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Equityrescue

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About Equityrescue

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    HPC Newbie

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  • Location
    Lincolnshire
  1. I have 20k as an equity share scheme which DWH lend buyers for a new purchase if necessary with a view to payback on resale, so i basically owe 52k
  2. But by being in debt and rising i have no alternative to paying it off, also this management company the property has as a David Wilson Homes property require £500 per annum for service charges that i would also like to get rid off. I'm not into sharing my home, sorry.
  3. I see where i've gone wrong with the figures, my first purchase was a one bed flat for 45k, sold for 90k, paid off debts which left 30k which i ploughed into my current 2 bed flat with garage, both new builds by the way. I only earn 21k per annum....it's still not enough to live on ! my 11 year old ford focus (brill car) takes me the 13 miles to work each day too
  4. I've worked all my life i'm 44, single, a skilled tradesman in the sheet metal industry and currently worth only 30k. Unfortunately the cost of living has pushed me into using the plastic for things like car repairs/odd tank of fuel/utility bills etc etc. My wages have increased around £1.75 per hour within the last 10yrs (what good times) and i bought property for 116k that i now have to sell for 108k after being there for only 6yrs. It looks like i will need to rent to pay off about 8k of debt and lose my place on the housing ladder since the age of 30. Currently i haven't signed the sale contract as i have a cash buyer and wondering if i'm doing the right thing ? I know there are worse off people than me, It's a bit worrying for the future with no proper pension in place, i just feel all the work i've put in over the years is basically been a waste. Sorry if this is posted in the wrong section but just ned some advice, thanks.
  5. My parents are gutted as Len & Helen have been their very good friends for more than 40 yrs, they didn't deserve this and they were very thorough in going through ALL the laws and planning regulations in full. Len and his father used to work for my Grandfather's family old removal business in the 60's & 70's called G Howarth & Sons in Harrow. I hope they get full compensation because all these types of things always happen to the good people in this world, i hope they can come through and get back to some sort of normality. I also have a friend i used to play darts with whose in the area with a newly built home, with news of a further 11+ houses to be demolished makes me worried for his too. Depressing Times !
  6. Well it's been nearly 3 months on the market with just 1 viewing, looks like i and others are in for a mighty fall. Too late leaving it will cost me 30k and i fear negative equity, my mortgage has increased £123 p.m. after the fixed rate ended.
  7. It's for sale at the going rate of which i've only been there for 18 months, after fees etc i will only make a few grand profit.
  8. Been living around the Sleaford area now for 3 yrs where house prices have shot up, wish i'd have bought a 2 bed semi straight away for 70k which would be worth around 120k now. I moved from Luton in Dec 2004 for a more rural life. Multiculteralism, immigration, gridlock style traffic, crime and stressful living have pushed people north here from all over the south east and east. Even the town's one way system is starting to lock up and the local Tesco has increased hugely in size. Lincoln, Sleaford, Bourne, Spalding and Holbeach i've seen seem to be hotspots where lots of new homes are being built......still cheaper than the national average, if you can get a job then i would recommend.
  9. I don't fancy losing £1800 penalty charge for surrendering my fixed rate before it's up, so i can't sell earlier than 1st October. On the other hand if the market crashes quickly i could pay it, drop price by a couple of thousand and cut my losses rather than lose a lot more, but i'm going to have to sit on it ! I know i'm not the only one in this situation, if i lost 35k i'd really start to think working for a living is just not worth it anymore
  10. I have just put my 2 bedroom home on the market, practically wishing i'd done it sooner noticing how many properties have gone on sale in the Sleaford area. I'm wanting to bank my equity along with just a few thousand profit from a new home i bought 18 months ago as i'm thinking of renting short term to see what's going to happen to the market. I can use the interest from my equity to pay one third of the rent/bills along with my salary, while having peace of mind as i have to sell the property within 8yrs anyway as 20% of the property is in an equity share scheme by the house buliders. I hope my timing is right as my 5% fixed rate runs out at the end of September !
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