Keep equity in house or sell and invest it?

justfindfive

Hi

This idea has been bugging me and I'd like some advice as to it's credibility.
I have £65K equity 'stuck' in my house. I've been made redundant from a better paid job and now find that I could not afford a new mortgage to allow me to move up the property ladder even if i wanted to

To ease my growing financial pains - i'm considering selling my house and investing the equity and then renting a new home.

My current mortgage is £98K (24 yrs to pay) and I pay £680 per month.

Initial advice please.

JoeK_3

It may be wise to stop the pain but where would you invest the equity?

JoeK

justfindfive

I would need something safe but that offers a reasonable return.
I'm not looking to risk it in any venture, just want it earning a little
year on year until i'm back on track.

What would you suggest?

JoeK_3

Look up and find a good Independent Financial Adviser (IFA) in your area.

JoeK

CLAPTON

whatever is your objective here ?

can you not afford the current mortgage?
or do you want a 'better' house that you perceive renting will give you rather than buyng the current house?
or do you need more income ?

or whatever?

justfindfive

Owning the house seems to be putting me deeper into debt and yes, although I'm managing to pay the mortgage every month - if I stayed in the position I'm in at present, my reliance on Credit will become greater.

I'm in a low paid job for a time but am daily searching for a better income - that will come.

I'm looking for a quick fix to avoid getting deeper and deeper in debt.

I just saw the opportunity to rent for 4-5 years and invest my equity for that time as an interesting possibility. But will I lose out. My partner is worried we may never be allowed another mortgate but I don't have that concern.

Please respond.

JoeK_3

Why wait and get deeper in debt?

JoeK