Hi, I made a throwaway a while back and I’ve been lurking since.
Me and my partner are in the early-mid stages of purchasing a house because we need to upsize due to our current place being too small and to future proof a baby situation along with it being both closer to work and rented places in our area sucking. We’ve got a mortgage set up and ready to go including contents/life insurance along with income protection.
Our monthly income is around £2800 which is a considerable increase from around this time last year which was about £1900-2000. Our current joint essential expenditure is about £1050 with my and my partners personal essential expenditure being around £150 / £320 respectively and we’ve calculated our joint expenditure in the new house will rise from £1050 to around £1250-£1300 at most
The deposit for the house is £11400 which will be coming entirely from my savings and the full legal/mortgage fees will be £2300. I have been advised to get a declaration of trust to protect my deposit in the event of a worst case scenario of me and my partner separating as otherwise we would both have equal equity on the house otherwise.
My current savings is £5500 in an ISA with around £7000 in crypto (90% bitcoin) with about £1000 sprinkled across my bank accounts.
My partner currently has about £1200 in savings to help pay for these fees.
My crypto sadly isn’t usable towards the house deposit due to them needing airtight statements on the sourcing of funds however I can still use it towards paying legal fees and what not. I have arranged with a family member to lend me £5000 to subsidise the crypto I cannot use and then I pay it back as and when I’d like to over the next few years
I have about £1850 on a credit card at the moment that is interest free till the 9th October which I am making minimum payments on (will be 18.9% apr afterwards)
My partner is completely debt free.
I was planning on pulling out all my crypto to pay everything off (the family loan+my credit card before I start having to pay interest) and working from a blank slate to build emergency funding or if there was a better way to do this, or to keep some money as emergency funding incase something was to happen where I/we would need a lump sum, though we have a disposable income of about £1500 a month between us so saving money will be a lot easier for the both of us now.
edit: bitcoin is going brrr as we speak so my crypto balance will probably be higher than I stated above
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