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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Should We Sell Our Home?
brianj1965
Posts: 2 Newbie
My wife and I are 53/59 yrs old. We have $0 savings and retirement. We have over $32k in debts excluding our home. Our household income is $140k. Several agents have inquired with us to sell our home. We owe $71k on our home and they are offering $170k. Should we sell our home to become debt free?
0
Comments
-
Based on the figures you state above, definitely not - but of course that's only a fraction of the story, You might do better on a site based in your home country though as there will be ,limits on the advice we can give here in the UK.
Essentially though your total debt is a fraction of your annual income.
- Set a proper budget, cut out fripperies, stick to budget.
- overpay on debts.
- Keep your home, and be debt free (barring the mortgage) anyway after a relatively short time.
- Throw every spare penny at getting shot of the mortgage if you are allowed to do this.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Your household income is very high. Is there any reason you can't have a frugal year and pay off the money? Including mortgage you owe less than one year's salary.Debt Totals July 2019::
[STRIKE]£350 Natwest Credit Card [/STRIKE]/ ]Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £7,000 £5,000 sister loan/ Now £0[STRIKE]£500 train ticket loan from parents [/STRIKE]/ Now £0 (paid off 16/02/18)[STRIKE]£2,000 Overdraft[/STRIKE] Now £0 (paid off 09/03/18) £1,967.83 Barclays 0% card Now £0 Total £7,0000
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.2K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards