Please Help, And Be Gentle.

lynzpower

brad

if you only bought the property this year theres a couple of things to bear in mind

As twyllyd says whats your redempton on your mortgage do you have one? FOr exmple mine is 5k if I sell before the 2nd december.

Selling up is only a good idea if your property has risen in value over adn above
a) redmption fees
b)ESTATE Agency fees
c) removal fees
d) sols fees

otherwise you make a loss.

Do you not have a room to rent to a lodger??? that would be quite a lot better, wouldnt it?

Why would you want a bigger house, when you are clearly struggling the upkeep on a smaller one

You simply have to stop writing cheques. I did that and its impossible to budget. Id even go so far as to say can you cut your cheque book up

gallygirl

tyllwyd wrote:

About selling your house - if you only took out your current mortgage in May this year, will there be any penalties if you sell now?

I agree - there are penalties based on your redemption figure, plus the fees costs involved in selling are dead money. The maths stacks up as:
Sale: 135000
Mortgage 112692
Gross profit 22308
Estate agents fees (assume 1.5%) 2025
Est redemption fee 499
Est legal fees 375
Net profit 19409

Current debts & new liabilities if sold
15342 loan redemption
6000 car (assume this is o/s figure?)
250 estimated removal costs
1000 rental deposit
500 1st month's rent in advance
23092 total

Shortfall of 3683. Could put on credit card I suppose..... Would free up, assuming rent 500 a month, 504 a month. If car loan kept on would give you a surplus of 2317 and free up 364 a month.

Do you see your house as a home or an investment? If the latter then sell, if the former let's see what we can do.

Rent a room say 250 a month.
8 mobile phone insurance
28 mortgage protection plan - why do you need this if you are in police? Are you expecting redundancy? Don't they have a fabulous sickness scheme? cancel this!
50 at least from savings on food, take advice above, get a slow cooker, batch cook, take out of freezer in the morning.
That's 336 without working out how much you can save on insurances etc. Assuming another 25 a month gives you almost an identical scenario as selling house and keeping car loan (ok, oversimplified as no maintenance costs, but may well have underestimated rent). So, would you sooner have a lodger for the length of the loans or sell up and move to rented accommodation?

Good luck!