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Too Sell or Not to Sell
gavinbarnard
Posts: 6 Forumite
Hello Everyone,
A bit of advice if you have a minute.
I have a mortgaged property (170K) mortgage. The house is worth about 205 maybe 210 if i was lucky.
I have personal debt of 35k (it will take me another 6 years to clear it all).
With house prices not set to rise for some time and with the constant squeeze on finances, selling my house and clearing my personal debt would make life so much easier and sweeter.
What would you do? Sell or sit tight and clear personal debt.
Thanks
A bit of advice if you have a minute.
I have a mortgaged property (170K) mortgage. The house is worth about 205 maybe 210 if i was lucky.
I have personal debt of 35k (it will take me another 6 years to clear it all).
With house prices not set to rise for some time and with the constant squeeze on finances, selling my house and clearing my personal debt would make life so much easier and sweeter.
What would you do? Sell or sit tight and clear personal debt.
Thanks
0
Comments
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Sell. Be happy and start saving again for a deposit. You'll get a similar house for near enough the same price in a few years, I think that's almost a given.Everything that is supposed to be in heaven is already here on earth.
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bump.
Anyone else?0 -
Sell up and rent if you want to be able to sleep at night. If you're happy about it taking you SIX YEARS to clear that debt then sit tight. Renting somewhere might cost you more than the mortgage you are paying now. Have you priced up comparable properties for rent?0
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We have yeah, a similar property in the town is going for about £850 per month ( 3 bed). My mortgage per month is £700, so a little more and something i'm thinking is worth taking the hit on rather than taking so long to clear my personal debt.0
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who has valued your house because asking prices are way way above selling prices,something like a 10% to 15% gap is being talked about.It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
I'd sell and then try to rent a cheap (but decent) house for a bit. Do you really need 3 beds? Would a 2 bed do? Can you move nearer to work so that your commuting costs and time are cut?
Remember that this is just a temporary solution until you get some savings behind you and then you'll be able to buy again (if you want). It isn't forever.0 -
I don't know what prices are like in your area eg is your property at the lower end of the market already?
Could you sell for 205k, take 35k difference and split 20k to pay off debts, 15k as a 10% deposit on a 150k property. Lower monthly outgoings, debt almost halved, debt commitments greatly reduced._____________________________________________Mortgage 1 £80k paid off july 2014Mortgage 2 £213k paid off May 20210 -
Remember to factor in things like estate agents fees, stamp duty, solicitors fees, removal fees - all that will eat into your £35K.0
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