Beneficial interest on home/moving abroad

travellingmum

Hi

Congrats to all involved in this forum. You have been a big help on those dark nights! Havent had the courage to write though! Good luck to all who are starting the trek to financial freedom, dont worry, it gets better!

OK, here goes! We have been BR since May09. We have just received our paperwork advising us we can buy the interest on our home (we never included the mortgage on our BR).....Wait for it, not a straight forward question! We are unsure where to go with this as we are looking to immigrate to Canada in a couple of years time. Basically, if we buy the interest, we may be left with a home with no equity (not worried whether it is worth anything after all we have been through!).....Do we just hand over the keys to the mortgage company and walk?? Otherwise, if we dont buy the interest, we run the risk of the house coming into equity (only slightly!) and possibly being thrown out of it. We have 3 young children and worry about the consequences of either decision. Regarding equity, we are looking at a mortgage value of approx £109,000 with local houses currently selling at mid 90s.

Does anyone have any advice...all is welcome!!

Thanks in advance.

debtinfo

if it has no equity now and you dont want to buy it you will get another oportunity in 2 1/2 years time (at the amount of equity in it at that time) when you might be emigrating anyway. i think in your situation it depends on the mortgage payment versus the rent. if you can stay in the property it gives you options later. but if you are going to be losing money each month compared to a rent then it is not worth staying.

travellingmum

Thanks Debtinfo, we are paying very little on our mortgage at the moment. Way more than renting would cost. I am concerned that I have someone come knocking telling us to go! Apparantly house prices are slowly rising again...Worried we loose the roof over our heads, but unsure what to do if we pay to keep the rights!!!!! Why arent these decisions easy!