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Your opinions on our situation please
Dangle_kt
Posts: 9 Forumite
Hi,
My wife and I have a 6 month old, and she is due back at work soon. She wants to give up, which with a new job I have just got actually looks like a goer!
So we were very pleased.
We are in our first house, but its in a v. rough area, we have done quite a bit to it, and so we expect it to sell pretty easy. We are planning on moving to a much nicer area and renting (due to high prices) and seeing what happens with the market.
Our mortage will be paid off with the sale of the house, but we had some debt consolidation of around £25k left , which about 2 months ago would easily have been covered by the profit we would have made - now this is looking a little doubtful!
To make matters worse our northern rock mortgage has just gone out of the intro offer period and in May our mortgage is set to shoot up by nearly £200 to the best part of £1000 PCM.
So, should we sell up now, take a small hit and get moved to a nice area?
Is there any value in looking into these "we gaurentee to buy your house" quick sale type offers you read about?
Should we try to get a new mortgage offer NOW to cover us for the few months it might take to sell the house?
Should we sit tight and hope house prices don't drop too much and trap us in our house?
Sorry for all the questions, maybe it's panic, but any comments would be great.
Thanks!
My wife and I have a 6 month old, and she is due back at work soon. She wants to give up, which with a new job I have just got actually looks like a goer!
So we were very pleased.
We are in our first house, but its in a v. rough area, we have done quite a bit to it, and so we expect it to sell pretty easy. We are planning on moving to a much nicer area and renting (due to high prices) and seeing what happens with the market.
Our mortage will be paid off with the sale of the house, but we had some debt consolidation of around £25k left , which about 2 months ago would easily have been covered by the profit we would have made - now this is looking a little doubtful!
To make matters worse our northern rock mortgage has just gone out of the intro offer period and in May our mortgage is set to shoot up by nearly £200 to the best part of £1000 PCM.
So, should we sell up now, take a small hit and get moved to a nice area?
Is there any value in looking into these "we gaurentee to buy your house" quick sale type offers you read about?
Should we try to get a new mortgage offer NOW to cover us for the few months it might take to sell the house?
Should we sit tight and hope house prices don't drop too much and trap us in our house?
Sorry for all the questions, maybe it's panic, but any comments would be great.
Thanks!
0
Comments
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Is there any value in looking into these "we gaurentee to buy your house" quick sale type offers you read about?
NO NO NO! These companies make money out of exploiting distressed sellers.
Just price competatively and shift it quick!.
No.1 don't let EA's know your looking to shift it, otherwise they will undervalue. Give an air of confidence, but in no hurry to sell. Sure it is a falling market, acknowledge that but ask for a competative price.
Take 10% off that and put it on the market, don't accept silly offers.0 -
The only guarantee you get with these "We guarantee to buy yout house/car etc" companies is that you are guaranteed to get ripped off. Why would people choose to use these companies instead of an Estate Agent or selling privately? Mostly because of desperation and desperation is smelt a mile away. Unless there is an urgent need (read URGENT and NEED) to sell, bide your time. Any "knock" you take because of the current financial situation is likely to be less than the absolute low rip-off price you will be offered by them that guarantee to buy your home0
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can you remortgage with another company ?0
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