am i young enough to give it all up and start again?

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Comments

  • Sounds like you've got a plan. But i have to warn you that they do a credit serach when you go into rented now and getting some where descent with bad credit history could be difficult. It's something worth thinking about before you do sell your house.
    Good Luck
  • (Land_of)_Maz
    (Land_of)_Maz Posts: 11,738 Forumite
    jo1972 wrote: »
    Pretty much snap, OH is also 43, I'm nearly 36 :eek: and we have 3 kids and live in a council 3 bed masionette and have absolutely no problems with space. Obviously I'd love a massive mansion but that's never gonna happen! We are unlikely to get a mortgage due to being a bad credit risk and OH's age but that doesn't really bother me either way, TBH the thought of having a mortgage and the risk of interest increases and not being in control of what I have to pay out every month scares the life outta me!!

    I think you are in a perfect situation to scrub the lot and start again, I'm very envious :D

    Good luck :)

    Jo - are we stalking one another today!?! Everyone i go you've just been and vice versa!!!

    chadam29 wrote: »
    Sounds like you've got a plan. But i have to warn you that they do a credit serach when you go into rented now and getting some where descent with bad credit history could be difficult. It's something worth thinking about before you do sell your house.
    Good Luck

    I think if the OP can get herself a local authority/housing association house then she will be fortunate and much better off. However it's true that private rents are credit checked and there isn't much security of tenure.
    I'm just a seething mass of contradictions....
    (it's part of my charm!)
  • gb57
    gb57 Posts: 83 Forumite
    Things to think about:

    What (realistically) are the chances of paying off your debts if you stay where you are? Are you going to struggle for years to pay off debts and service your mortgage?
    If you sell up and clear all your debts, what are the chances of getting a Housing Association or Council house, which would be cheaper and give more security of tenure than private renting?
    If you sell up, settle your debts, then rent, can you BOTH be realistic and sensible about living within your means and saving for a new home (which will then mean living within your income for the rest of your lives)?

    If you could sell up, settle up, rent at a reasonable price, and then save so that you can buy a house later and have a financially secure future, then of course you are young enough to do that. If you were my daughter (and you are young enough to be:rolleyes: ) then I think that is what I would advise. Owning your own home is great, but not if you are in debt up to your eyeballs with no end in sight to settling the debts. You are still at risk of losing your home anyway if you get into further problems and stop paying the mortgage. I would be very wary, though, of renting on the private market. Perhaps you should try talking to Housing Associations locally and find out what their criteria are for getting a house to rent from them?

    Be careful about selling the house to someone who says they will rent it back to you - I know someone on here has done it successfully, but reports in the papers say that often such schemes don't pay proper market value for the house, and there is absolutely no security of tenure, so you could be out on your ear within 6 months.

    Whatever you decide to do, I wish you the best of luck. Also, congratulations on facing up to your debt and deciding to do something about it.
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