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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Selling up to pay off debts and start over
Comments
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I would think very seriously about removing the secure roof over your head as it doesn't sound like a sensible idea to me personally. Right now so long as you can pay the mortgage it's a set out going that isn't about to change (depending on what sort of mortgage you have). Private rents are only going up, you'd be at the mercy of that forever more, struggle to get back on a potentially rising house market and maybe struggle to rent if your credit rating is poor. Then what do you do in retirement? I'm guessing your pension isn't so massive it could pay private rent prices as I know mine wouldn't.
You don't need to leave a penny to the kids, that's a 'nice to have' rather than an essential thing.
I've not been in the same situation but sounds like others have. If you feel you could realistically get back on the property ladder then it could be worth considering but otherwise I'd think long and hard about if it's the right move.0 -
In case anyone missed the important detail.
The DMP has finished.
The time to do the sell and rent was most likely at the beginning not the end.0 -
getmore4less wrote: »In case anyone missed the important detail.
The DMP has finished.
The time to do the sell and rent was most likely at the beginning not the end.
It seems the OP still has debt owed to family members which would not have been covered by a DMP.
Before you make any decisions post on the Debtfree Wannabe board with an SOA (statement of affairs) and see if they can help.0
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