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help-need advice!
inthepoopoo
Posts: 2 Newbie
Had lots of bad luck financially in last couple of years dna dto cut a lng story short the recession is now hitting us really bad with my husbands business folding.
Put our house up for sale and sold for asking price giving us £10,000 equity.
We have a house abroad worth £100,00 up for sale and a house abroad with a mortgage.
When the house for sale sells it will pay the mortage off on the other house. Currently it costs us approx £900 per month adn we really dont know when the other house abroad will sell - it could be years - or it could be tomorrow!
Now we dont know what to do - to go into rented or to take another mortgage and buy again.
Wait until the house abroad sells and rent until it does?
We do not want to move far from where we are as we have children who go to the local school adn we live in an expensive area so we have worked out that the least we can get away with in morgage payments is £900 per month. Renting would cost us £450 per month.
What would you do rent or buy?
Outgoings with renting:£1950
Outgoings with buying:£2450
Income: £2663
By outgoings i mean the essentails really - no frills!!
Im worried if we cut to close to the bone we will end up in debt. I have worked hard to have no debt over the last couple of years in terms of overdrafts, car loans and creadit cards - we have none of these.
im also worried about sellinga nd the bottom of the property marketa dn then prices rising before we can buy again.
help - im rubbish at these decisions!
Put our house up for sale and sold for asking price giving us £10,000 equity.
We have a house abroad worth £100,00 up for sale and a house abroad with a mortgage.
When the house for sale sells it will pay the mortage off on the other house. Currently it costs us approx £900 per month adn we really dont know when the other house abroad will sell - it could be years - or it could be tomorrow!
Now we dont know what to do - to go into rented or to take another mortgage and buy again.
Wait until the house abroad sells and rent until it does?
We do not want to move far from where we are as we have children who go to the local school adn we live in an expensive area so we have worked out that the least we can get away with in morgage payments is £900 per month. Renting would cost us £450 per month.
What would you do rent or buy?
Outgoings with renting:£1950
Outgoings with buying:£2450
Income: £2663
By outgoings i mean the essentails really - no frills!!
Im worried if we cut to close to the bone we will end up in debt. I have worked hard to have no debt over the last couple of years in terms of overdrafts, car loans and creadit cards - we have none of these.
im also worried about sellinga nd the bottom of the property marketa dn then prices rising before we can buy again.
help - im rubbish at these decisions!
0
Comments
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If your husband's business is folding what are you proposing to pay this new, hypothetical mortgage with?
In your position, I'd rent. Property prices are unlikely to leap up in the way they have in the last decade and the Jeremiahs are forecasting further drops. I'd rent for the time being0 -
Sorry probably didnt express situation very well. I work - my husband will not have a job once business goes.
The income I mentioned is mine.0
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