Mortgage ends in 6 years - having to move out

Claire182

Hi all

Up until two years ago I worked full time, had done all my life, as has my husband. Then I got ill and have not been able to work. We ended up with a debt management plan and having to pay the mortgage interest only.

The mortgage term is up in six years time and I am so stressed and anxious about what will happen. We do have equity in the house but no savings or other assets and I have no idea how we will pay for solicitors, estate agents etc and what we will do about finding a new home. My idea is to move somewhere much cheaper (we are currently in Essex near Brentwood) but I don't know how we can manage the expenses of the transition.

Has anyone been in a similar situation who could offer some advice please?

Jenniefour

The solicitors and estate agents would be paid out of the proceeds of the house sale. Will you have sufficient equity to buy another property outright without the need for a mortgage?

Claire182

Yes, if we are sensible about where we move to. I don't want to stay in Essex, too crowded and busy for me these days.

Jenniefour

Will your DMP have ended by then? It might be worth posting on the debt free board to get those over there to check with you everything is going forwards properly re debt repayment, and to see if there's any leeway for at least having a little bit of savings. And are you claiming all the benefits you might be entitled to?

dimbo61

Come and retire to the Cheshire countryside.
Essex is very expensive and busy.
Will you get company pensions ?
Lots of beautiful parts of the country Up North to live