Remortgage advice urgently needed

shortchanged_2 · 19 April 2012 at 3:03PM

The_J wrote: »

Pumping all your money into debt actually. The moment you bought the property you were investing in equity.

At what cost? You spend all your life watching the pennies so much to service your huge mortgage debt, great. You might even be unfortunate enough to die before all the efforts of paying your mortgage come to fruition.

And by the way. Not everyone are winners in the property game as much as you would like to make out. Ask some people who have lost their houses over the years due to various reasons.

oliel · 22 April 2012 at 10:27AM

Thank you for the constructive criticism I think your comment is very useful re living to have a life not service debt. Our circumstances have changed very much over the last 10 years - leaving the city - drops in salaries having children, moving from city to countryside, job changes etc. Huge adjustments have been made and mistakes have been made. (none of us are perfect) We have never defaulted on any debts at all. We are considering remortgaging to tide us over, we have had one valuation of the house with a view to selling - which was better than we expected due to the work that has been done, we are getting another valuation this thursday (earliest they could do) so that we can ensure we have a realistic selling price. We have 5 bedrooms when we only really need 3 or 4. So we will see what Thursday brings - providing the valuation is realistic, Then we will probably take the decision to put the house on the market. Obviously there is a risk involved in having to pay our on home reports when the property may not sell but we feel that is a risk we should take. Hopefully the 2nd valuation will be on a par with the first, we sell the house buy somewhere cheaper and are then in a great position to start overpaying on our new property, start saving and getting ourselves some sort of life. Fingers crossed.