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£17,000 lost in 3 years. Advice please

13

Comments

  • Brallaqueen
    Brallaqueen Posts: 1,355 Forumite
    Save a deposit for your new place?
    Save up enough to extend your lease?
    Pay off your mortgage on this place?

    You managed to save a deposit before, and mention that you can now afford a bigger place (wage increase?), so you could be able to do it again
    Emergency savings: 4600
    0% Credit card: 1965.00
  • Bronnie
    Bronnie Posts: 4,171 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 25 September 2010 at 10:45PM
    Is your property suitable for an older person?
    Advertise widely and persistently for a flat/house swap. A longshot but nothing to lose.
  • Bronnie
    Bronnie Posts: 4,171 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    the_realist wrote: »
    works for council tenants but I dont think many banks are keen on swapping houses, lol.

    Not sure how many old people view stairs as healthy exercise either, I always figured that is why they live in bungalows rather than flats.:D

    http://www.guardian.co.uk/money/2008/nov/23/house-swaps-property-prices

    Loads of older people live in flats. Manageable size, easy to heat and no garden to worry about.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    Some flats have lifts.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    neverdespairgirl wrote: »
    Some flats have lifts.

    And some flats are on the ground floor.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Running_Horse
    Running_Horse Posts: 11,809 Forumite
    Part of the Furniture Combo Breaker
    During the last crash some lenders offered schemes where you took your negative equity to a new property. If you are both working then ask your lender how they could help you move on.
    Been away for a while.
  • myhouse_2
    myhouse_2 Posts: 553 Forumite
    500 Posts
    rosyw wrote: »
    OK, put it into perspective a bit. Where you renting before? if so how much rent were you paying? your loss works out at approx. £472 per month over the threee year period, which hasn't ended up in the LL pocket!

    That's correct - it's gone into the bankers' pocket.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I'm no expert but I would suggest that as your flat is two bedroom then it is possible to have a family in it, so if I were you I would stay in it. Save any extra money towards extending the lease, then when that's done overpay on the mortgage. Then when you are no longer in level or negative equity, look round for another place (if you still want to).

    TBH it wouldn't bother me personally buying a place with a short lease because I am 60 and as long as the lease lasts as long as I do that would be all I would be interested in. But you are narrowing your market somewhat if you rely on people my age to buy your flat :) so therefore I think extending the lease should be your first priority.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • jop8383
    jop8383 Posts: 17 Forumite
    the_realist wrote: »
    but the op's is neither so !!!!!! are you 2 on about?


    why do you think that? My flat is ground floor with own front door.

    thanks everyone. Think i'll look into getting lease extended and how much that will cost me. Then least I wont feel so much pressure to sell soon.

    Jo
  • jop8383
    jop8383 Posts: 17 Forumite
    seven-day-weekend wrote: »
    I'm no expert but I would suggest that as your flat is two bedroom then it is possible to have a family in it, so if I were you I would stay in it. Save any extra money towards extending the lease, then when that's done overpay on the mortgage. Then when you are no longer in level or negative equity, look round for another place (if you still want to).

    TBH it wouldn't bother me personally buying a place with a short lease because I am 60 and as long as the lease lasts as long as I do that would be all I would be interested in. But you are narrowing your market somewhat if you rely on people my age to buy your flat :) so therefore I think extending the lease should be your first priority.


    Thanks. It isn't a 2 bedroom. Just 1 so not possible to start family but that might have to go on hold until we are in more stable position.
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