Give 'em The Keys And Walk Away?

sarah1980

zeke wrote: »

Lots of "cons" put forward but are there any "pros"? Mortage is around £800 a month and value is probably falling by more than that a month, so why carry on? Must be better things to do with my hard-earned wages?

Don't think there are any pros really... TBH, I would love to do better things with my wages than pay mortgages, pay bills, taxes, petrol, food etc. But I took on a responsibility for these things so it's up to me to take the rough with the smooth.

If someone borrowed £1000 off you to buy TV, and then decided the repayments were a drag so gave you the telly, I doubt you'd be too impressed. The banks are not a charity, they are there to make money after all.

shoestupid

sarah1980 wrote: »

Don't think there are any pros really... TBH, I would love to do better things with my wages than pay mortgages, pay bills, taxes, petrol, food etc. But I took on a responsibility for these things so it's up to me to take the rough with the smooth.

If someone borrowed £1000 off you to buy TV, and then decided the repayments were a drag so gave you the telly, I doubt you'd be too impressed. The banks are not a charity, they are there to make money after all.

good point well made!

getmore4less

You don't seem to have a clue of what you want to do or why.

I think you need to decide what it is you want, and have much more focused approach to where you go from here.

Why did you buy it in the first place? investment, home, just coz every else what buying.

Why that place? what made it the right one to buy at the time.

What has changed from those initial criteria to make you want to change your mind on having this place?

eg:
Investment not working out do you cut and run or make it work.
Home, wanted to live there but now don't.

Look at the senarioes.

Sell now for what you can get, might still owe money. what are the consiquences, need to rent somewhere, move in with the OH what happens if you get kicked out etc.

Keep and rent, can you cover the interest on the mortgage or would you be subsidising? where do you live, still have the fall back to move back in.

Keep and live in, could get caught in the negative equity trap, might you become forced seller can you or do you want to ride it out could be 5years+ before the prices get back to more than hte mortgage.

IMHO if you can think of no reason to keep the place then sell as soon as you can, take the hit if you cannot cover the mortgage,

Think much more carefully about buying the next time round if you do sell.

If you keep have clear objective and reasons why.

zeke

getmore4less wrote: »

What has changed from those initial criteria to make you want to change your mind on having this place?

Bought it with the ex 3 1/2 yrs ago. Very bitter and nasty split last year, ended up remortgaging to buy the b**ch out hence minimal equity now.

Now its just a millstone round my neck with lots of bad memories so you can see why I'm not keen on keeping it.

shoestupid

i know it easy to say but there is no point looking back, you have to look forward at the things you can change and look for the most positive solution - you seem to have moved on and have a new partner now so talk about how you can best structure everything - is your mortgage on repayment or interest only?? if repayment you could reduce it on interest only whilst you ride out the storm for the next 2 years or so....

x

getmore4less

zeke wrote: »

Bought it with the ex 3 1/2 yrs ago. Very bitter and nasty split last year, ended up remortgaging to buy the b**ch out hence minimal equity now.

Now its just a millstone round my neck with lots of bad memories so you can see why I'm not keen on keeping it.

Why did you keep it rather than sell it when you split?


If you really don't want to keep the place sell it take the hit and start again.