Going to be house poor but want to rough it out. What would you advise?
Resume IA
L'auteur a acheté une maison avec un crédit de 210k£ et risque de ne pas pouvoir payer ses mensualités avec son nouveau salaire, il cherche des conseils pour garder sa maison
Conseil cle
Réévaluer ses finances et considérer la vente de la maison ou la recherche d'un emploi mieux rémunéré
Hi all, I bought a house within the last 18 months. Unfortunately due to health & just overall not really having much working up there brain wise (I'm incredibly dim...sorry mum and dad), I'm inevitably going to be on NMW for the rest of my life (not even sure I'll get that as my parents have always earned well below NMW.) I've borrowed a whopping £210k (against an original salary where I was creaming night allowances, weekend allowances & 'manager/lead' substitution payments for a good 18 months.) However this is no longer the case and I'm now in a different job just above £27k against 37 hour weeks (which includes London premium.) Unfortunately this job is going to go soon as well as I've had bad performance reviews (get called useless regularly which is the truth to be fair) so will aim for NMW from now on and hope I can keep whatever job I get and hope it's FT. I don't want to lose my home as it's one of the decent cheapest ones within the M25 whilst also being near mum & dad (they don't drive anymore and rely on free TFL 60+.) They are often the only individuals I have conversations with for weeks on end and only ones keeping me here hence why I don't want to sell up and move to a cheaper town until they pass/move back to their home country. Some numbers to help with the analysis. Predicted take home on NMW: £1675 (currently I earn £1850.) I rent a room out at £500pm (currently used as reserve fund for repairs/overpayments.) Mortgage: £930pm (4.4%.) Council Tax: £205pm. Energy: £120pm. Water + Internet: £70pm. Food: £100pm (IBD helps as I eat once a day during the week & twice a day Sat & Sun so £100pm is more than I spend at the moment) Travel: \~£200pm. Discretionary spend (i.e. in case I get holes in my shoes): £50. Total expenditure: £1675pm *I've written this post to see if someone can guide with their own experiences or model with maths/logic if it'll get easier in about 10 or 20 years if I ride it out* (providing interest rate