Contract Ending - Should I Sell My Flat?

ChrissieS_2

My current contract is due to end and due to a recent change in rules at the place I work, I may have to move on and not be able to work as a temp. I've been here since 2012 in temporary and permanent contracts, so this is quite a blow. (I applied for a job here but fluffed the online test so can't reapply for 6 months.)

I've got a credit card debt and I've just transferred it to a 0% card and put all my savings and most of last month's income into it, so I'm a bit stuffed to pay mortgage and bills after next month!

I was planning to sell my flat and buy in a different area after sorting out the debt and have given myself 12 months to clear it.

So all plans up in the air. Should I sell my flat now in order to keep my good credit rating and try to lodge in the meantime or are there are other ways to avoid doing this? I would have to redeem my mortgage which will cost me £3,250.

Many thanks.

Verix

Selling your flat would probably not be quick or easy. Are you not able to find a new job where you are living? Will your lender offer anything like a payment holiday for a few months?

Good luck with it.

MortgageMamma

What do you do for a living? if you have a good track record of temp work surely you could find something else before things got too bad? Do you have a spare room you could rent out?

ChrissieS_2

I'm an admin worker with a one-bedroomed flat. I am hoping to get work and will be plugging away. I really like where I am with one of the biggest employers in the city and have been working here for a few years.

I have 2 other jobs which would go a little way to helping but they only pay me a maximum of an extra £200 per month.

My current boss has v kindly emailed HR to ask if anything can be done. I realise it's my fault for messing up the test but the experience I've gained working in several different departments will be thrown down the drain which won't help anyone and I've been in the role I've applied for, for 10 months.

I suppose another option would be to let my flat out and try to live cheaply elsewhere ... ?

dimbo61

Can you let out your flat ( consent to let from lender)
How much could you get in rent ?
How much would you pay to rent a flat/room in another area?
What can you cut back on? SKY/ GYM/ Nights out? Cigs or Costa coffee?
As an admin worker sign up now to agencies in your area

ChrissieS_2

Thank you Dimbob - I was discussing with a friend last night letting the flat out. I would probably cover my mortgage and have £50-£100 over if I let at market rate. I may be able to stay with friends perhaps in return for cleaning and cooking until I find suitable work.

I don't have a gym membership (but I do have a bike, chin-up bar and fields nearby to run in), don't even have a tele or nights out, have also given up luxuries which include cheap Aldi coffee beans, don't smoke and haven't had a coffee out at local independent for about 2 months. It's all relative I know, but when I pare back you can guarantee it means I'm living on pulses and rice with fresh free veg from my parents' allotment. It's always been tough on less than the average wage for a person on their own, but this is probably my lowest point.

Mailshot going out tonight to local companies and I'm on the books of 3 agencies at the moment. Trying for a few local admin banks too - an educational establishment and hospital.