I have posted a bit about this before in terms of relocation offers. We live in a 2 up, 2 down house with me, my dh and ds aged 7 and dd aged 18mths. DS refuses to share rooms with dd and in all practicality, it is a bad idea. DS likes to chill out and read, do colouring when he goes to bed (we allow for this by putting him to bed a bit earlier) whereas DD needs quiet, calm and dark room. DS would wake her up each night and I feel he needs his space. So, we tried to sleep in same roon as DD but we became scared to move in fear of waking her up. This was a while back and now she is a bit older, we have moved our bed from the dining room?! back to our bedroom as it was resticting our living space so badly. My logic is she may need toddler bed soon and i want to keep an eye on her safety wise if she is in own bed. BUT, I got a crap nights sleep last night, 1st night being back in our room, again scared to breathe.
we have a crappy NRAM together mortgage which is 103K actual mortgage and 33k unsecured loan. Mortgage payments are £775. We also have an IVA due to finish next Sept.
NRAm had agreed to port or transfer our mortgage and we have an agreement in principle and we have been busy planning moving to wirral where dh can relocate with his job.
Now however we saw a financial adviser on friday and he was very doom and gloom! Saying we have no hope of current fresh mortgage due to IVA. Even if we wait 3 years for IVA to finish and credit history to rebuild we still may not be able to move due to financial status.
I said we were so desperate we would sell house and rent but he talked about how so many people are stuck renting and can't get on ladder, if we sell we lose our asset and deposit for next house. Realistically, we will never build up a 10% deposit plus.
I said we had considered renting this house to rent elsewhere but not sure if nram will give us buy to let mortgage and we know rental income is £650 approx so would not cover mortgage. Plus,we would need to get house up to renting out standard but have been doing general repair/tidying up.
Also, if we sell, we will have debt leftover from unsecured loan. This could be £300 per month which we definitely can't afford with £700 rent for our new home.
I am going crazy tring to think of solutions as it seems we have none! Can't afford loft conversions, extensions, etc.
Question is, do we just stick it out and accept we can't move for another 2-3 years, do we just sell or should we try double renting? are there any other options? DH and i both work. income is roughly £40K.