selling up

collegegirl57

We are sick of being in serious debt. The only way out is to sell our house. This would enable us to clear all our debts including the mortgage but we would not be able to buy another property. We would have to rent privately. Has anyone else done this?

McKneff

I have close family who have done this and the feeling of relief was absolutely tremendous.
The panic attacks stopped, the stress stopped, they got on with a normal life and within
3 months they looked 10 years younger.

go for it, it will upset you for a while but i saw the result.

Jonbvn

Home ownership is not always the panacea that some people imagine. IMHO, far better to be a happy tenant than a depressed owner (mortgage holder).

southantrim3

I'd go for it as well.

It only seems to be in this country were people are mad keen to be on the property ladder. In Germany, for example - and I'm sure there are other countries as well, the vast majority of people rent their properties.

Think people here need to get a new perspective.

collegegirl57

Thank you so much for your replies. You have made me feel so much happier.x

cheeswright

why not take and hour to visit a rental agent and get them to show you the type of properties they let in your price bracket - then you'll know what you'd be getting and what you'd be giving up. I just say this as rentals around us are more expensive than mortgages - supply and demand i suppose, it may well not be the same around you. good luck.:D

When_is_the_reset?

People say that renting is dead money - but what about all that interest you are currently paying on your debts?

It is very possible that it will be cheaper to be a debt free renter than an indebted owner. You can save this extra money and eventually buy something suitable to live in.

Good luck and I hope you make the right choice for you.