I dont have a clue what to do

antononcity

Any advice here would be great.

I bought my flat 3 yeras ago at the peek of the boom for £112,000 and put down £12,000 deposit

My mortgage was £100,000 0ver 35 years at about 5% £500 per month.

I know some people are in alot worse poision than me but its still quite depressing I have paid over £20,000 in the last 3 years towards my mortgage and its only reduced by £3,000 to £97,000 and there is no chance I can remortgage.

I am now thinking of selling my place I rekon I will get about £105,000 for it that will leave me with about £8,000. I can move back in with my parents rent free ha ha.

I am planning to move in with my partner start of 2011 and this would allow me to save about £1,000 a month as I clear over £1,500 a month and have no direct debits.

Is this a good idea or am I making a big mistake , anyone any idea if I would even have a chance of selling my place.?

any advice would be great I have no one else to ask

Cannon_Fodder

"No one else to ask"?

How about asking your parents - you will use their roof over your head, but not their advice?

Or the partner, whose is important enough to you to live with, but not share important financial decisions with?

They know more about you, finances, job, life attitude etc - whether this will be a hard knock or just a blip. They have to be better placed.

What is it with people who trust strangers on the internet more than the people beside them in life?


As you have asked, I think you should sell. If your research is accurate in the £105k figure, then getting out without negative equity is a good thing. If you will want to sell in a year, anyway, why risk that prices drop further, or pay any more interest on a stagnant asset.

But I could be wrong.

antononcity

i was only asking for advice not a character assasination but if you must know my girl frinds lets just say isn't very financially minded and my parents work long hours so dont want to bother them

VIGILANT22

Sometimes people post on here when they are feeling troubled and it is the first step before vocalising it to another human being...It reminds me of uni'...the Eliza and Turing Test...philosophy of artificial intelligence.

For some maybe it is a "safe" place for testing the water......

Senior_Paper_Monitor

1) No allowance made for selling/buying/moving costs

2) Likelihood of being 'off the ladder' during a period of price rises (dependng on whose forecasts you believe)

Your call .................

hwalkerh

Sometimes it is nice to get opinions from people who have been through something similar or for more then one opinion to help make a decision. They obviously want peoples advise if they posted but if you just want to be mean and not helpful don't post.

Do you have a fixed deal coming to an end? if so the rate will probably be lower then 5% which might be something to consider.

I guess the other thing would be to get out now while you aren't in negative equity and then save the money you get and any extra ready for moving next year were you will hopefully have a healthy deposit for your new place

JA1000

Stay - convert to interest only

Thrugelmir

Stay and stick with it.

House purchase is long term. Having survived 3 years why give up now?

madeupname1

Thrugelmir wrote: »

Stay and stick with it.

House purchase is long term. Having survived 3 years why give up now?

I agree with this. You don't suggest that you are having trouble paying the mortgage so I am not sure why you would want to stop now. At the beginning of the mortgage everyone is pretty much in the same position (i.e. most of what you are paying is interest). The position improves significantly the longer you stick with it.

getmore4less

antononcity wrote: »

Any advice here would be great.

I bought my flat 3 yeras ago at the peek of the boom for £112,000 and put down £12,000 deposit

My mortgage was £100,000 0ver 35 years at about 5% £500 per month.

I know some people are in alot worse poision than me but its still quite depressing I have paid over £20,000 in the last 3 years towards my mortgage and its only reduced by £3,000 to £97,000 and there is no chance I can remortgage.

I am now thinking of selling my place I rekon I will get about £105,000 for it that will leave me with about £8,000. I can move back in with my parents rent free ha ha.

I am planning to move in with my partner start of 2011 and this would allow me to save about £1,000 a month as I clear over £1,500 a month and have no direct debits.

Is this a good idea or am I making a big mistake , anyone any idea if I would even have a chance of selling my place.?

any advice would be great I have no one else to ask

How much are your bills? (suprised if they are £500pm)

How much are you saving now? ever thought of overpaying?

Why wait till 2011 to move in with partner.

Annisele

Any reason your partner isn't moving in to live with you, rather than the other way around? It sounds as though you are reluctant to discuss it with her because she isn't particularly money-savvy, but I think it would still be well worth a conversation - what if she wants to live in your flat?