There must be a solution

aprilbaby

Just wondered ifanybody as any advice about our dilemma. Unable to sell our property when we moved to a new area of the country we had to rent out our own house and live in rented accommodation ourselves. We have tenants who would like to stay long term in our own house but are stuck with paying £900 a month rent which feels like money down the drain and after nearly 2 years we want to buy. What should we do? Because of the rent we are paying money is tight and I am sure there must be an easier way- Any suggestions?

Sammy85_2

Downgrade to a cheaper rental house and put away the savings you make.

Another option is to offer your old house for sale to your tenants, they may or may not go for it, but if you dont suggest it you wont know.

Finally, cut out everything you possibly can. For example, removing "necessities" such as sky will save you at least £18 a month, possibly more. Change gas/elec/phone/internet suppliers for cheaper ones. Do the "downshift challenge" on your grocery shopping. Get a second job on evenings weekends if you can, even a few hours evening work a week will soon add up.

If you really want to be able to afford a house of your own in your preferred area then it is going to require sacrifices. It all depends of how much you really want it.

surreybased

Hi,

Just to clarify so I can understand..You're renting in the new area because you can't fund a mortgage or because you have a residental mortgage on your own property? Why couldn't you sell your current house?

We moved to a new area - rented our house out (it was mortgage free) and rented in the new area. It was so frustrating paying rent especially when our money in the bank wasn't earning much interest however it helped us to get to know the area. We decided to sell the old house and we're now buying a place in the new area.