advice please - my house has dropped £27k

scousethife

what is the point of this thread?

PennyTrader

I agree with the majority on this board - it isn't a problem.
You have somewhere to live and can afford to pay the mortgage. House prices change all the time and it's not really something worth looking at unless you are moving on or selling up. Obviously you were happy with the price you paid for the house at the time you bought it so why would it be a problem now?

Another point that seems to have been missed here is that were you to sell up and go to cash you might have trouble getting a mortgage again. Lending is tightening up and the criteria are getting harder to meet.

thriftyminx13

is the kitchen that bad after 5 years? could you not save some money byt re-painting or replacing the doors? my kitchen hasn't been re-done in 8 years, is 5 years not a little soon to be re-doing it to the tune of 2k?

only a query not a criticism!!

curlyboy wrote: »

swipe = ???, so dont have my kitchen done keep the money in the bank ?? its been 5 years the kitchen is tatty and need for a re fit

Gorgeous_George

You won't know the value unless you sell.

Get on with your life. I'd be fitting the kitchen and redecorating myself to save a few pounds. Life is for living. Only you know how secure your job is and how easily you could find employment if your company folded. By all means save some money but don't stop spending on the things that you want.

Whatever you do, look after each other. You cannot afford a divorce.

GG

ess0two

wymondham wrote: »

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

I would given the general consensus on here of save,save,worry,worry.....just get on with your life.Any major decisions are more then likely out of your hands.

PasturesNew

I'm all right Jack.

I couldn't see the point of the thread, so just added in my random comment regarding my own perception of my current position.

Although, a year ago, I was well cushty.

So I might not be in negative equity, but certainly gone from well cushty to just all right Jack in that time. I am hoping that shortly I won't be in a state of OMG.

Paulgonnabedebtfree

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.

That's probably the way I would do it in the OP's situation. In fact, I wish I was in his situation. Probably better to keep any savings etc below income support etc. means testing level though (is that still 6k). In this climate my plan of action would be to only have enough saved up not to disqualify me from benefits and throw the rest at the mortgage.
Sod the kitchen. The food still tastes the same . No insult intended. Just my way of putting things.

SingleSue

My kitchen cost me £50 from the local paper (not including white goods of course) over 10 years ago.

It is still serviceable and usable so maybe you could have the best of both worlds OP, look in the second hand ads in the paper or on freecycle, do the kitchen up for a nominal cost and put the extra into the savings pot as a just in case jobbie.

Laughing_man

drbeat wrote: »

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!

Does it really?

For this guy having his house valued at 100k+ is the psycholgically critical breakeven number that means he is o.k. It is the line in the sand that seperates him from the imaginary group of people who are at risk or could lose out in the recession. If he crosses it suddenly those news reports about negative equity and the crunch etc. will be about him and not some faceless other person, which will cause him anxiety, so he prefers to just not see it, no way, pal.

techno12

clk299 wrote: »

It does not MATTER how much your house is worth unless you are MEWing or selling.

What on earth is MEWing? I've been reading and posting on these forums for a year and I've never been able to work out what the hell that means!!