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Is this Bad idea??? Home owner - to renting..
victoria87
Posts: 1 Newbie
Hi All,
My bf and I bought our flat 4 years ago and have a repayment mortgage over 5% and have paid hardly any thing other than interest over the last 4 years,
We are thinking of cutting our losses and trying to sell our flat for what we paid for it (hopefully) and have been offered a cheap flat that we could rent instead (half the amount we are paying on mortgage per month?)
Our logic behind considering this is we think would could save alot more money if move into rented for a couple of years and then go for a house once we have saved a larger deposit?
Do you think this a good or bad idea as I am really in two minds, also one set of parents are saying its best to stay on the property ladder and then others are saying well if you can really save it may be better?
What do you all think about this? Im worried we would be going backwards but then I cant see when we would be able to progress otherwise? :money:
My bf and I bought our flat 4 years ago and have a repayment mortgage over 5% and have paid hardly any thing other than interest over the last 4 years,
We are thinking of cutting our losses and trying to sell our flat for what we paid for it (hopefully) and have been offered a cheap flat that we could rent instead (half the amount we are paying on mortgage per month?)
Our logic behind considering this is we think would could save alot more money if move into rented for a couple of years and then go for a house once we have saved a larger deposit?
Do you think this a good or bad idea as I am really in two minds, also one set of parents are saying its best to stay on the property ladder and then others are saying well if you can really save it may be better?
What do you all think about this? Im worried we would be going backwards but then I cant see when we would be able to progress otherwise? :money:
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