So, this brexit thing....sell now?

misslissa

Bottom line we are in a lovely house that we have been renovating. Currently quite a lot of equity in it but we've also accrued high debts renovating (40k) which is frightening but manageable and we have spoken to mortgage company about remortgaging early next year as I've started working again and my income enables us to do this.

However all this brexit talk is stressing me, if the house devalues and our mortgage rate increases we will really struggle to manage financially.

We've been looking and could downsize quite a lot, be comfortable financially and still have a good sized house. I don't want to jump ship 'Just in case but on the flip side I really do because if the bad stuff happens we will be screwed.

Thrugelmir

Interest rates are going to rise. Irrespective of Brexit. Plan accordingly.

ukcarper

That's if you can sell property is not selling very well where I am.

MobileSaver

misslissa wrote: »

quite a lot of equity in it but we've also accrued high debts renovating (40k) ... We've been looking and could downsize quite a lot, be comfortable financially and still have a good sized house.

It's unlikely your house will appreciate much more over the next few years whereas it's quite likely interest rates will rise over the same period and so your debts will cost you more.

So whatever Brexit brings it would be sensible to clear those debts if you can and downsizing sounds like a practical solution in your situation.

misslissa

So it looks like we should prob bail out. We currently have about 170k equity if it sells. Our mortgage is 180k debts 40ish current value about 360k.

triathlon

misslissa wrote: »

Bottom line we are in a lovely house that we have been renovating. Currently quite a lot of equity in it but we've also accrued high debts renovating (40k) which is frightening but manageable and we have spoken to mortgage company about remortgaging early next year as I've started working again and my income enables us to do this.

However all this brexit talk is stressing me, if the house devalues and our mortgage rate increases we will really struggle to manage financially.

We've been looking and could downsize quite a lot, be comfortable financially and still have a good sized house. I don't want to jump ship 'Just in case but on the flip side I really do because if the bad stuff happens we will be screwed.

HOLD HOLD HOLD

Brexit is as good as being written off now, in only a few years there is going to be a massive shortfall in property in the UK as badly needed immigration is stepped up.
Please don't be a loser and sell up and mive into rented, your standing in society will dramatically drop 90% I promise you, is it worth it??

Jack_Johnson_the_acorn

misslissa wrote: »

Bottom line we are in a lovely house that we have been renovating. Currently quite a lot of equity in it but we've also accrued high debts renovating (40k) which is frightening but manageable and we have spoken to mortgage company about remortgaging early next year as I've started working again and my income enables us to do this.

However all this brexit talk is stressing me, if the house devalues and our mortgage rate increases we will really struggle to manage financially.

We've been looking and could downsize quite a lot, be comfortable financially and still have a good sized house. I don't want to jump ship 'Just in case but on the flip side I really do because if the bad stuff happens we will be screwed.

You have lots of equity your mortgage is probably around £650 to £700 pcm this seems like a troll post to me.

triathlon

Jack_Johnson_the_acorn wrote: »

You have lots of equity your mortgage is probably around £650 to £700 pcm this seems like a troll post to me.

That did cross my mind as well, I just find it amazing that anyone would even consider selling under those conditions

misslissa

No not a troll post. Mortgage is 800pm and our debts are 700pm so they are significant. Mortgage deal is up to next September and I'm worried the rates will rise. I'm hoping we can remortgage in the new year to reduce the monthly debt figure to about 350. I am sure I'm panicking and we can manage, I just don't want to be left with a house worth 230, debts of 40 and all of a sudden our situation isn't great.

Herzlos

Your house value isn't going to drop by anything like that much. Your equity is at about 50% so you'd need to see house prices halve before being under water.


You'll lose a lot of money selling and buying something cheaper, to then want to upsize again.


If you genuinely need something smaller, downsizing may save you a lot of money later, but that should be independent of brexit.

PasturesNew

Mine is for sale. Usually "a good time" as people like to be in for Xmas ... but it's gone flat. Agent says it's died. Not any one style, or size, or location, but across the board.

I'm still selling my house because everybody has to live somewhere and I'm selling to buy another house.

There are fewer to choose from, which can make it harder to find the next one, but that's the way it goes. If I were selling in an active/rising market then I'd probably find those for sale being snapped up quicker than I could get a look in.

Brexit is out of my vision of care.... a few people will think it'll matter... a few won't... and if you start trying to predict one way or the other you'll probably be wrong in any case.