Help! Do I sell or re-mortgage if possible?

January2015

FatVonD wrote: »

Absolutely do not sell or remortgage, house prices will most likely continue to increase and you may never get back on the property ladder again.

I agree you need to look at how you are using the space you have. Clear out (and sell!) as much clutter as you can, invest in a shed if you must to store out of season clothes etc in bin bags (or put them in the loft.) Clear out all the kitchen equipment that only gets used rarely, if it has a layer of dust on it then out it goes! As the saying goes, keep nothing in your home that isn't beautiful or useful!

Rethink how you are using the rooms you have, would swapping bedrooms around help (there's no law that says the 'grown ups' have to have the biggest bedroom if you have several kids squeezed into a smaller one for instance.)

I totally agree with this post :T

When our 4 kids were growing up my hubby and I had the single bedroom. We coud just fit a double bed in and still get the door open :rotfl: The kids needed the big double bedroom. To make more space my husband made a 3 storey bunk bed (which he firmly attached to the wall so they couldn't topple it over).

I also agree with the de-cluttering. It's amazing how much stuff gets accumulated that rarely, if ever, gets used. Get rid of it;)

itsallabitmuch

Agree with the above advice. You say you're bursting at the seams, which is totally understandable - have you thought of looking at what 'things' you own, and deciding what you could get rid of? You can sell on places like Facebook, Shpock, Gumtree, eBay, etc., and find that you make a decent amount of cash with the added bonus of more space at home!

DH and I started selling recently - I currently have £67 sitting in my PayPal account from items sold, and already have a load more space than we did. We've been putting things up one or two at a time on Shpock to get the reviews going, and have just today added more expensive items such as old mobile phones and furniture we really don't need having thought about it (we just wanted to get some good reviews up first to make people more willing to buy more expensive items from us).

May not be a long-term benefit in terms of financial gain, but it's certainly worth clearing some space up in your home, and making some cash whilst you do it!

determined_new_ms

Are you with a free charity for your dmp? 16 years for a dmp seems a very long time. If you're not then contact stepchange or paypal or christians against poverty

I work in housing, specifically in helping people gain or sustain tenancies. I would say the rental market is brutal now depending on where you are in the country as compared to 5 years ago and if it can be avoided then do so. A number of my clients have had notice because the landlord wants their properties back for a whole host of reasons and as long as the LLs have followed correct procedures then there is nothing can be done. Housing is in short supply so LL who are renting properties get to choose between a lot of potential renters, so competition is fierce, deposits are very large and monthly costs will be much higher than you are paying on your mortgage.

Working in the field I do I worry about if there was ever a time when we lost our house. Avoid it if you can.

dollydimple73

Yes we're with Stepchange. The original time-scale was 8 years but we were unable to keep up with that payment amount so the time has increased. Our end date is currently 2026

nkkingston

It's tougher when you already own a property, because it limits your options for clearing the debt. Give yourself a bit of mental space to have a grump about your situation - it's okay to be frustrated that a situation you don't like is the best one for you. Wallow for a day, then put that stored up energy into something productive, like a massive clear out or a big reshuffle. See if there are any ways to use your current house better, by swapping a bedroom and the lounge, maybe, or what it might cost to add a sink to a bedroom to free up bathroom time in the morning (if it's an older house, you may find a lot of the bedrooms have some plumbing already).

Money_saving_maniac

dollydimple73 wrote: »

Yes we're with Stepchange. The original time-scale was 8 years but we were unable to keep up with that payment amount so the time has increased. Our end date is currently 2026

You've probably forgotten just how awful rented is. Expensive and never ending, plus you are at other people's mercy.