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Sell or Rent !!
calitriuk
Posts: 15 Forumite
Hi just after a little advice if anyone can help, I currently would like to sell my house and I am getting a valuation on Saturday, the problem is I think that the price is going to be a lot less than what I can afford to sell due to all the housing market troubles and after checking houses in the area up for sale, I owe around £105,000 and houses in the area are selling for between 85 and 100
So after some thinking I have been wondering if renting may be a better option, I have a 3 bed roomed house with good catchment for the top schools in the area. I have somewhere to move to (my girlfriend’s mums) where we intend to save for a deposit for a property of our own as this one is mine, ideally we would have sold my house with some money for a deposit but this does not look promising at the moment and I really want to move,. Anybody have any views on this not really sure what to do
So after some thinking I have been wondering if renting may be a better option, I have a 3 bed roomed house with good catchment for the top schools in the area. I have somewhere to move to (my girlfriend’s mums) where we intend to save for a deposit for a property of our own as this one is mine, ideally we would have sold my house with some money for a deposit but this does not look promising at the moment and I really want to move,. Anybody have any views on this not really sure what to do
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Comments
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If you're in negative equity I would advise you to sit tight and continue to pay the mortgage until you're out of it. Renting and paying the negative equity back to the lender would be madness.0
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i will find out more on saturday with the valuation, the problem is it will take me over a year to get it down to the prices of the houses in my area and im looking at moving asap, Could I not just rent it out and in time the tenants would pay off the mortage, Im calling the mortage company today to see the options0
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, Could I not just rent it out and in time the tenants would pay off the mortage, Im calling the mortage company today to see the options
Only the interest element of your mortgage is offsetable against rental income. The capital element is funded from after tax income.
As B&T says why not just focus on paying down your existing mortgage. Negative equity isn't a problem as long as you can affiord the mortgage.0 -
yes I see what you mean, and I can afford it, jsut spoke to the mortage company and I only need 10% deposit so that has helped things a little0
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