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Help needed.......
TomHarcourt
Posts: 87 Forumite
Hi all,
I have a bit of a dilemma. We own a small 2 bedroom flat, which is currently rented out to friends. The mortgage repayments are around £240 per month (that's interest only). There is no equity whatsoever in it, if we were to sell up we'd actually be OUT of pocket by a few grand.
The dilemma is this; should we move back in there, with 3 growing kids, for about 2 years and save over a grand a month; with the view of being very strict and buying a bigger and better place at the end of it. Or keep paying over £1100 a month in rent (which is what we pay now) and live in a house with a garden and plenty of room; with the hope of the market picking up to a point where we're able to sell it for more money? I take home around £2300 a month, my wife doesn't work at the momment, and living there we would have bills that total about £700 a month, so £1100-£1200 a month is saveable.
What would the general thoughts be on this???
Thanks for any help and tips :cool:
I have a bit of a dilemma. We own a small 2 bedroom flat, which is currently rented out to friends. The mortgage repayments are around £240 per month (that's interest only). There is no equity whatsoever in it, if we were to sell up we'd actually be OUT of pocket by a few grand.
The dilemma is this; should we move back in there, with 3 growing kids, for about 2 years and save over a grand a month; with the view of being very strict and buying a bigger and better place at the end of it. Or keep paying over £1100 a month in rent (which is what we pay now) and live in a house with a garden and plenty of room; with the hope of the market picking up to a point where we're able to sell it for more money? I take home around £2300 a month, my wife doesn't work at the momment, and living there we would have bills that total about £700 a month, so £1100-£1200 a month is saveable.
What would the general thoughts be on this???
Thanks for any help and tips :cool:
2013 wins:
A, B, C, D, E, F, G, H, I, J, K, L, M, O, P, Q, R, S, T, U, V, W, X, Y, Z.
A = Autobiography of Louis Saha
Q = Year subscription to Q magazine
A, B, C, D, E, F, G, H, I, J, K, L, M, O, P, Q, R, S, T, U, V, W, X, Y, Z.
A = Autobiography of Louis Saha
Q = Year subscription to Q magazine
0
Comments
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The only problem is that if you wait for the flat to increase in value, won't the new house you purchase have risen in value too?
Only you can decide, how old are the kids?MFW 67 - Finally mortgage free! 💙😁0 -
That's probably true and wasn't something I'd thought about. Y+The kids are 9, 4.5 and 2. Oldest 2 are at school full time.2013 wins:
A, B, C, D, E, F, G, H, I, J, K, L, M, O, P, Q, R, S, T, U, V, W, X, Y, Z.
A = Autobiography of Louis Saha
Q = Year subscription to Q magazine0 -
Would it be bearable to live in 2 bed? I have 3 and we had to have 3 kids in 1 room for about 6wks (while builders in) and it was really tough but knew it was short term.
Could you not rent something cheaper instead? Would be more of a bearable compromise??Morgage till Nov 30 GOAL MFW Sept 2016Aug 11 - £100k Aug 2016.... It's GONE!!!!!
2014 GOAL HIT 5 Stone! 2016 GOAL to be a MF marathon runner.
"A goal without a plan is just a wish"0 -
I'd say got for it, Mrs QBW would say don't!!Start Date 16/09/2015
Original amount outstanding = 225,000 Current amount outstanding =199,812
Original LTV = 64% Current LTV = 49%
Original Pay Off Date = Sep' 36 New Pay Off date = Sep' 36
Original Dly Int = 17.17 New Dly Int = 17.17 Total OP = £1319.310
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