Help I cant sell my House

reidy101

Please can someone advise me as to what I should do. Cant afford our Mortgage,Bills or Food.... Working full time... House has been on the market since March of this year, had a buyer but pulled out on the day of exchange... have reduced and reduced and reduced again... the stamp duty holiday does not help us one bit as our property is above the £175,000 bracket, will be repossed if we dont sell soon!! have considered sell and rent back companies but DONOT want to be rip'd off....Just hitting my head against a brick wall, feel almost suicidal if it wasnt for my children! PLEASE HELP

Gangstabird

Hi Reidy. OK, take a deep breath, it might seem like the end of the world, but you are on here and there will be people on here who will be able to help.

Welcome.

Gangstabird

How much do you owe on your mortgage and have you a link to your house?

sympatex

Troll perhaps but i'll entertain you for a bit.

You don't really offer a great deal of information about yourself. If you got repod' where would you go with kids and a shot credit rating. Renting may be difficult?

Seek professional advice from the citizen's advice bureau and discuss options with your mortgage lender. Failing that, have a word with Gordon Brown, he might have 30,000 to help but it might have all gone by now.

financegirl

please don't do anything silly.

I'm in the same situation - it's awful, i know i'm not adding anything useful, that's why i've posted my problem on the board, cos I don't know what to do either.....

reidy101

We owe £177,000 on mortgage, on the market now for £279,950, was originally on for £325,000. Want to pay off mortgage and rent for 2 years until pension and lump sum come into force, will need at least £36,000 for rent over the 2 years. Already have a bad credit rating, as got behind on payments on other debts to pay mortgage, now we struggling to pay that now... Mortgage company no help, just demanding payments be kept up....

asharon

I'm sorry but you need how much for rent ? No you really dont because that would be renting somewhere more expensive than you currently live in. Also if you are working that will help.

Good luck with it all though if its genuine.

reidy101

asharon wrote: »

I'm sorry but you need how much for rent ? No you really dont because that would be renting somewhere more expensive than you currently live in. Also if you are working that will help.

Good luck with it all though if its genuine.

It most certainly is genuine!!!

In need to stay in the area in which I live for my childrens schooling, the average rental price is between £1,300 and £1,700 pcm for a 2-3 bedroomed house or flat. I am most certainly working.

Conrad

Avoid the sell and rent back companies. Some of these companies are themselves liable to default so the property would be repossessed from them and you as tenants would have to move out!

lostinrates

reidy101 wrote: »

We owe £177,000 on mortgage, on the market now for £279,950, was originally on for £325,000. Want to pay off mortgage and rent for 2 years until pension and lump sum come into force, will need at least £36,000 for rent over the 2 years. Already have a bad credit rating, as got behind on payments on other debts to pay mortgage, now we struggling to pay that now... Mortgage company no help, just demanding payments be kept up....

If its advice on the house I suggest signing in with a diferent name to put alink of the house up. (so people don't necessarily know your financial info if they would later offer on your house).

Why do you need to send so much in rent? (i.e where do you need to live and how many of you are there)

sympatex

Thanks for the additional info, it helps quite alot and it barely looks like you're in a tricky position at all.

"We owe £177,000 on mortgage, on the market now for £279,950, was originally on for £325,000"

So originally you want near £150,000 when you NEED 36,000. 279 is not really going to sell for more than 250,000 is it, particularly in the market you find yourself in. tak the hit now, put it on at 250k and you'll have 73 k less costs for your 36k rent.

"Want to pay off mortgage and rent for 2 years until pension and lump sum come into force"
"will need at least £36,000 for rent over the 2 years"

You mean you want someone to pay your rent for you, pay it yourself and work.

This has to be a troll, you really aren't in a particularly difficult position. if you keep hanging on for your asking price you might well find yourself in one though.