WWYD - Sell or stay?

racheyg

We have had our beautiful cottage on the market for about 8 months. Open fire places, big garden with potential, space to extend etc.

It's on for £360,000 and our mortgage is £240,000. However, we have about £60,000 debt due mainly to me buying out my ex's part of the equity about 4 years ago.

We couldn't get another mortgage for a while as we have now started our own business, and our PAYE jobs wouldn't give us the multiples we need. So we couldn't even remortgage (even if we had no debt!)

We keep chipping away at the debt, and we have a low fixed rate mortgage and we are paying both interest and repayment.

We cannot use the potential of this house as we don't have enough money (obviously). We live comfortably and sensibly, but I feel like we are treading water.

I feel so stuck! All our friends say "why on earth are you moving" but they don't know how much debt we have.

Sob, sob, sob. My ex, by the way, now has three houses and a yacht (irrelevant I know but I wish he had stayed and I had gone!).

theartfullodger

Aye, life is tough..

There's those that can't afford fuel these days with prices rising - fuel as in bread, rice...

racheyg

Yes I know. We would be there if we didn't work about a 90 hour week each.

princessamy86

If you really want to sell, then you might need to consider seriously reducing the price. You are looking to come out of the sale £60k better off-if you want to sell I'm afraid you'll have to chip away at that! You'll have to weigh up if it's worth it to move out of that house and into rented, as this is still going to cost you each month. Ok, you'd be debt free, but what would your monthly outgoings be? You say you can't use the potential of the house, but is this really such an issue at the moment? If you say you are comfortable living there (although 90 hour weeks don't sound comfortable to me!), then why not just stay and keep trying to get your debts down? You will be able to remortgage at some point I would have thought.