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.
📨 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!
Mortgage advice after coming out of a DMP
..ukeuro
Posts: 41 Forumite
Hi All... I'm not sure if anyone can help or advise, but I thought I would try asking. Basically, in November / December 2014, I came out of a DMP. I am now debt free (eventually!). For whatever its worth, I checked my Experian and Equifax scores the other day, and my Experian Credit score was excellent and my Equifax score was fair, though I believe that this stands for little. Now... I am currently exploring accepting a new job in London. I am shocked at rental and sale prices in London. It strikes me that I would not be able to purchase a property in Outer London, for little under £180,000. I currently live in the Midlands. I would assume that my property has approx., say £17,000 - 20,000 in equity. I am unsure if I should i) sell my house in the Midlands and see if I can get a mortgage down South with my current mortgage provider (I have never defaulted on a mortgage repayment), or ii) Rent my house in the Midlands and rent in London (approx. £1,400 a month...gulp!). Of course the absolute ideal would be to rent my house in the Midlands and buy another property down South, however, with my recent DMP, I believe its unlikely I would be able to do this for the next 6 years. Can anyone offer any help , advice or suggestions as to what the most sensible thing would be to do? Maybe I shouldn't accept the job? I'm in a real dilemma. Thank you!!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards