Moving up in the world - circumstances changing
October 29, 2011 8:13 AM Subscribe
Circumstances changing! Some financial help and advice needed!
posted by anonaccount to Work & Money (9 answers total) 1 user marked this as a favorite
I'm struggling with some sizeable decisions and would appreciate some input or different points of view.
Currently, I'm on a low-ish paid job and living 7miles away from work with my parents. I don't pay rent, so my only serious outgoing is the car (a Nissan 350Z), and loan repayments from the loan I used to buy the car. I'm not struggling for money but I'm not saving a great deal either. However, I was lucky enough to receive £2000 back from my bank after claiming a PPI refund. I also have about £3000 in an account that my parents set up for me a while back.
It's very possible that I'm about to be offered a new job, on significantly more money than I am on at the moment (a 10k rise), however I would be working 30miles from home.
The my new salary would enable me to get a mortgage (using a first time buyer scheme) for a flat I've been looking at on a new build estate. Ive spoken to the mortgage people and on my new salary they would be more than happy to offer me a mortgage for the flat (or something even bigger). The £5000 I have saved already, plus a little more saving (to bring it up to £7000 would be enough for the deposit.
But I can't seem to make a decision on I would do about the car.
The job pays well enough for me to keep the car - but possibly not with mortgage repayments as well.
A) Do I sell the Zed to buy something really nice but more economical?
B) Use the £2000 I have already and buy something cheaper and economical, sell the Zed to eliminate the loan repayments (almost entirely). This would require more time saving to get a deposit together.
C) Same as above but keep both cars
D) Use the £2000 to get the Zed LPG converted. Still have a nice car, costing less to run :wacko:
The loan still has about £7k to pay off (£160 a month)
I appreciate I should probably wait until I know about the job - already had 3 interviews and there are no other candidates in the running - but the thought of having to sort this mess out is giving me headaches.
So, hive mind, what do you think?