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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To feel so down about this

33 replies

Bigfishlittlefishcardboardbox39 · 05/02/2025 20:40

Long story short we bought a property 8 years ago that was over inflated (in hindsight a terrible decision) and now we’re looking at negative equity.
It’s too small for us and when we eventually move out we will be moving in with in-laws to save.
we don’t come from money nor do we have outstandingly well paid jobs, we make enough to get buy but we pretty much live pay cheque to pay cheque.
Our whole social circle has lovely houses, regularly spend money on home improvements and talk about things ie how much things cost (not in a crass way) like it’s nothing. We need a new bath and have been quoted 1k and I don’t even know how we’re going to afford it.
I work PT and my DH FT. His job is particularly labour intensive and long long days. Our mortgage and rent alone is 1800 a month on a 2 bed 1 bath flat (not in London or a particularly sought after location)
We have the gift of health which I know is worth way more than anything material but I can’t help but feel down when I think about my situation. I was with a lovely group of friends today who all have lovely homes and space and a garden etc, then there’s us. We both work so hard and it’s just feels relentless!

OP posts:
Bigfishlittlefishcardboardbox39 · 05/02/2025 20:50

It is a very small 2 bed flat, we could stay but we’d be paying 1700 for something that’ll never make us money.

OP posts:
Overthebow · 05/02/2025 20:48

Bigfishlittlefishcardboardbox39 · 05/02/2025 20:45

Shared ownership
8% variable mortgage
and I have spoken to half a dozen brokers. If we fix, due to negative equity we will save £100 pm. But then we can’t sell as we’ll have to pay early exit fee.

How much negative equity do you have? You won’t be able to sell unless you can pay the difference anyway, so I’d take the fix and save the £100 a month to put into the mortgage. How many DC do you have? A 2 bed is fine until they are teenagers.

Bigfishlittlefishcardboardbox39 · 05/02/2025 20:46

I work 4 days, I am currently not able to do another day.

OP posts:
savoycabbage · 05/02/2025 20:45

Mortgage and rent?

Can you work full time?

Bigfishlittlefishcardboardbox39 · 05/02/2025 20:45

Shared ownership
8% variable mortgage
and I have spoken to half a dozen brokers. If we fix, due to negative equity we will save £100 pm. But then we can’t sell as we’ll have to pay early exit fee.

OP posts:
HappyBirlingDay · 05/02/2025 20:45

Are you paying both rent and mortgage because it’s shared ownership?

Springadorable · 05/02/2025 20:44

Why are you paying rent and a mortgage? Baths don't cost a grand so you don't need to spend that much. Your mortgage seems really high - have you spoken to a broker to see what you can do about that?

Completelyjo · 05/02/2025 20:43

Why are you paying a mortgage and rent?

How much did you pay for a 2 bed flat out of London for your mortgage to be 1800?! My 2 bed in London doesn’t even cost that.

Will living with your in-laws actually give you any more space?