Not a chance right from the start!

LAINEY28_2

Hi,

I bought my home in 2004 just before house prices went overboard. Being only 22 at the time and being my first property I decided to go to my own bank RBS. Both myself and partner were working full time with no debt. RBS refused us TWICE! This meant anyone else we tried also did the same destroying our credit record right from the word GO! (also found out husbands relative with same name had a default registered on our credit history!)

SO UNFAIR!

To get a mortgage we eventually used a broker who charged us £350 for the privelage and I am now sitting in my house owning it no more than I did 6 years ago and my husband and I have the worst credit history EVER!!!(due to having 2 children & stopping work etc)

My house is currently worth the exact amount of outstanding debt we currently have. Seriously considering selling up and moving to rented accomodation. Just to clear our feet from the bad times.

No one will give us a mortgage with our cedit rating and if anyone would it would be with shocking interest rate!

Never rented before and slightly wary??

Does selling up and renting sound like a good solution or should I stick it out?

Any advice appreciated:(

TrickyDicky101

The question is would it cost you less money to rent than it does to continue living where you are at the moment? If it would cost less then it is a consideration, but if not, why would you?

LAINEY28_2

I am currently living in a 2 bedroom house (kids sharing a room and getting to that age) and might aswell be paying for a new build 4 bedroom property thanks to a personal loan and a secured loan. (previous mistakes I will admit)

We would save just £45 per week by renting and have a bigger house??
Just don't know as people say owning is everything and would I get a mortgage in 2 to 3 years time if I come off the property ladder just now?

Oh I just don't know!

beecher2

£45/week is quite a lot to be saving, and you don't need to worry about the costs of maintenance. I'd definitely sell up and move and don't believe owning is everything - especially when you don't actually own any of your property at the moment. Rebuild your credit files, and enjoy being in a bigger house - can't see any negative to it.

Just make sure you have enough money to pay your debts and the costs associated with selling up, and moving, including deposit for rented accommodation.

LAINEY28_2

It just sounds to good to be true after the past 6 years we've had! Far to handy that the equity in my house would clear all my horrible debt!!

LAINEY28_2

Quick Update Everyone.......

I have been very brave and put our house on the market at £3,000 under the valuation price (really hoping this encourages a quick sale) We have an entry date to rented property as of 26th November. This is not a long time to sell a house but it really does all hang on finding a buyer as I can't pay for both properties. Renting this out isn't an option either due to our debt thats secured on the property, plus I would just like a clean break!!

Any advice on getting a property sold quickly?? Contacted these 'we'll buy your house' folk and they offered pennies compared to the valuation price!!! Been on the market since Wednesday last week but I am mega impatient (and very nervous).....no one has even viewed it yet!!!!!:undecided:undecided:undecided:undecided

firstaspect

Unfortunately in this market you may find the only way to sell is to drop the price significantly below valuation (we had ours valued at £190k and sold at £174k eventually), especially if you want it to go through quickly.

vectistim

LAINEY28 wrote: »

I have been very brave and put our house on the market at £3,000 under the valuation price (really hoping this encourages a quick sale) We have an entry date to rented property as of 26th November. This is not a long time to sell a house but it really does all hang on finding a buyer as I can't pay for both properties. Renting this out isn't an option either due to our debt thats secured on the property, plus I would just like a clean break!!

Typically, there's _at least_ six weeks between agreeing a sale and completion. Have you committed to this 26th November date? To make that dovetail with the sale would essentially been getting a buy straight away.

It would probably be more sensible to wait until you have a buyer before finding a rental.

LAINEY28_2

Nothing signed for the rental as of yet but it is thru a friend and verbally agreed only.
Really hoping for a quick sale tho and we are using the same solicitor for selling, exchange of deeds and renting so hopefully that will push things along a wee bit quicker!

fingers crossed!

Trollfever

To those selling in these difficult times Part Deux. AKA sellers support network!


https://forums.moneysavingexpert.com/discussion/1707749