RFD: Proposed new newsgroup

Erm not at all, but I left it until 39.

 

On Fri, 09 Jan 2009 21:33:00 +0000, Timo Geusch

Not that simple when you have a mortgage.

I considered a few years away seriously about 3/4 years ago but was
then offered a chance at something here I thought was better. If I'd
thought about it sensibly I'd have gone, because if it was a genuine
offer it would still have been available when I got back. As it was,
it turned out to be duff info, and now - unless the housing market
miraculously revives - travel is off the cards too.

 

OTOH if you find something half-decent abroad and the pounds stays week,
you could potentially continue paying the mortgage (or renting out the
place and topping up the mortgage with your earnings).

 

Why not? Unless you have negative equity on your house it's actually
very easy to sell it and pay off the outstanding mortgage.

And take on another one in climes furrin. And then another one even
further away...

 

Erm, because that would leave me with nothing?

 

On Sun, 11 Jan 2009 09:01:22 -0700, vulgarandmischevious

Not as much as you'd think, unless you're more of a specialist than I
am. Although I'm working on that. I still would have to get shot of
this place though as it needs too much work to rent out.

 

Are you sure about that? My place is a lot better now than when I
bought it, but as I'm sure Champ will confirm, it still needs a *lot*
of work. However it was rented out for the previous 25 years.

--
Krusty

'03 Tiger 955i
'02 MV Senna (for sale) '96 Tiger (for sale)
'79 Fantic Hiro 250 (for sale) '81 Corvette (for sale)

 

There was a member of this NG that did that.

 

Well my next door neighbour and his g/f are both in property
management and his flat (which is in better nick than mine) needed
some work, so I'm pretty sure mine would.

Doesn't matter anyway as it isn't an option at the moment.

 

Yes but they are not doing it in China IYSWIM

 

Nope. Horsey types they were - kept them in the field over the fence, &
stabled them at the bottom of the garden.

I don't know how much they paid, but a rental agent came round &
reckoned I could get 850/month in its current state, which frankly
boggled me.

--
Krusty

'03 Tiger 955i
'02 MV Senna (for sale) '96 Tiger (for sale)
'79 Fantic Hiro 250 (for sale) '81 Corvette (for sale)

 

Heh, you have no idea how funny that is

--
Krusty

'03 Tiger 955i
'02 MV Senna (for sale) '96 Tiger (for sale)
'79 Fantic Hiro 250 (for sale) '81 Corvette (for sale)

 

But if you're moving abroad what's wrong with that? buying somewhere
new, if yo uwanted to buy, would put you in no worse a position,
possibly much better, than you are at present.

Not that I'm saying that you should, but the house/mortgage issue as
an excuse is a non-starter.

 

Erm, what do I buy with?

That might be true for you, but it's not for me.

 

A mortgage, same as you did in the UK.

Go on then - explain exactly why your current mortgage is a problem.
Or if you prefer, show me which of the following sequence of events
would not work for you, cos you've got me puzzled now.

1. Sell house, pay off mortgage, put any equity in the bank.
2a. Move abroad, renting accomodation.
2b. Move abroad, find a house to buy, get a mortgage, buy house, using
banked equity as deposit.
3a. At some possible future point, move back to UK, buy house, using
banked equity as deposit.
3b. At some possible future point, sell house, bank any equity, move
back to UK, buy house, using banked equity as deposit.

 

I think what Snowy is trying to say is "what is this equity you speak
of?", which is not exactly an uncommon situation for those of us who
bought a place here in the UK in the last few years.

 

Although I would agree whole heartedly with Ace's proposal I don't think
he is aware of the state of the housing market in England.

Ref 1. Any one who had purchased a house in the last two or three years
with a large mortgage or one of the 110% ones is probably in negative
equity.
But going with the theme of get up and go, try renting your house out to
cover all or part of your mortgage.

Ref 2a Go for it.

Ref 2b When you have got the deposit earned abroad buy a house.

Ref 3a 3b No equity. But you will have a house in the UK just get the
tenants out.

But do go for it "Failure is never quite so frightening as regret".

 

The thought crossed my mind.

Yep. And it's unlike to get better any soon.

That's kind of my plan if/when I move somewhere else unless it's a
temporary short-term contract. Mind you, I'll have to do a little work
on the house before I can do that, but I was planning to do that anyway.

*ding*

 

Well yes, I'm aware of it in general terms, of course.

But Snowy's not mentioned anything about being in a negative equity
situation. Indeed, when asked:
Her reply:
doesn't seem to indicate negative equity.

So I'm still a little puzzled, notwithstanding the points you two have
made.

 

Snowy bought her place nearly 10 years ago, I think.

I only bought mine only 4 years ago, and neg equity really shows no
sign of being an issue.