Need to move, but no equity or deposit

Jvic28

Thanks, I have come to the conclusion I will have to rent once I sell the flat. No I have no equity.

Since when is...."you're stuffed" and "double stuffed" realistic advice? I have appreciated the suggestion of renting and will no doubt be taking that advice. What I was after was some information and helpful suggestions which I have now had after numerous tellings off about my attitude. I just don't see why people are so hard on me when I'm just trying to remain upbeat about a dire situation.

getmore4less

Jvic28 wrote: »

Looking at the direct gov website you have to earn less than approx 15k for housing benefit. I earn more than that however have no savings.

Not sure why there's quite the issue with shared equity though really. I don't think it makes things anymore difficult really.

Not may lenders support them

BUT the real issue with shared ownership is it only really works for those than can afford a full house or will be abe to at some point through increased income or acuiring a lump sums.


FOR all the others it is a trap.

I/O on 30% share is just posh renting with more risk and lots of downsides and costs like you are responsible for the maintanece on 100% of the place and have to sell if you want to move rather than just move.

Finncialy his was unlikely to have ever been the right thing for you to do.

look at the facts.
DMP so no new lender will be interested.

Currently 100% debt on 30% and likely to be in negaive equity.

Current lenders new criteria and porting may not support a move at 100%

No/little money for costs.

Renting it out will needs support of lender and other owner.
rent unlikley to cover costs

So what are the realistic options
I see three to get out.
You could be stuck for a while and ope to break even but risk prices dropping.

Sell and take the hit.

Rent the place out and hope you don't loose money

As for the next move

Buying again is highly unlikely to be a realistic option

Renting looks like the most realisic option.

What about house shares they are more economical, must be a few single mums that could make a good go of a share.

Jvic28

getmore4less wrote: »

Finncialy his was unlikely to have ever been the right thing for you to do...

I'm not sure about that. At the time I was looking at renting and this was cheaper. Unfortunatly I, like many others didn't predict a crash in the housing market.

getmore4less wrote: »

Currently 100% debt on 30% and likely to be in negaive equity..

Just to clarify I own the 70% share, but eiher way, yes no doubt at the moment I am iin negative equity.

getmore4less wrote: »

Renting it out will needs support of lender and other owner.
rent unlikley to cover costs..

I have had permission from the lender to rent it out however I'd be lucky to break even and don't think it'll be worth all the hassle involved with being a landlord so ruled it out.

getmore4less wrote: »

Renting looks like the most realisic option.

What about house shares they are more economical, must be a few single mums that could make a good go of a share.

I think I'll be renting. Looking at what's available on the rental market my rent will be about £100 cheaper than what I currently pay on mortgage and service charge.