From homeowner to tenant - are we doing the thing?

devilot

space_rider wrote: »

I live up north on an estate which is about 2 and a half years old. Many of the properties are owned by professional landlords who encourage longer leases. you`ll just need to do your homework and rent the right house. House next door to me is rented and the landlord bought it as an investment. Way prices are he says he won`t be selling because he would be losing money on his investment. His perfect tenant would be someone like you.

That sounds encouraging!

Anyway, for those of you who suggested a re-mortgage, we've just kinda done that as well (this evening in fact!). What we've done is take out a further advance on the house to clear the debts and have a couple of grand left over to do up the house. This will also give us breathing space from our debt payments to either save and/or spend on the house, save up for a bond etc. The advance is on a flexible rate which means when we pay it off, we won't be hit with an early repayment fee or penalty.

Plan is, in a few months, we sell the house (looking a lot better, so maximising the price), pay off the mortgage and further advance, pocket the rest and move on.:dance:

We will remain on the housing list for the council, just on the off chance something somes up, but I dont hold out much hope (like I said, fair enough).

So once the advance comes through we will be (sort of!) debt free! Yippee!!:T

maryjane01

Just remember you can only sell the family home once. The next time you run up debt you won't have anything as valuable to sell. You really need to look at living within your means which it seems you have had problems doing. Even though you may technically not have any debt after you sell your house, I think you should visit the the debt free wannabee board to look at how you can cut your out goings so you do not get into debt again.

devilot

maryjane01 wrote: »

Just remember you can only sell the family home once. The next time you run up debt you won't have anything as valuable to sell. You really need to look at living within your means which it seems you have had problems doing. Even though you may technically not have any debt after you sell your house, I think you should visit the the debt free wannabee board to look at how you can cut your out goings so you do not get into debt again.

Thanks for that.

I will look over there, but can assure you we won't be getting into debt again. The amount of debt we had wasn't that bad considering it was probably accumalated since we both started working, ie 13 years ago (God, am I really that old!:exclamati ) We are cutting up the credit cards, banning catalouges etc and starting a regular amount to be saved every month. We won't make the same mistake again.

Even though we haven't sold the house yet, I just feel like a huge weight has been lifted now.