any ideas what to do

rachmac_2

hi
we are trying to sell our 1 bedroom house for about 6 months now due to us having a baby. i have just done a credit check on here a result is very weak.
would it be a good idea to take house off the market or keep it on and rent a property for a while till we can get a morgage..we have a ccj. we would make 50,000 on the sale of the house if we sold it at asking price or there abouts. at the moment we have a morgage for 41,000.

MyLastFiver

As the dad of a two year-old, I agree you'll be wanting a bigger place! So in my opinion - yes - sell up and rent until your credit score is better.

There are buyers out there - the house next door to us has just sold for a good price after 4 months on the market.

rachmac_2

cheers, hard to know what to do. jacob is 4 months at mo so not in a hurry to move out soon, but we will need to move soon.

WASHER

May I ask, do you have debts other than mortgage?

rachmac_2

yeah about 14k and husband has about 8k

Tixy

Hi Rach

Have you researched how much rent you could get for your place? compared to your mortgage cost? and how much a bigger place would cost to rent. Have you done a budget to see if you could afford this scenario?

Ideally it sounds like selling would be the right thing - were you thinking that you would then sell and rent or sell and try to buy something bigger? the latter doesn't look possible at the moment. But if you could sell and clear a chunk off your debts that would obviously help with freeing up money to pay a larger rent.

How long until the CCJ is cleared and/or drops off your credit file?