can someone help me with my figures pls re mortgage and buying a smaller place.

ilovesweeties

I currently have ahouse which i can not afford and i think i have to find a smaller place.

I really dont want to but i am trying to work out if i will actually be better off.

I think my house is worth about 180k, i have a mortgage of 125k ish. So i make that about 55k equity.

I need to reduce my mortgage down but not sure what house price i need to be looking at in order to bring it down a hell of a lot.

I cant rent out room or move jobs this seems to be the only way which i am gutted about.

It is probably really simple i just cant see it.

thanks

Robert_Sterling_3

Not enough information.
You can't afford your present house.
How many live there?
Could you consider a flat?
Have you got debts? How much?
Are there any children.
Have you a partner.
Do you go too work.
etc etc.

Too little info and for that reason I am out.

ilovesweeties

i have a child,
I have a cc of 450.00
i could consider a flat.

The reason i can not afford the house so much now is that my ex is not paying any maintenance which was quite alot.

ilovesweeties

Sorry yes i work,
Am on my own
No partner

poppysarah

Why is he not paying? Has he got a real reason not to pay? What do the CSA say?
Are you claiming all the benefits you're entitled to?

Wickedkitten

How long ago did you buy your house?

ilovesweeties

he had a very good job but has been made redundent, i received a lovely letter from them saying that he will be giving me nothing for the foreseeable future.

Am getting all the benefits, i used to get higher tax credits but they were over payng me and i didnt know despite checking the details - just before i get flamed - so i am getting lower because of that.

I am looking into part ownership but dont think i can do that as i have my house now. I am trying to explore all my options and i really dont want to leave here.

my lodger is moving out to move in with partner so thats a further drop. When it rains it pours.

anniecave

ok this website will give you an idea of how much repayments would be for a given amount of borrowing

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator

You will need to be realistic about how much you are likely to be able to sell your property for though, as the 55K equity may not be as much as this

also you will need to allow costs of selling/buying etc

ilovesweeties

have been here for 2.5 yrs on my own paying mortgage but been in the house for 7

Wickedkitten

ilovesweeties wrote: »

have been here for 2.5 yrs on my own paying mortgage but been in the house for 7

Is it a joint mortgage?

Robert_Sterling_3

Thank you for your reply.
Although I am not able to help myself I am sure the information you have now provided will enable others to make useful suggestions.
Very good luck to you.
Robert