Need help and advice!

hobbit84

Hi,

I'm new to this forum so I hope this is the right place to post my question/situation.

We currently live on a top floor flat with an 8 month old baby and so are desperate to move. We bought the flat for £182k in Sept 2006 with a 95% mortgage. Our current total repayment figure is £167k. Today the flat was valued at £165 but could be advertised at £170. So basically we could just about break even. The trouble is we used a fair amount of our savings to overpay the mortgage to get out of neg equity. So we basically have less than £1000 in savings but are living in a place that is far too small and not at all practical. So we are thinking that we may end up having to get a loan for a deposit.

I know a thousands of people are the same but my head is going in circles and I just wondered if anyone else can see a way forward for us? Sometimes things need a fresh pair of eyes (and a winning lotto ticket!) Any advice or help would be very much appreciated. Many thanks. Emily x

Thrugelmir

You've done the right thing by paying down the mortgage. Interest rates will rise in the future. Thats a certainty, so reducing the mortgage debt will be beneficial in the longer term.

There is no easy answer. Except continue along the same track. Overpay your mortgage by whatever you can. Eventually you'll get to the other end of the tunnel.

Obtaining a loan to raise a deposit won't help you either.

Take a look around the other forums. That way you'll have plenty of support when the situation gets you down.

getmore4less

The place you live in is not suitable.
You will not have a deposit.

The obvious solution is sell and rent.