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two into one or not?
mercedes41
Posts: 2 Newbie
My OH and I both own homes with mortgages, his is a small mortgage lots equity, mine is big mortgage not as much equity. My house is my former matrimonial home so I think it would be better to start afresh. His house is too small for me n my kids to move into.
The dilemma is do we:-
1. Sell his house, sell mine - buy another house to live in
2. Sell my house, he rents his out and we buy another house to live in
3. Sell my house, I rent a house short term and then he rents his short term and we live in my rented house
4. He buys out my ex-husband by taking out a bigger mortgage on his place and becoming part owner of my house - rents out his place and we live in my house
Ever the optimist worried about should things go pearshaped we would have got rid of our own properties. Bit reluctant for either of us to leave the property ladder so not sure what to do! Someone wave a magic wand and solve my dilemma!!
The dilemma is do we:-
1. Sell his house, sell mine - buy another house to live in
2. Sell my house, he rents his out and we buy another house to live in
3. Sell my house, I rent a house short term and then he rents his short term and we live in my rented house
4. He buys out my ex-husband by taking out a bigger mortgage on his place and becoming part owner of my house - rents out his place and we live in my house
Ever the optimist worried about should things go pearshaped we would have got rid of our own properties. Bit reluctant for either of us to leave the property ladder so not sure what to do! Someone wave a magic wand and solve my dilemma!!
0
Comments
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I would go for option three if you are able to sell your house and if renting his house would cover his mortgage. If things go well then you may be able to pick up a good deal on a house later on and if things don't work out then at least you are not financially tied together by way of a joint mortgage.Jan 1st 07 Car loan £4830.46@12% Personal Loan £11,517@8% variable Overdraft £1500 July 2009Halifax-£0Debt free date 14th July 2009 :j0
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