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HollyB

Hi all, hoping someone can advise, you see i have a solution to mycurrent finiancial issue but it just seems its trapped with my property equity. My problem i am currently on a DMP with 2 CCJs, i have been on this for the last 5 years without missing a payment, i have 60k equity in my property. I want to sell my current 3 bed and downsize to enable me to be with a reduced mortgage and No Debt!! but i just cant seem to find a way round it, every month is a real struggle money wise, and its so frustrating to think if only i could sell and but something smaller i could get some peace. i have considered selling then renting for a couple of years but im really nervous about getting off the mortgage ladder, what if i could never get another mortgage? then i would end up in rented for ever?? I work FT and have an income which makes ends meet but by the time my DMP finished i will be frazzled. Help anyone, ive tried some mortgage brokers but they just arnt helpful. Just selling would give me some real peace of mind... all sensible ideas welcome.

From a hardworking lady with a nightmare teen.:o

Thrugelmir

My personal view is sell your property. Clear your debts. Then rebuild your life from there.

Not suggesting it will be easy to get back on the property ladder. However if it's what you want to achieve. Then focussing on saving money will be a major step in the right direction. While allowing time to heal your credit record.

sebastianj

Will selling the property clear all debt and you Will have 60K clear? How old is your nightmare teen and do you have a partner/ husband? Do you/ they work? Can you rent a room or two? These are important questions to help someone put themselves in your situation and try to come to a conclusion.
Don't know what DMP stands for.
seb

kingstreet

You aren't going to get another mortgage while the CCJs are still showing and the DMP is in progress.

Either carry on as you are, or sell and rent until such times as your credit file is less damaged.

HollyB

sebastianj wrote: »

Will selling the property clear all debt and you Will have 60K clear? How old is your nightmare teen and do you have a partner/ husband? Do you/ they work? Can you rent a room or two? These are important questions to help someone put themselves in your situation and try to come to a conclusion.
Don't know what DMP stands for.
seb

Hi by selling and clearing debts will leave me 60k to invest in new home (plus 10K) moving fees. No Husband/Partner. teen is 18 and at college, and i rent my spare room out to cover costs. DMP is debt management plan.. i want to downize and get a sensible mortgage and would be able to clear all my debt by doing this. No more room to rent and i wouldnt want to, also i work FT +