Downsizing when unemployed

bryanb

Milliewilly wrote: »

If she's unemployed why not move somewhere cheaper and buy outright - why stay in the South East?

Good idea, but I guess family, youngster in college etc. Plus we need her as voluntary worker (not serious, but she's good)

mlz1413

Your friend ought to be careful about NOT claiming benefits, Radio 2's Jemery Vine did a slot last year about this and this guy used all his saving before he went to the benefits office and they said as he had not registered with them before they didn't believe he wasn't intentionally unemployed and wait another 6 months to qualify for benefits.

I also know of someone personally who was too proud for benefits and when he finally (years later) had to ask for some help he had to jump through hoops for months.

bryanb

carefullycautious wrote: »

What about a private exchange.

She could downsize to a smaller property and the others could upsize. This way the other people would be paying the extra to upsize and your friends would possibly be mortgage free

Haven't heard of this, how would it work?

carefullycautious

If they talk to the estate agents they may know of someone who wants to upsize. Also when your friends market their property they can say on the sales particulars that they are open to swapping/exchanging. Advertising will help. Im sure if you started a new thread there may be people who have done this.

bryanb

I find it hard to imagine how a person with 90k equity could get a 220k house by swapping and being mortgage free. Plus if she's unemployed how could she get a mortgage in a swap?