Making a high risk move when back against wall?

[NowWotsit]

Have you ever hit rock bottom and thought "fuck it" and taken a massive gamble that has paid off? Because im considering it 😅

It's not usually the best frame of mind for making big decisions. How much of a gamble?

Only gamble with money you can afford to lose.

No this is almost always a bad plan. Sleep it off and see what things look like in the morning.

Well it worked for JK Rowling!

I suppose it's not that high risk. But i wanted to buy a house and can do, except ive lost my job and its a deteriorating industry. Even if I bought a standard house and got a lodger in i would really struggle to cover the mortgage and bills.
So i was considering moving to scotland and buying a place with extremely strong Airbnb potential and shacking up with my sister for a year, and doing that while i think how to redirect myself.

I'm sorry about your job.

I would start with a mortgage broker. While you're out of work, proving you have the income to service the mortgage might be an issue. Don't forget to factor in some headroom for interest rate increases.

What a great idea, buy a cheap.property and take it off the market for a family who could otherwise afford to buy it to live in. Landlords are so selfless. How lovely.of you to offer the option to pay your.mortgage to someone else.

Wtaf

Exactly as it reads. She wants to buy a house in a cheaper area, removing a first time buyer property or similar, use its rental income to pay her mortgage and not just ANY rental but an airbnb so those living nearby get hen party after stag do through the doors while not having a job herself. If you can't see the selfishness and insanity then 🤷🏼 also without an income trying to get a bu to let mortgage on an only property isn't going to be trivial.

Sounds like she would be a FTB though, just in a cheaper area than she lives in currently and with the back up of being able to rent it out part time or temporarily in difficult times.

Agree with you about the mortgage side though, and it does sound like a risky move to be increasing your liability without a regular income.

Better, OP, to stay with your sister for year and pay her rent if she'll have you, then make your move when you have had the time to regroup, find a new job and make a long term plan. It's always better to live in a new town for a good few months before you buy there anyway, if you can.

Yes. I saw a converted church for sale in the newspaper whilst on holiday. Spontaneously went to view it, threw caution to the wind and came home and put an offer in. Packed in a job I hated, let out my flat, moved from London to rural Scotland three months later.

Obviously there were some financial details to work through, and I began applying for jobs in the central belt immediately and fortunately had one lined up for shortly after I moved in; but it worked out. An unexpected adventure, changed a lot of things about me. I ended up moving back to London five years later, though that was driven by career rather than a wider issue of the move not paying off.

I’d put together a spreadsheet of finances, and even just a loose plan of how you plan to approach things, and how you would address particular things which could arise. That’s a decent foundation for making a decision.

I doubt families are interested in the sea of one beds that have been on tge market for a year now, but thanks for playing, dont lose that chip

I don't have a chip, I own my house and have no skin in the game so to speak. Just find hanging out in the south of England but buying up cheap property in Scotland pretty distasteful