House valued at 260k. Was thinking on an extension of about 60K - allowed 40sqm without planning permission.To get a detailed reply you would need to provide more information, for example how much is your house worth, any kids or other investments etc. How are you setup for pension provision. And aside from that I agree that you need to determine with your hubby where your marriage is at...that's most important thing
That is why I need a plan now.If I'm not wrong you will be paying your mortgage until you are 78.
How do you plan to pay this in retirement?
Yes all correctCan you confirm that these numbers are correct as you have quoted.
- House value €260K , outstanding mortgage €379K : €119K negative equity
This is very significant to what your strategy should be.
Thank you. I take your point. We have alot of talking already done and no wiser. Cant go into much detail but alot of water under bridge already. He has a job, is able to work. Illness does not prevent him from working.Going on the above you're in a right fix in some ways. You say you've a good job but no pension. Hope you've got good health insurance because you can never tell what may happen at any time, today, tomorrow or ? Your husband too, even if you might not want to believe it, is sort of totally dependent on you. As I said already, you guys really need that chat or else your life will go the same route as his. I think this is the most important thing you've got to do right now. Your house if you sell it now is worth €120,000.00 less than you've got to pay back so think twice about putting another €100,000.00 into it and all the hassle that will give you in letting, etc. Put your bit of inheritance into any bank a'c for a while and sort your future with the other half. It will gradually bring both of you down if you don't and an inheritance will be the least of your worries then. I've seen it in my own family.
Thank you. I take your point. We have alot of talking already done and no wiser. Cant go into much detail but alot of water under bridge already. He has a job, is able to work. Illness does not prevent him from working.
Unfortunately he is not good with money..he has a good job...but is not a saver or a planner. If we part..we will be tied to the house via mortgage. That's why I suppose the extension or other house appeals to me..independent space. If we stay together and all turns around..well and good.
It's a total pickle.
I know. I suppose I feel like I need to do something, when like you say I dont ..not straight away anyway. I think I will be able to have honest chat with the husb. All I'm looking for is a joint committment to a future plan. Afterall, the house is an asset that could be sold down the line but we need to do something to make a serious dent in it over the next 10 years. Whatever happens privately I am willing to stick this out. If I don't, my funds will be taken by bank.You already have funds invested in shares. You could purchase further shares that pay a high dividend. Use the dividends to reduce mortgage. You can get between 4% and upwards of 8% on some dividends. The only problem at the moment is that a lot of shares are quite expensive to purchase now and may fall back because of China/Turkey/Syria and the Trump effect.
I have €100k sitting in a stockbrokers account waiting to pounce when I see weakness in some shares that I am tracking. It is burning a hole in my pocket but over 20 years of doing this is telling me to "wait".
You don't have to do anything just yet.
I can't seem to DM anyone, why is this?
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