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Sell and rent to get rid of debt?
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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!!!!I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert
Baby Step 6/7 . £18000 saved and invested. £47,000 deposit paid on new home DEBT FREE !!!1
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