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Regret buying a house at 28 - what do I do?

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  • Socajam
    Socajam Posts: 1,238 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Bossypants wrote: »
    Is there any way you could make up that LTV and let it out? Beg, borrow, steal?

    I was in your position at your age, almost exactly. I found myself with a good job and a nice little house in a pleasant suburb, only to realise that I didn't actually want to live there or do the kind of work I was doing at all. I proceeded to let my house out, try out a variety of things over several years, until I found a path I felt was viable for me long term. Once I was on that path, I was able to sell up the original house and invest in a house in a location which suited my chosen path much better. If I hadn't held onto the original house, it's unlikely that I would have been able to afford to do that, and if I hadn't been able to do that, it's very unlikely that I would ever have been able to get close to affording my current home, which is perfect for me and which I hope to be in for many years to come.

    This is obviously just my anecdotal experience, but while it's important to listen to your gut and follow your own path in life, think carefully before you divest yourself of the security of a guaranteed roof over your head. For me, the knowledge that I did have that place which I could go back to (obviously not at the drop of a hat, it was tenanted, but still) was also a great mental support, and helped me take risks and do things I might not otherwise have done.

    Well said and so true
    Nothing beats having a safety net, even if the property was rented out.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 28 October 2019 at 5:14PM
    Cakeguts wrote: »
    You do realise that getting a paid job in Europe is not as easy as it is in the UK. There is very high unemployment in a lot of Europe and so it isn't easy for foreigners to get the kind of job where you get a decent wage. The reason why a lot of people work in Europe is because their UK company has sent them there.


    Before you think too much about Thailand you need to check the list of jobs that you can't do. It is quite long. In Thailand it appears that foreign workers are only allowed to do the kind of jobs that Thai workers don't want. You can guess what that is going to include.



    Renting in Europe is not like renting in the UK. In Europe you don't get all the fixtures and fittings that you get in a rented house in the UK in some places this doesn't even include light fittings. You are expected to supply your own.



    Working for a short time in a voluntary job is not the same as working in a low paid job and renting a cheap flat in a cheap area. It might seem like fun if you are only visiting for a short time and can then go back to your own nice comfortable property.

    The friend has offered the OP work, doesnt say what work this is and I hope the OP's friend is a genuine one.
  • DCFC79 wrote: »
    The friend has offered the OP, doesnt say what work this is and I hope the OP's friend is a genuine one.

    To clarify the part about working abroad, its not going to be in my current field of work.

    The reason Thailand is appealing because it doesn't have working 'seasons' as such (i.e. you can go there to work all year round). It would be basic bar work/ ticket sales in tourist spots and nightlife. My friend has been doing it for the same nightclub for the past 6 years for around 8 months of the year every year. She's advised she can get me a job and help me find an affordable apartment (we worked together in Belgium so she's a trusted friend). It would be a case of getting a visa and booking a flight.
  • kazwookie
    kazwookie Posts: 14,266 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Working in Thailand is not all it is cracked up to be, the exchange rate at the moment is c**p.


    You will also need a work visa http://www.thaiembassy.org/london/en/services/7742/84508-Non-Immigrant-visas.html
    You will need a job to go to, and that company will have to produce relevant documents to help you get a visa.
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  • Nobbie1967
    Nobbie1967 Posts: 1,667 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    You say you can't meet the BTL terms, but would Virgin give Consent to let for a limited period? If nothing else it would reduce the redemption charge and give you a bit of time to decide whether to sell.
  • steampowered
    steampowered Posts: 6,176 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You have, I'm afraid, hit on exactly the reason why early home ownership is a mistake for a lot of people. It can stop you from pursuing economic and social opportunities.

    If you would like to spend some time working overseas, and the opportunity makes sense, then I would sell it and do that.

    As your job only pays £28k, not a great wage for someone who has been working 7.5 years, you do not have a great deal to lose economically and could gain valuable experience that might help you increase your salary if you decided to come back to the UK.
    Cakeguts wrote: »
    You do realise that getting a paid job in Europe is not as easy as it is in the UK.
    ...
    Renting in Europe is not like renting in the UK.
    You have absolutely no idea what you are talking about, on any of the points you commented on. The only thing I would point out is that the unemployment rate in numerous European countries (including Germany and the Netherlands) is lower than it is in the UK.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    https://www.thaiembassy.com/thailand/working-thailand.php



    This is the list of jobs that foreigner are not allowed to do in Thailand.



    Was the person you met in Belgium from Thailand because to me it looks as if front of shop work could include bar work in which case you won't be able to do it.
  • Cakeguts wrote: »



    This is the list of jobs that foreigner are not allowed to do in Thailand.



    Was the person you met in Belgium from Thailand because to me it looks as if front of shop work could include bar work in which case you won't be able to do it.

    My friend who works in Thailand is from the UK, she works as bar staff in a Nightclub in Phuket and has done for the last 6 years. Other work includes ticket sales and promo work which i believe is allowed?
  • I left the UK at 30 to spend 2 years travelling and working abroad. I let my house out temporarily through consent to let. I didn't have to change my mortgage. I just had to pay an extra 1% interest after the first 6 months.
    It worked out really well for me.
    I got some extra income to cover unexpected issues in the property (rent £650pcm v mortgage £300pcm) and meant I could use my salary abroad for rent, travel and living expenses.
    I'm so glad I went. It was everything I needed and more.
    When I came back I continued to rent the property as my new job was not near my house and then sold it once my tenants decided it was time to move out.
    I was lucky - I had good tenants and nothing major happened to the house that required my help whilst I was away. You may not be so lucky if you do manage to get consent to let.

    Find out if you can get consent to let, this is different to converting to BTL, but seriously consider the pitfalls and responsibilities of letting.
    I was financially and mentally capable of dealing with issues, knew my responsibilities, did my tax returns, etc.
    Good luck to you
  • I left the UK at 30 to spend 2 years travelling and working abroad. I let my house out temporarily through consent to let. I didn't have to change my mortgage. I just had to pay an extra 1% interest after the first 6 months.
    It worked out really well for me.
    I got some extra income to cover unexpected issues in the property (rent £650pcm v mortgage £300pcm) and meant I could use my salary abroad for rent, travel and living expenses.
    I'm so glad I went. It was everything I needed and more.
    When I came back I continued to rent the property as my new job was not near my house and then sold it once my tenants decided it was time to move out.
    I was lucky - I had good tenants and nothing major happened to the house that required my help whilst I was away. You may not be so lucky if you do manage to get consent to let.

    Find out if you can get consent to let, this is different to converting to BTL, but seriously consider the pitfalls and responsibilities of letting.
    I was financially and mentally capable of dealing with issues, knew my responsibilities, did my tax returns, etc.
    Good luck to you

    Thanks so much for this response, its really helped. I'll contact my mortgage provider tomorrow.

    When you worked abroad did you do something completely different to what you were doing in the UK? If you're happy to chat through please send me a DM :) i'd love to discuss in more detail and need all the help and guidance I can get.
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