advice please - my house has dropped £27k

epz_2

given the op has a 10 year fix at 5.89% im surprised everyone is so concerned about paying off the mortgage. personally i would be more concerned about building up a pot of cash to last me the 3 months before the interest was payed by the dole should i lose my job.

disclaimer, paying down debt is usually a good thing but having a pot of ready is of more value in times when others dont is more profitable.

drbeat

curlyboy wrote: »

i dont think my house will fall below £100k no way I cant see it, i might be wrong

They used to say "prices only ever go up", "they won't let it happen", "things can only get better" and "it's different this time"...

'They' were wrong!

drbeat

curlyboy wrote: »

its been 5 years the kitchen is tatty and need for a re fit

Is that your view or the missus's view?

Prudent

epz wrote: »

given the op has a 10 year fix at 5.89% im surprised everyone is so concerned about paying off the mortgage. personally i would be more concerned about building up a pot of cash to last me the 3 months before the interest was payed by the dole should i lose my job.

disclaimer, paying down debt is usually a good thing but having a pot of ready is of more value in times when others dont is more profitable.

I hadn't thought of it that way, but you are right

drbeat

It just amazes me that these "My house won't sell", "my house is worth less" posters get all sh1tfaced when people point out the reality of the situtation? The OP has admitted that his house is now worth 105K yet he seems to think it'll never drop below 100K??? The writing is on the wall and has been for a long time!

besonders1

well it can't be helped now unless you can get a mortgage refund and buy it back again at the bottom of the market. At least everyone knows that house prices can crash as well as boom.

wymondham

ess0two wrote: »

You cant put your life on hold,if you can the afford the improvements go for it.

I would'nt class not having a new kitchen as putting your life on hold...

clk299

I wouldn't actually class having a new kitchen as a particularly 'essential' thing anyway tbh. Mind you we had no kitchen floor for a long time and at one point didn't even have floorboards (the cooker was in the garden under a tarp...) maybe my priorities are different?

It does not MATTER how much your house is worth unless you are MEWing or selling. If you are not doing those, if you are in secure employment and have appropriate insurance and can pay your bills etc then if you want a new kitchen, there's no reason why not to do it- it's a bit galling knowing that you're paying more for your mortgage than someone else but that's life unfortunately.

Grade_A_Reject

clk299 wrote: »

we had no kitchen floor for a long time and at one point didn't even have floorboards (the cooker was in the garden under a tarp...)

You were lucky....we used to dream of having a tarpaulin.......

(sorry couldn't resist)

nickj_2

you are using your house as a place to live , not an investment .