Have name changed as I'm so embarrassed to be in this situation.
I own a house which estate agent told me we should market at £89,950 and realistically likely to get £85,000 for if sold. It's only small with 1 double bedroom and 1 single (more of a boxroom). There's me, DH and DS.
Have found out I'm pregnant again (unplanned) am excited but terrified as there's not really enough room just for the 3 of us, never mind another child!
Our mortgage outstanding is around £55,000. We bought the house on Homebuy Direct shared equity scheme and there's £28,000 outstanding on that. Our ideal is to sell up, and rent somewhere larger as we have no deposit to buy another house. If we sell for £85,000 obviously that wouldn't be a problem, however I feel the estate agent is being unrealistic with what we ate likely to get for it as similar properties are also on the market and the only one to have sold fetched £70,000.
If we sold for (as an example) £70,000 would the mortgage be repaid and I would owe the shortfall to Homebuy Direct? Or would it be a % to each?
What would happen re the balance of the shortfall? The mortgage is just in my name and I'm now a SAHM, I also have unsecured debts which are being repaid at a minimal amount £5 per month at present as (even with DH's salary) we can't afford to repay them.
I just feel so stuck, I was on the pill and no plans for a baby until we had the finances sorted 