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Sell and rent to get rid of debt?
Comments
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Current interest rates are historically low, both rental and sales market seem to be softening.RAS said:Even if you get a lower rate, the length of time you are paying it off may well mean it costs more.
And turning consumer credit into secure debt or a mortgaged property into insecure rental isn't generally a good move, certainly at current interest rates and with the rental market as it is.
https://www.msn.com/en-gb/money/other/house-prices-see-biggest-july-drop-for-at-least-20-years/ar-AA1IXlvW0 -
Dont consolidate, borrowing your way out of debt is proven to not work.Stubod said:I would definately NOT sell and rent.....renting is dead money. You earn more than enough to sort your debt out. You must be able to consolidate your debts, and get a loan with a lower interest rate???If necessary get help from somebody to manage your income / expenditure / debt management!!But DON'T RENT!!!!Baby Step 6/7 . £16000 saved and invested. £47,000 deposit paid on new home DEBT FREE !!!
Currently Negotiating with HMRC !1
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