? I know this is a bit cack handed as I’ve had to work for my money twice now but I can’t really say any other way.
Anyone else done anything similar or advice? Maximum I’ll take is 15k so not a huge amount but not inconsequential. My dads mate is a financial advisor so I can run things by him but wanted to get the lay of the land before I ask.
Cheers.
Hopefully someone can give me a few pointers on the best course of action.
Bought my first house in 2016 for 115k. Was lucky enough that my Gramp gave me 7k for a deposit and I put the rest. Then my old man helped me out with the renovation, both financially and the actual work. Fast forward 18 months and I sold it for 145k. Paid my old chap back, cleared a credit card and still had a nice amount left.
Then got a place with my then girlfriend, now wife. We went 50/50 on deposit, fees and mortgage repayments. Paid 212k for the house. To date I’ve put roughly 22k of my own money I made on the first place into full renovation. We’re almost done and should have it all done by October when the initial 2 year rate ends on current mortgage.
I obviously love my wife but me and my old chap have been working out knackers off for years now so I’d quite like her to pay me half the renovation money back. She is all for this but doesn’t have the cash. She just took out a personal loan to pay off her crappy PCP deal so borrowing more is out the question.
Luckily house prices in the area have gone up a fair whack, I got the house at a good price and doing most of the work myself means not paid through the nose for trades. Me and my dad have done a bloody good job too, I don’t mind saying!
Anyway, should have roughly 180k left on mortgage and house I’m hoping will be worth 280k. Maybe a bit more. Do I remortgage, come down the LTV band due to the equity I’ve earned but borrow more to get the renovation money back? I know this is a bit cack handed as I’ve had to work for my money twice now but I can’t really say any other way.
Anyone else done anything similar or advice? Maximum I’ll take is 15k so not a huge amount but not inconsequential. My dads mate is a financial advisor so I can run things by him but wanted to get the lay of the land before I ask.
Cheers.
It’s what I’m intending to do with my place as I’ve put £80k in my renovation. That £80k will be added to the mortgage amount which we pay 50/50 thought so I will end up paying elements of this back. You dont mention how this might work in your scenario, i.e taking out equity to pay yourself back renovation cost - is your wife then going to pay more monthly of the increased mortgage payment?
Not any help, more curious questioning.
I'm not old school (I'm 30) and been married 4.5years although together 13.
These threads keep popping up about my wife owes me this, I've lend her X amount etc.
I do not understand it, myself and wife have a joint account, all our money goes in there and all our money goes our there, we've a separate savings account. For ref I earn roughly 3.5 times more than her.
Are we the odd ones ?
If she wants something she buys it, and vise versa, if it's a large purchase we'll run it by each other. We're married, the commitment doesn't get much bigger than that, I might earn more but she's does alot around the house, we share the cooking depending who works when and although she does he main amount of house work if I'm off I also do it.
Alot of my time is spent doing the house renovations.
I'm aways baffled when married friends say about separate accounts and not even know how much each other earns, again maybe were the odd ones.
And no I'm not the mug for earning more, we've been together since 16 and at school, purely luck I've becoming in the position I am since leaving the Army.
Were like this however following advise from my grandparents when we first decided to buy a house, so maybe it's a generational thing.
I'm not old school (I'm 30) and been married 4.5years although together 13.
These threads keep popping up about my wife owes me this, I've lend her X amount etc.
I do not understand it, myself and wife have a joint account, all our money goes in there and all our money goes our there, we've a separate savings account. For ref I earn roughly 3.5 times more than her.
Are we the odd ones ?
If she wants something she buys it, and vise versa, if it's a large purchase we'll run it by each other. We're married, the commitment doesn't get much bigger than that, I might earn more but she's does alot around the house, we share the cooking depending who works when and although she does he main amount of house work if I'm off I also do it.
Alot of my time is spent doing the house renovations.
I'm aways baffled when married friends say about separate accounts and not even know how much each other earns, again maybe were the odd ones.
And no I'm not the mug for earning more, we've been together since 16 and at school, purely luck I've becoming in the position I am since leaving the Army.
Were like this however following advise from my grandparents when we first decided to buy a house, so maybe it's a generational thing.
lewisf182 said:
It’s what I’m intending to do with my place as I’ve put £80k in my renovation. That £80k will be added to the mortgage amount which we pay 50/50 thought so I will end up paying elements of this back. You dont mention how this might work in your scenario, i.e taking out equity to pay yourself back renovation cost - is your wife then going to pay more monthly of the increased mortgage payment?
Hadn’t thought of that, was gonna keep things at 50/50 and accept I was going to pay more in the long run but in theory yeah she could pay a bit more monthly. GT89 said:
Not any help, more curious questioning.
I'm not old school (I'm 30) and been married 4.5years although together 13.
These threads keep popping up about my wife owes me this, I've lend her X amount etc.
I do not understand it, myself and wife have a joint account, all our money goes in there and all our money goes our there, we've a separate savings account. For ref I earn roughly 3.5 times more than her.
Are we the odd ones ?
If she wants something she buys it, and vise versa, if it's a large purchase we'll run it by each other. We're married, the commitment doesn't get much bigger than that, I might earn more but she's does alot around the house, we share the cooking depending who works when and although she does he main amount of house work if I'm off I also do it.
Alot of my time is spent doing the house renovations.
I'm aways baffled when married friends say about separate accounts and not even know how much each other earns, again maybe were the odd ones.
And no I'm not the mug for earning more, we've been together since 16 and at school, purely luck I've becoming in the position I am since leaving the Army.
Were like this however following advise from my grandparents when we first decided to buy a house, so maybe it's a generational thing.
That's all well until you cant get your new car because you've noticed her shoes have a weird new red sole. I'm not old school (I'm 30) and been married 4.5years although together 13.
These threads keep popping up about my wife owes me this, I've lend her X amount etc.
I do not understand it, myself and wife have a joint account, all our money goes in there and all our money goes our there, we've a separate savings account. For ref I earn roughly 3.5 times more than her.
Are we the odd ones ?
If she wants something she buys it, and vise versa, if it's a large purchase we'll run it by each other. We're married, the commitment doesn't get much bigger than that, I might earn more but she's does alot around the house, we share the cooking depending who works when and although she does he main amount of house work if I'm off I also do it.
Alot of my time is spent doing the house renovations.
I'm aways baffled when married friends say about separate accounts and not even know how much each other earns, again maybe were the odd ones.
And no I'm not the mug for earning more, we've been together since 16 and at school, purely luck I've becoming in the position I am since leaving the Army.
Were like this however following advise from my grandparents when we first decided to buy a house, so maybe it's a generational thing.
GT89 said:
Not any help, more curious questioning.
I'm not old school (I'm 30) and been married 4.5years although together 13.
These threads keep popping up about my wife owes me this, I've lend her X amount etc.
I do not understand it, myself and wife have a joint account, all our money goes in there and all our money goes our there, we've a separate savings account. For ref I earn roughly 3.5 times more than her.
Are we the odd ones ?
If she wants something she buys it, and vise versa, if it's a large purchase we'll run it by each other. We're married, the commitment doesn't get much bigger than that, I might earn more but she's does alot around the house, we share the cooking depending who works when and although she does he main amount of house work if I'm off I also do it.
Alot of my time is spent doing the house renovations.
I'm aways baffled when married friends say about separate accounts and not even know how much each other earns, again maybe were the odd ones.
And no I'm not the mug for earning more, we've been together since 16 and at school, purely luck I've becoming in the position I am since leaving the Army.
Were like this however following advise from my grandparents when we first decided to buy a house, so maybe it's a generational thing.
Not just you, I don't understand the "my wife owes me..." line.I'm not old school (I'm 30) and been married 4.5years although together 13.
These threads keep popping up about my wife owes me this, I've lend her X amount etc.
I do not understand it, myself and wife have a joint account, all our money goes in there and all our money goes our there, we've a separate savings account. For ref I earn roughly 3.5 times more than her.
Are we the odd ones ?
If she wants something she buys it, and vise versa, if it's a large purchase we'll run it by each other. We're married, the commitment doesn't get much bigger than that, I might earn more but she's does alot around the house, we share the cooking depending who works when and although she does he main amount of house work if I'm off I also do it.
Alot of my time is spent doing the house renovations.
I'm aways baffled when married friends say about separate accounts and not even know how much each other earns, again maybe were the odd ones.
And no I'm not the mug for earning more, we've been together since 16 and at school, purely luck I've becoming in the position I am since leaving the Army.
Were like this however following advise from my grandparents when we first decided to buy a house, so maybe it's a generational thing.
OP - if/when you have kids, will you owe your wife anything for the time she spends pregnant and raising them? Do you split the shopping bill based on the cost of your beer vs her prosecco? If you have a day off sick, do you pay your wife for the extra electricity you used at home that day?
Everyone is different, and there is no right or wrong, but starting a marriage on the basis that "my wife owes me £££" doesn't seem like the best start to me.
wiggy001 said:
Not just you, I don't understand the "my wife owes me..." line.
OP - if/when you have kids, will you owe your wife anything for the time she spends pregnant and raising them? Do you split the shopping bill based on the cost of your beer vs her prosecco? If you have a day off sick, do you pay your wife for the extra electricity you used at home that day?
Everyone is different, and there is no right or wrong, but starting a marriage on the basis that "my wife owes me £££" doesn't seem like the best start to me.
I hear where you're coming from but no, everything is 50/50 except the cost to renovate the house.Well, more like 60/40 to me actually but anyway, I don't think it's too much to ask her to reimburse me for 50% of the costs, is it? I've been living in a building site for the best part of 3 years, work full time job in the day, all weekends doing the house and most evenings. We will have made a today profit on the house, it's been decorated to her exact liking so it's not as if she is getting a bad deal here. We're on the same page anyway, it's just how the remortgage would work that suits both of us.OP - if/when you have kids, will you owe your wife anything for the time she spends pregnant and raising them? Do you split the shopping bill based on the cost of your beer vs her prosecco? If you have a day off sick, do you pay your wife for the extra electricity you used at home that day?
Everyone is different, and there is no right or wrong, but starting a marriage on the basis that "my wife owes me £££" doesn't seem like the best start to me.
I know mortgage rates are favourable at the minute, but id not be borrowing more on it to clear a debt to you.
Id be looking for a better deal then or though this is a very long game for you (but you ll get your money) when you get your new deal, your wife then pays more than you and you can save the other.
Thats just my way of thinking as all me and my wife wanted to do was clear the mortgage and enjoy life abit more (reduced hours, holidays etc)
Id be looking for a better deal then or though this is a very long game for you (but you ll get your money) when you get your new deal, your wife then pays more than you and you can save the other.
Thats just my way of thinking as all me and my wife wanted to do was clear the mortgage and enjoy life abit more (reduced hours, holidays etc)
cossy400 said:
I know mortgage rates are favourable at the minute, but id not be borrowing more on it to clear a debt to you.
Id be looking for a better deal then or though this is a very long game for you (but you ll get your money) when you get your new deal, your wife then pays more than you and you can save the other.
Thats just my way of thinking as all me and my wife wanted to do was clear the mortgage and enjoy life abit more (reduced hours, holidays etc)
Yeah that’s the other way. I don’t mind long game really. I was looking to get some money back as my pension is sId be looking for a better deal then or though this is a very long game for you (but you ll get your money) when you get your new deal, your wife then pays more than you and you can save the other.
Thats just my way of thinking as all me and my wife wanted to do was clear the mortgage and enjoy life abit more (reduced hours, holidays etc)
te at work so aim to save/invest. Maybe I will play the longer game. Get the best new mortgage deal I can and aim to pay it off quicker and worry about the rest later on. Cheers.
Gassing Station | Finance | Top of Page | What's New | My Stuff