Thoughts, Opinions please

Bear_Spender

Hello,

have a joint property purchased sep 06, we have now split but both paying onto the mortgage and im living here at the moment, with the rest of the bills. can anyone offer any advice on the following scenarios or what they think they would do ( I realise it is not what others would do but solely ours, but just curious to get feedback)

1) Sell Property now (valued at about the same we have left on the Mortgage), so have to take agents and solicitors fees off and both end up slightly out of pocket

With this be mortgage and bill free and can pay approximately 60% off unsecured debt in 12 months ( I have the option to move back to the folks! Oh dear!!)

2) Rent property out (never done this before, not sure if we can with mortgage, how much it will cost on the mortgage to change it, plus the ongoing cost of the property) Basically look at it as a total investment

Investment rent value hopefully cover or just under cover the cost of the mortgage? Price could go down or go up over the next 18 months or is it just better to sell at the moment

3) Rent a room out to cover a few hundred pounds of the monthly bills, can pay more off unsecured debt but not as much as I could do in option 1?

4) Me move out, ex move back in, I can afford to pay 50% of the mortgage, and still keep it as an investment I dont live there, but have an interest?

5) Grit my teeth, suck in my belt, stay here, keep going as i am make min payments on debt and ride the storm?!?!? Im not fancying this one at the moment at all??

All thoughts greatly appreciated! Cheers:beer:

poppysarah

Sell. A clean break is a good idea.

Bear_Spender

poppysarah wrote: »

Sell. A clean break is a good idea.

Thank you, its the option my head is telling me at the moment!

kerri247

I have been in a similar situation and I sold up and went back to my parents. It has been the best decision I made.
A clean break/fresh start etc etc is a great idea, good luck with it all

Gangstabird

Sell, get rid.

Bear_Spender

kerri247 wrote: »

I have been in a similar situation and I sold up and went back to my parents. It has been the best decision I made.
A clean break/fresh start etc etc is a great idea, good luck with it all

Thanks - Yep My thoughts, take an initial hit with the fees but in the long term I can be debt free in less than 27 months by making the difference count, will be hard but so worth it I think!

Bear_Spender

Gangstabird wrote: »

Sell, get rid.

Ha ha thanks yep as you can see, im favouring this at the moment, but going to take some more advice I think

Please feel free anyone to comment?

bob79

It seems that 1) and 3) are the only realistic options. It really boils down to whether you would rather live with your folks or live with a lodger in your house.

Bear_Spender

Right, Instruction being set up Friday to see how it fairs, see what we get and take it from there?

racheyg

Sell. I split with my ex and my partner and I bought out his share (£30,000 at the time). That, we thought, would remain as equity in the property, and now prices have gone down he's bought a yacht (slight exaggeration) and we're skint!

B'tard!!!! And his golf clubs are still in the loft, along with all his other rubbish!

Bear_Spender

Ok update to old thread

Still living at same address have had no interest in property until 3 weeks ago

a few facts and let me put it out there to you for you opinions if I may?

bought £132,000

HAd £126,000 Mortgage

Remaining now £119,000

up for sale at £129,995 Slightly overpriced I reckon

Have a very keen buyer at around £127,000

Prepared to settle privately.

Should I sell or look at renting out at approx £525 per month?

Walk away with a couple of K and go on my own or stay in for the long haul with my ex?

Thanks in advance?