Help struggling to afford to move

ethank

Is your equity from your payments or is it from a rise in the house prices?

How much have you been paying off over and above the interest payment?

VNW

The mortgage was interest only with a view to my income increasing which did not happen - and in fact has gone downwards dramatically, although we both work very hard with long working weeks.

We overpaid by £1500 per year - just to try and make a mark so that along with a slight rise in the property price has given the equity

We love our house, but the area has gone downhill tremendously with lots of homes being bought up and rented out to people who do not care about their homes and the area

Our total income is just short of 60k, and we concentrated on clearing our debts so are totally debt free apart from the mortgage

The other problem is due to our age the longest term is 19 years

Thankyou all for your help so far and understanding - we are not in the best position as we well know, and we all take different routes in our lives, and ours has been a struggle for various reasons, we are just trying to make the most of what we have

Thrugelmir

VNW wrote: »

we all take different routes in our lives, and ours has been a struggle for various reasons, we are just trying to make the most of what we have

Easy to resign to oneself to a certain inenvitability. Many people have their light bulb moment when the switch flicks. As its within our own powers to make changes that will affect the final outcome.

ViolaLass

£60k between you, with no kids? Then a fairly sizeable mortgage payment should be doable. How much are you paying at the moment?

£180k over 18 years at 5% is about £1300 a month, which you should be able to pay. Where is your money going?

ACG

What about renting your property out?
This would mean:
1) You do not have to pay £10k in early charges.
2) You have some protection if house prices do rise.
3) It might bring you an additional income on top of your own rent?
4) It will give you some time to pay down your mortgage further still.

OK, it means your not living in a home you own, but you are still on the property ladder.

VNW

ACG That is a good idea although I always thought it was a big deal for the mortgage provider to allow renting out I really dont know how that works

ACG

Call them up and ask if they would grant consent to let and if they did would it incur any fees or increase in rate.

All lenders do it differently.

ViolaLass

But please be aware that if they say yes, you will need to do a LOT more research before becoming a landlord - it's not as simple as giving someone your keys and waiting for the rent to come in each month.