Long Story, really need advice

Bella79

Ok, my and oh brought this house when he was self employed, quite a large property, too big for us, good deal at the time.

Recent cirumstanes see us needing to move about 40/45 mins away back to family, i need to care for my mother. These houses are not selling, loads for sale on this estate.

we put 80k down morg of 140k current repayment £620.00, end of three year deal ends end of july, however since buying this house our income has dropped A LOT, so we wouldnt be able to borrow this much again, not that we would want to. current value of house (3 valuations) £220,000.

I have to move, what are my optioons ? i cant really afford to buy another property without selling this one for the money down, then i coud get a morg of aroun £48,000 to put with the money out if here and get a resonbile house in the area i need to be. but like i said there not selling ,and i cant afford to wait year/2 year or rent this out ? then me rent in the area i want?, ive had 3 lettings agents out, they say i could let for £800pcm morg is £620

I dont know if i want to rent, when i own this house here beit in the wrong location. i cant afford to buy without the money from this house. i just not sure what to do, and could do with some advice from knowlable peeps on here please x

richardw

How much of the £140k mortgage have you paid off?

Are the nicest houses not selling?

Bella79

Hi,

Not much i dont think, only been here 3 years. No theres loads of these larger property for sale on here. there all pretty new, and nice. one plus of ours i suppose is that we back onto open fields, which is rare for new builds

richardw

Bella79 wrote: »

...one plus of ours i suppose is that we back onto open fields, which is rare for new builds...

If that is a bit of a uniqueish selling point USP, no harm in having 3 estate agents round to give a valuation and see what sort of prices you are likely to achieve and when. Then with that info you can assess the situation a bit closer.

Bella79

I have had 3 valuers out and there saying £220,000

cattie

The other houses that are up for sale, how do they compare pricewise to yours? If you are desperate to sell then perhaps the quickest way is to try taking a hit on the price. Even though the ea's have given you the £220k valuation, if other similar houses priced in the same region are not selling, then you may have to be more realistic about what you can achieve.

It's a horrible situation to be in, wanting and needing to sell when there are very few interested buyers about.

PasturesNew

What is preventing your mother moving into where you are now?

If she needs caring for, will that improve or not? If she'll never improve and will decline,it doesn't make sense for you to move to where she is, especially as it's so local.

Bella79

My mum won't move here, all her friends etc are in her home town, its my hometown too, and i would like to be back there regardless.

GAH

Always difficult to sell when there are a lot of other houses on an estate not selling.

At least your not in negativity equity, so there is a way out, its just going to be chipping into that original £80k you put down.

Reduce your price and then move back nearer to family and move into rented. I dont know what prices are doing nearer your mum, but in mosts parts of UK prices are stagnating or falling so you could even benefit from renting for a while.

Bella79

So i should sell at a reduced price? then rent nearer my family, keeping an eye on prices?