Do we have any options?

DannyboyMidlands

Nobody is interested at the current asking price of £119k but your mortgage is only £88k. Why not just drop the price like the EA suggests?

gnasher18us

dopester wrote: »

My thoughts were similar to yours, when the OP started a thread on the same thing back in November 2010.

https://forums.moneysavingexpert.com/discussion/2842354

I just have to ask why the o/p didn't take advice from their own previous post (found by dopester - thanks!) and why they think they might get different (better?) advice this time around?

The fact is you made some bad decisions, and you are to blame for making them.

The interest rate on the fixed mortgage probably is too high, but that's the risk people take with a mortgage.

You were expecting a baby, but didn't factor that into the purchase?

I don't have much sympathy, but I just hope that you think more indepth about your purchase (and what you want from it) this time if you do buy another house.

donkey1969

Hi op, sorry to hear about your spd, having suffered from that myself severely I sympathise with you, if the schools etc nearby are ok, could you not think about adapting your house to suit your ill health? Maybe have a stairlift fitted, walk in bath etc, or the alternative, try and get your lenders permission to rent the property out short term and rent somewhere yourself until house prices pick up, personally I'd go for the first option, a decent stairlift would be around 3K fitted x

go_cat

DAVESDON wrote: »

I can't afford to put it up for 69k because my mortgage is 88k.

You have a choice.. you don't have to move as I said before either reduce the price so it sells or stay there

You have to bear in mind that property prices may fall even further and your mortgage will still be £88k ..it may be time to cut your loses before you end up in an even worse position?

claire16c

I cant believe you are trying to sell at a higher price than you bought it for (and even higher than the house you said was down the road and the owner in that case was not emigrating unlike yours). No wonder no one is looking at it.

DAVESDON

I spoke to the neighbours down the road who are also selling theirs... they are moving into rented in Scotland (we're in west mids) so have put it up for 100k as a 'quick sale' on the advice of their EA, so they say. Theirs is almost same size as mine, but not in as good condition and with smaller garden.

In theory, I need to sell to cover 88k mortgage, 3k redemption and I guess about 5k moving/selling fees, which means minimum 96k.... but then I'd have no deposit for a new house?

I feel like everyone is being a bit rude to me... we bought the house in a rush to avoid being homeless (nowhere suitable to rent within an hour's commute of hubby's work and the specialist hospital where I was receiving ante-natal care due to history of m/c) and we'd never bought before, our mortgage broker was obviously duping us into a higher rate but we didn't know any better!

I honestly thought doing up the house and garden would add value seeing as we bought it cheaply...

if I put it up for 100k and sell it at that price, is it going to be possible to buy again with no deposit? I could scrape maybe 5k if I had to but thats about all

DannyboyMidlands

Don't take it personally. I think that people are frustrated rather than being rude. It is clearly not worth £119k so your options are reduce it and sell (renting somewhere new rather than buying if neccessary) or stay where you are and pay down the mortgage. You have to let go of the idea that you deserve to make a profit or enough money to fund a new deposit. No buyer will care about what you need to make your onward move, that has no bearing on the value.

Thrugelmir

DAVESDON wrote: »

I feel like everyone is being a bit rude to me... we bought the house in a rush to avoid being homeless (nowhere suitable to rent within an hour's commute of hubby's work and the specialist hospital where I was receiving ante-natal care due to history of m/c) and we'd never bought before, our mortgage broker was obviously duping us into a higher rate but we didn't know any better!

Don't read the comments made the wrong way and take offence unnecessarily. Everybody is trying their best to give you open honest advice, comment and opinion. Ultimately your in the situation so only you can choose the way you want to approach it.

Owning a home isn't like renting where you can easily move as and when you want to.

You wanted the house. The mortgage broker found you a mortgage. The interest rate reflected the risk to the lender. So nobody has been duped.

That's not your issue. To move forward you need to save more with the best option by overpaying your current mortgage. There's no easy answers I'm afraid.

pjcox2005

DAVESDON wrote: »

Do we have any options at all? We need to sell and we don't want to rent because if we get off the property ladder, we'll struggle to get back on!!

Just to note on the last bit, this is a common view which just seems misplaced.

You sell now, rent somewhere and you'll have no debt with potentially some savings in the bank. Check rental rates, but normally they are cheaper than the cost of the mortgage.

Rent somewhere practical and save up again. House prices don't look like they are about to shoot up so the idea that you'll effectively be "left behind" seems very strange.

Thrugelmir

pjcox2005 wrote: »

Just to note on the last bit, this is a common view which just seems misplaced.

We are currently in abnormal times. The cost of renting should be far higher than a mortgage. For 3 reasons.

[a]Maintenance of Property etc

Tax on Rental Income Profit
[c]Making a profit on letting property


All these are over and above what having a mortgage involve.