Opinions please

bobblebot

Wondered if you could help me make up my mind.

skylight

Hi - read your post!

First things first. You said you have been made bankrupt already. You need to find out exactly what the OR intends to do with your house, as you can do nothing at all with it until he says so.

Whatever you chose, you will find that it will be unlikely or damn difficult to get any mortgage/re-mortgage in the future whilst the BR is still on your credit file (6 years) - BR alone is enough of a good reason for this, whether or not the rest of your credit file looks okay.

Having 5 kids at home, I know that the best stability a parent can offer, is just by being a parent. A house is just bricks and mortar (or similar!) and is not as important in your childrens life as you are. Personally? I do not think a house is worth busting a gut over, stretching yourself to find payments, stress etc that comes with it. I know that renting you are in danger of having to move every so often, but you need to find yourself somewhere that wants a lon term tenant. Most good landlords want a long-term, trouble free, pays on time tenant. Your only difficulty will be that you are on housing benefit and there is a stigma attached to that in LL eyes.

What stability is there in a house that may be repossesed anyway, even after all your efforts?

I (my opinion) would be to rent somewhere to suit my family and dump the problems.

However, I know that people (like my mother for example) would be horrified at this and see a purchased house as the only goal in life and an essential. I prefer being happy.

Good luck in whatever you decide, but make sure you get lots and lots of advice. And speak to the OR about it - they may be able to offer a suggestion.