I have viewings tomorrow...yay

[Diva43]

Hello all,

I put my house up for saleast week and have 3 viewings back to back tmrw ! Im excited and have a cleaner in so everything looks great.

I am planning on selling up and renting for 6 months. This will give me a chance to clear all my debts and rebuild my credit score so i can get a mortgage.

Ive seen some beautiful new homes in Skipton and am hoping with a large desposit...I can finally move to my dream house.

I have also started a new business..a hair and beauty salon which i can finally open on the 4th July. Im hoping my business will give me a good enough income to buy a house.

Has anybody else gone from being a homeowner to renting? Did it take you long to get back onto the property ladder ?

I cant answer your question but im pleased for you. Your property must be so attractive for this to happen so quickly. It's quite brave to go into renting.. is it cheaper than your mortgage or..? Im really curious why it would help you clear debts specially when you are going to start a business? Good luck.

Yes we have done it a couple of times. It can be a good idea esp when the market is so uncertain. One word of caution though from our experience is that we rented a house we could never in a million years have afforded to buy and the shift back to reality when we started looking to buy was painful! It can be too easy to stay in rented and miss the window of opportunity when house prices start to recover

If your credit record isn't good and you are only starting up a business then be careful. Lending is getting stricter and most mortgage lenders want to see more than a years worth of accounts for self employed. Can you trust yourself not to spend the equity given you have run up debts in the past?

Personally, in your position, I'd stay where I was, pay down the debts (look at debt free wannabe on the money saving expert forum). As a last resort you could add the debt to your mortgage but this is usually not advised unless you can address your budgeting. This is not really a good economic time so try to stay as stable as you can.

Good luck!

Hi thanks for your replies ! I have debts of about 5k..and by debts.i.mean 2 credit.cards. So im hoping to pqy those off amd be completely debt free.

I don't.mind renting long term and building up my self employed accounts..hopefully it will be worth it.

How will you get a mortgage whilst your business is new? Don’t the lenders want to see three years of earnings from the self/employed?

Coming off the property ladder is seldom wise, especially if you’re going to be out of it for six months or maybe longer. The market could jump hugely in that time and price you out. Renting is insecure at the best of times and more expensive than a comparable mortgage normally.

Why would you elect to do this for five k debt?

Yes im hoping to build up three years worth of accounts. Also - i.have a large deposit of £120k. Hopefully this will make it easier. I don't mind renting long term.

@Bluntness100 my daughter is starting secondary school in skipton - and it doesnt make sense to do a 30 mile round trip twice a day for the school run...hence the house sale...

We have more debt than that but wouldn't sell our house unless we had absolutely no choice (fortunately we can make the repayments easily). Owning a house gives you security, renting can mean moving every year and lots of issues that you don't have power over. I would only rent again if we were moving to a new area far away and wanted to scope it out for a month or two first. Even then I would do it reluctantly!

You would be crazy to sell, the chance of another lockdown (national or local) would hit your business we are in recession so people will be cutting back on luxuries and being SE makes it harder to get a mortgage without all the above.

If you only owe £5k why not take some equity out of this house (if that's possible), pay off the debt and stay on the property ladder? Your plan seems unnecessarily risky to me.

Why not move to another purchased home?

Moving for school purposes is normal. But coming off the property ladder at this time doesn’t seem logical op and is highly risky.

I still don’t understand why you think this is a good idea.

Op are you not able to get another mortgage? Is that why you need to move to rented? Why is your daughter going to school so far away?

Its one of the best schools in the north and i.am looking fwd to a fresh start.

So I had my first viewing...and the family oferred me 4k less than the asking price..

I think that-s a giod offer..i have 6 more viewings booked in !

Thats great! Wow

I have 2 more viewings today and 4 tmrw ! It's fantastic seen as the hoyse has only been up for sale less than a week !