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Advice please - move on or stay
nic_santorini
Posts: 801 Forumite
I am so confused what should I do:
Bought my property on equity scheme 5 years ago this september for £151 k = spent £15k doing it up. 2 bed cottage - mid terrace. £68k was shared equity and they want there money back in 10 years max. My house was valued 18 months ago at £190k and now I will be lucky to make £151k.
Do I buy out the scheme and have a £950 pm mortgage for a tiny cottage or do I use my savings and put a deposit down on a £210 property and get the house I have always wanted in a not so affullent area and have a new mortgage of £1100 pm.
The new area is not too bad - a new estate, detached 3 or 4 bed with garage, drive, en suitek dining room and living room etc
Old house - posh area - small - 2 beds, 1 bath, 1 parking space (we have 2 cars) and it is a mid terrace
Sorry to go on but the extra £150 pm for a house double the size seems like good deal, although I am gutted that I have lost all the money I have invested in this house. I should have stayed renting!!! and saving.
What do you think? Have I answered my own question?? and also should I wait for my 5 year fixed term mortgage to finish in september - the redemption penalty is £2700!!:rolleyes:
Bought my property on equity scheme 5 years ago this september for £151 k = spent £15k doing it up. 2 bed cottage - mid terrace. £68k was shared equity and they want there money back in 10 years max. My house was valued 18 months ago at £190k and now I will be lucky to make £151k.
Do I buy out the scheme and have a £950 pm mortgage for a tiny cottage or do I use my savings and put a deposit down on a £210 property and get the house I have always wanted in a not so affullent area and have a new mortgage of £1100 pm.
The new area is not too bad - a new estate, detached 3 or 4 bed with garage, drive, en suitek dining room and living room etc
Old house - posh area - small - 2 beds, 1 bath, 1 parking space (we have 2 cars) and it is a mid terrace
Sorry to go on but the extra £150 pm for a house double the size seems like good deal, although I am gutted that I have lost all the money I have invested in this house. I should have stayed renting!!! and saving.
What do you think? Have I answered my own question?? and also should I wait for my 5 year fixed term mortgage to finish in september - the redemption penalty is £2700!!:rolleyes:
Food and Smellies Shop target £50 pw - managed average of £49 per week in 2013 down to £38.90 per week in 2016
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