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Had Enough
Comments
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PeterJohnson wrote: »Hmm. What would actuall happen if I walked away?
That would be a decision that haunts you for many years, house would be repossed then go to auction then achieve even less than you could now sell it for. Then they will come after you for the difference.0 -
Oh that is not good. Hmm no way out then basically!According to ABBA apparently it's a rich mans' world . . .:p0
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If you can afford a bigger house. Then your first step is to start reducing your existing mortgage balance by making overpayments.
There's no simple answers in the short term.0 -
Well the rent on a bigger house is about the same as my current mortgage so that's why we wanted to do it if you see what I mean.According to ABBA apparently it's a rich mans' world . . .:p0
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PeterJohnson wrote: »Well the rent on a bigger house is about the same as my current mortgage so that's why we wanted to do it if you see what I mean.
Ask your lender what would happen if you sell for less than your mortgage. You may be able to transfer the difference to an unsecured loan then you could rent/buy elsewhere.Debt Is Slavery.0 -
Yes that could be an option as I'm sure as long as they get there money they won't care. Cant believe it's so hard just to try and rent it!According to ABBA apparently it's a rich mans' world . . .:p0
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a smaller house which you own vs bigger house you rent ? Am I getting this correct. Stick it out Peter, no short cuts as already mentioned.Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp0
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Are you on a fixed rate or could you move to a better rate? If you are struggling on £650 interest only then if rates increase that isn't likely to help. Sorry if that isn't news you want to hear but now is definitely the time to try to sort it before the rates do go up.Remember the saying: if it looks too good to be true it almost certainly is.0
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Thank you all. I will try to stick it I think.According to ABBA apparently it's a rich mans' world . . .:p0
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PeterJohnson wrote: »Hmm. What would actuall happen if I walked away?
Repossession. Then they have 12 years to chase you for the shortfall....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'.0
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