ADVICE PLEASE what would u do ???

Bella79

Hi all

We moved into this house about 7mnths ago a new build 4 bed detached we only have a 55k morg on it costs about 400quid a month
But to be honest we seem to be living jst to pay morgage and bills and i want to be able to afford to take me lo on holidays etc and have more disposible income
We could sell this i thik for about 210k which would leave us 150k cash
we could then buy smothing smaller and a semi btu be morgage free i know we havent got a large morgage compared to some but hubby doesnt have a good job and although we dont struggle to pay it we have hardly any free cash to do anything
Me and hubby were talking about thsi last night and hes worried cos he says if we do it we have to make the right choice re house cos we wont be able to sell and move again
also this current hosue is leasehold would this put ppl of buying ?

Thankyou in advance

robpw2

id sell if it will make you better off

lynzpower

How much does your OH earn? How much did the house cost? How much was paid in stamp duty?

Bella79

oh is on basic wage now 5.52 ph house cost us 180.495 we put 140k down if we sold for 210 wed make 15k stamp duty was about 1800

DKLS

For such as small mortgage, would it be possible for your OH find a better paying job?, might be a better option than selling and buying with all the hassles that entails.

lynzpower

have you been over to the debt free wannabee board? they can help you with support. Are you working, can you bring money in? have you thought about getting a lodger? Or overseas students? Or renting out your garage?

Personally, I think you would be very unlikely indeed to make 35k in 7 months in a falling market.If its a new house im afraid they often lose a lot of value in the first few motnhs if not couple of years. There is every possibility that you might makea loss on this house if you sell now its really not the time.

If you have a look on the DFW board get rid of any spending you dont need, do everything you can do to make money, everything you can to save money.

It very difficult to advise without seeing what you are living on ( figures) and whats going out....

Bella79

35k ?? we wouldnt make that we would make about 15k i jst dont think i love the house enough to warrent paying the morgagre bloody new esates i hate em lol

lynzpower

My apologies

If you hope to get 210 and you paid 180 then you will be p[rojecting a 30k rise, not 35.

carpetbelly

I think the advice about heading over to the DFW board is spot on in my opinion. You only bought 7months ago and think you'll have had HPI of 30k? Seems a bit much if you ask me personally but then without seeing particulars of the property it's hard to say if that would be right but knowing my area I know it's just gone totally flat round where I am. I mean, I prob have had an increase of say £500 on my property in 9months, drinks on me eh!

If you can ride out this market storm and cut your spending down then I see no reason in the future you cannot sell to downsize and cut out a mortgage payment alltogether. And I for one would be envious

Bella79

Ok guys thankyou for all your advice much apprciated xx

clutton_2

i would check the terms and conditions of your mortgage product - some mortgages increase the interest rates after a couple of years - if that is the case, then you may well want to sell and buy a cheaper property now - before you are forced to sell VERY quickly, and cheaply, because you simply cannot afford the increased repayments.