Mizmir's "Determined to be debt free by Christmas 2009" diary

taxi73

Gosh don't envy you that position.FWIW my opinion is either 3 or 4.I wouldn't really want to call it.
Also at the moment if you get buyers come round they offer silly money.So it's best to wait for money to hopefully start moving in the market.At least staying where you are now and you both doing the jobs you've got time to pay more of your debt off and to be able to call the markets better but at least both still have your secure jobs.

boredofbeingathome

mizmir wrote: »

No - job already accepted - have been through the decision making and we're both convinced it is the right thing - also will eventually allow me to do what I want to re. the dog training too. She's prepared to do the 3 days there 4 days here thing if needed for as long as needed - and that was certainly what we had originally planned - I just got panicked about all the talk of 50% drops in value and stuff! Maybe should just hold tight and see what happens!

I think that is the best course of action at the moment. Don't panic yet about house price drops..everything has to be right for you both and i know from what you have said in the past,that she also supports your endeavours so it is very forward thinking, just a few months to wait, in what is a long term thing..really isn't so bad.

mizmir

That's a good point - we have secure jobs and can work through this till it looks more sensible to move. It is not a million miles away - only 75 or so! Regular trains and the new employer offering to help with temporary accommodation over there for OH. Of course means I have to keep doing the job here for a bit longer :rolleyes: but I can live with that! Thanks.

boredofbeingathome

mizmir wrote: »

That's a good point - we have secure jobs and can work through this till it looks more sensible to move. It is not a million miles away - only 75 or so! Regular trains and the new employer offering to help with temporary accommodation over there for OH. Of course means I have to keep doing the job here for a bit longer :rolleyes: but I can live with that! Thanks.

Problem solved then..you will soon have your perfect job too..:j Good about the employer helping out with expenses too..it all helps.

ZTD

mizmir wrote: »

Thanks bob. Yes - renting ours out is an option - though I'd be worried someone would trash it! I don't suppose that happens often but would be just our luck!

You can insurance for those sorts of mishaps if you need it.

mizmir

Thanks for that ZTD - hadn't thought of that!

hypno06

I would go (in fact I am going) for option 3......remembering of course that if house prices fall by 50%, the house you will be buying will also have fallen by 50% so you are not really losing as such.

The more you pay off now, the more freedom you will have - get focused into paying off the unsecured stuff now, and then throw as much as you can at the mortgage so you reduce any negative equity chances, so that you are in the best position possible to get the place you want when you do come to move.

If you try and sell now, there is no guarantee you will get what you want for the house, so your £300k mortgage may only just be covered, plus you have debt still, so you have no deposit for the next house and will have difficulty getting the mortgage you will need.

Sit tight for the time being and get debt free - that is my humble opinion!

hypno06

Happy 2 year MSE anniversary :T :T :T :T :T

mizmir

hypno06 wrote: »

Sit tight for the time being and get debt free - that is my humble opinion!

Wise words! Thanks all. Just needed to work through it. We've decided to do just that - get debt free by Christmas 09 then throw all we can at the mortgage (or into the offset) so that we are in the strongest position possible when we come to sell. I'll stick with the current job at least until we are financially sorted and probably longer. Feel much more settled now having sorted through the options. And if prices shift down by 50% we'll have to deal with that when and if it happens!

mizmir

hypno06 wrote: »

Happy 2 year MSE anniversary :T :T :T :T :T

Shucks - thanks! Would've thought after 2 years here I would be in a better financial position - but am not going to worry about the rocky road already travelled - focus now on the year ahead - one last push and we will be there!