Cannot decide on best housing option

[lobster45]

So just accepted an offer to buy my property in nearby town. My house was rented out whilst I moved in with DP. My relationship has broken down and I have two dc. I am currently renting ( very high rent ) near to dds school. I have been looking at perhaps going for shared ownership property and moving my mortgage across to enable me to buy 50% of a property. However when I rang my mortgage provider they explained I would have to start from scratch with a new application for a new property. My friends are all advising me not to sell my house as I will not get back on the housing ladder and I will be stuck in a high rent area unable to move. The reason I am trying to stay local is that DD is very happy at her school and needs some stability also her dad has no contact with her and lives very close to the house I am selling. The obvious solution for everyone looking at my situation has been not to sell my house but I am so confused and anxious about doing the wrong thing. Any advice would be very helpful.

I wouldn't sell it. Either keep it and rent it out or buy somewhere that you can get without shared ownership. Shared ownership is often more expensive then just getting a mortgage on the cheapest but most suitable property you can find.

Your dd will also settle at a new school or you can commute her back to her school if it's not too far.

I would not choose renting in your situation.

1. Will you have to pay an early repayment charge on your mortgage?

1. You may be able to "port" your mortgage but you'd need to discuss with your lender if they allow this and what the terms are. You may get a better interest rate on a new mortgage. It would be good to speak to a broker to compare options. London and Country are free and helpful.

1. Have you spoken to a shared ownership scheme? They will check eligibility and affordability, and you usually have to buy the largest share you can afford. SO properties are leasehold so you'll have a service charge as well as the rent and mortgage.

Thanks flirty and awkward. My mortgage is coming to end of a deal so no redemption fee liable. I have a much poorer credit profile and less income than I did before dc and so I suspect I will not get a decent mortgage deal thanks for tips though. Bank are saying I would need to start from scratch with mortgage application and no porting across

I am reluctant to rent it out again as last tenant did 4K worth of damage ( and I knew her before I rented my home to her)

I will need to look at ways to increase my income outside of my NHS job in the evenings when kids asleep perhaps

I would think about doing a free (Experian or similar) credit check, you may be able to do some things to boost your credit rating, and having a chat with L&C to see what you might be able to borrow.
My friend had a really awful rating but managed to get it to an ok level within 6 months by making a few changes based on her report.

Thanks awkward I have had a look at L & C website looks good. I have ClearScore which I think is equifax basically when DD was small I got into debt by paying for nursery with a credit card as child maintenance via CSA was £25.00 week....still is I managed to hold on to house then despite being a lone parent. I have realised I will find it much harder to stay afloat becoming a single parent for the second time. I will continue to work on my credit score and keep fingers crossed I am earning enough to get a mortgage however small.

I would also advise caution re; selling without a mortgage ageeement in place to buy another property. Children are really adaptable when young so changing schools isn't the big deal we think it is.