First home/Forever home!

debtfreeoneday

Sorry to hear this, I'd advise the same, stay put for now and get the finances sorted and then see how you feel.

Finchy2018

thanks guys - I agree it probably is best to stay put for the moment. I can remortgage in Feb as this is when our fixed term ends, In the meantime I'll just see what happens I guess! If I was to move it would be to a new town, and job hunting isn't going to be easy for the foreseeable so I guess it makes sense to stay put for now. 

Finchy2018

Oh it's been a while since my last update!  Still in the house - no overpayments made as property is still in joint names. Getting the remortgage stage where I need to work out what I want to do. My intention had been to buy ex out, get property put in my name and live happily ever after. However! I am now considering the idea of moving town / county so a cheaper location, I could halve my mortgage. 

I think I'll still remortgage and get house in my name whilst I work out what I am doing. If I were to move I'd rent for 6 months first to make sure location is right, but I guess there is no reason why I couldn't sell during that time anyway. My fear is if this is such a good time to be making such huge life choices. But... .there never is an ideal time for this anyway I suppose. I'm also worrying about affordability on current place, I don't want to plough all my savings into the property just to keep it, as much as I like it. 

FtbDreaming

Hi finch I’m new to mfw so reading the threads with the least posts lol! 

Its madness how life changes overnight but you’ll soon be back up and running and on your next chapter. I was on the DFW in 2017.. all was going great until 2018 when life took a turn for the worst. Roll on 2019 and I was in a position to get back on it and now I’ve finally made it here! I think as good as our MFW intentions are we always have to be aware that they are only realistic today and anything can change tomorrow. 

If you relocate are you going near friends/ family or is it just a whole new fresh start? If I was on my own I’d happily move anywhere but with DP and 3 kids we’re tied to schools and family for the next 10 years at least! 

Good luck anyway x

Finchy2018

Somewhere totally new! My family are scattered, my friends were mostly ex's friends so I need to make new ones anyway so I'm thinking total fresh new start.  I could buy a similar house to what I am in now for £100k less. It's something to seriously think about! 

LeighofMar

Whatever you decide, I am sure it will be a good move for you. Sorry about the circumstances but sometimes a fresh start, especially if it will make you even more financially stable, is exactly the answer you need. And whatever house you pick will be what you want for you and your lifestyle. That will make it extra special. 

Hazelnutty

Hi Finchy I was in a similar position to you and I initially remortgaged our family home as it seemed the path of least stress and disruption. It meant losing a fantastic tracker deal with only 13 years left to run but I couldn't afford the monthly payments. I was never attached to the house (I remember crying while unpacking as I was so unhappy). After about 18 months, having met someone else, I did move, porting the remortgage (a much smaller house but the new city is way more expensive). I'm really happy about it but it was definitely the right decision to give myself that breathing space. I've kept my job so now will have a hefty commute but the quality of life is way better overall. Moving house is so stressful. I wouldn't rule it out as it may be that your mental health needs the change but only you will know whether the benefits outweigh the costs.

Finchy2018

Another month has passed!  So the decision about keeping my home has been taken out of my hands. I spoke to my mortgage advisor, currently 200k outstanding, the bank will only lend me £155k. I have the difference in savings, however, I really don't want to put all my money into my house, because that leaves me in a scary position if I get made redundant.  So moving is on the cards. 

I will wait until the new year to start marketing the property, there are 2 houses already for sale in my road, I'd rather they sell first, however, mind has the addition of an extra room and side access, so maybe that would work in my favour?  I've got a few bits to sort out first, then I'll consider it.  As much as I hate online agents, I am debating going down this route as I worked in the industry for years so know what I am doing and saving money is key right now! 

Plan for now is to work out where to move to. realistically I need to move quite some distance to be able to afford to buy, so it really will be a whole new life I am starting. Excited but nervous too. 

Finchy2018

I've started the selling process - I have had 1 valuation so far and have another booked for Friday. 

It looks like I will probably lose money on the house which is a shame, but part of the risk I guess. I am just trying to work out when to go on the market.  

I did get a promotion and so actually keeping the house is a possibility now, but I think a fresh start in a new city is what I need so I will just press on with those plans. 

Will use this thread to keep me sane whilst I sell and move! 

Finchy2018

So with everything going on I have decided now is maybe not the best time sell. I would have lost money on the house and my promotion means I can afford to take on the mortgage in my name only now. Its been a year of changing my mind a lot. 

I have started the remortgage process and whilst I still want to move I will wait for things to settle down. Once the house is in my name only I will also work on repaying the mortgage off as quickly as I can to gain equity in the property. I'll do some improvements to it and then look to sell in a year or so. So I'll be keeping this updated with my progress!