HELP!!!! how can i access my equity?

carolss

Agree dont think its a good way to go but Just want it to be easier now been on my own struggling for 7yrs and fed up today :-(

brummybloke

beecher wrote: »

selling and renting is never going to be the best option for someone who has paid off so much of their mortgage. I'm only half way into mine and renting would cost me £200/month a more.

if you cant afford something you have to make changes.

it makes no difference selling with 5 years to go or with 20 years to go, yes you have paid loads of interest and the last years cut the amount itself down hugely with each payment.

however you will have had to live somewhere or those 20 years and paid money out, the money is gone, what you have now is a house which for arguements sake is worth £200k, now it is worth that if there is 1 year left or 20 years left, the important thing for the OP is that it has alot more equity in it with 5 years left, rather than with 20 years left. that makes her better off once it has sold.

of course renting may cost £200 more per month, if you have a mortgage which was for a house which cost £45k 10 years ago, however house prices have gone up, you cant have both the extra equity in the house due to house price rises AND compairing todays rent to a small mortgage.

you have to be realistic here, carry on doing what you are doing, and live where you live, it has its plusses and minuses.
or

sell and rent which also has plusses and minuses.

you could always get a job?

if you choose to study, choose to have all the kids at home etc then there are sacrifices you have to make.

im not trying to be nasty but as the rolling stones once sang " you cant always get what you want"