We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Do I sell my house? Awkward position
Rickbower
Posts: 1 Newbie
Hello
I hope you can help get my mind straight on this.
I own a house with Aprox £50k equity. I moved out a few years ago and moved in with my then girlfriend and rented my house out. Unfortunately it didn't work out but I have stayed in the area I moved to. So I am now a landlord and tennant.
I have various debts totalling about £17k and am not prepared to move back into my old house due to location of schools and also generally not wanting to move back to my old house at all.
So, now I'm having difficulties paying all my monthly outgoings I was thinking of selling my house. The main problem is that although I have never ever missed a payment on anything in my life I have recently become self employed and subsequently a director of my own very small company and no one will lend me the money to consolidate my debt at anything but a very high interest rate.
As my house has not really changed in value for about 8 years I was thinking that if I sold I could get myself straight and use the equity to make more money through my business.....only problem is EVERYONE says don't sell your house. What should I do as I'm heading for financial disaster?
I hope you can help get my mind straight on this.
I own a house with Aprox £50k equity. I moved out a few years ago and moved in with my then girlfriend and rented my house out. Unfortunately it didn't work out but I have stayed in the area I moved to. So I am now a landlord and tennant.
I have various debts totalling about £17k and am not prepared to move back into my old house due to location of schools and also generally not wanting to move back to my old house at all.
So, now I'm having difficulties paying all my monthly outgoings I was thinking of selling my house. The main problem is that although I have never ever missed a payment on anything in my life I have recently become self employed and subsequently a director of my own very small company and no one will lend me the money to consolidate my debt at anything but a very high interest rate.
As my house has not really changed in value for about 8 years I was thinking that if I sold I could get myself straight and use the equity to make more money through my business.....only problem is EVERYONE says don't sell your house. What should I do as I'm heading for financial disaster?
0
Comments
-
Who is everyone?
Are you making any money letting out the property? Are you doing everything you should be as a landlord? Consent to let, paying tax on the rental income? Deposit protection? Etc.
Instead of consolodating your debts, which isn't getting rid of your debts at all and doesn't tackle the root cause of your debts (overspending), get yourself over to the debt free wannabe board.0 -
Whats the point in struggling when you have the equity to make yourself comfortable now?
When Russia kicks off proper next year you'll be glad you sold up
0 -
I think you've answered the question yourself. If the house is a drain on your finances and you need a bit of respite while you get to work on your new business, sell it.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards