Rent or keep on hoping?

upoiupou

Trafford321 wrote: »

Yeah so we don't have a hope in hell! We are skint and stuck.

That's what makes me wonder if this is all a waste of time. There is no end in sight, we never have that much spare that we can save aswell as live. Not enough to make a significant difference anyway.

I'd focus on finding ways to increase your income, budget, make do and save. I looked at what you've posted previously on the forum and you posted at the beginning of the year about getting a loan to do improvement work including a "cheap conservatory". That might not have come to anything, but the fact you were thinking about it leaves me confused about your priorities.

Your thread title is "rent or keep on hoping". It's not hoping that's going to change your situation, but planning and acting.

Maybe spend some time in the debt free wannabe section and perhaps post an SOA there to get some input?
http://www.stoozing.com/calculator/soa.php

ACG

Just as a side note on this, if you can afford to make overpayments its probably a good idea to do it.

Lets assume your mortgage is £500 a month.
By overpaying £20 a month, your balance is coming down. OK, its not going to come down quickly, but it does mean your paying interest on £20 a month less each month. Over time it will come down quicker. Chances are you wont notice £20, but the longer you leave your mortgage as it is, the more your going to need to overpay in the future.

Have a look on this forum about people who have not overpaid and are not being threatened with reposession at the end of their mortgage.

Trafford321

Thanks for this ACG, I was waiting for someone to mention previous posts. We thought a conservatory would make more room but decided it wouldn't solve the problem and didn't do it.

Listening to advice from other posters we also had the boiler serviced and that's now ok too.

Space is really short and is the only reason we have a desire to move.

Trafford321

What's more important, saving for a deposit or repaying/overpaying the mortgage? We won't manage both at the minute.

Thanks again ��

ACG

It depends, if you can find a savings account paying a higher rate of interest than your mortgage you are best putting it in the savings account (subject to tax etc). If you cant then you would be best overpaying the mortgage.