sell up and rent??

[ilovemarkb]

Is this a bad idea?only got 10 years left to go on our 25yr mortgage! but just live in old terraced house. Theres no way we can get a mortgage for a nicer house, the only option we see is to sell up and pay our credit cards off (£4800). then rent a gorgeous house. We have 3 kids and things are a bit crammed now that the boys are older! Do you abbers think we,d be crazy to sell up and rent!!! interested in opinions! julie

[dothawkes31]

Can't you extend your house or use the loft space?

[theonlyone]

Don't sell , just get some help with the finances from the CAB and weather the storm
I have been in the same situation and was lucky to have a good bank manager who
sorted me out .Don't give up as rent money lines others pockets ...Good Luck ..

[LoftyLottie]

Do you intend to use the money you get from your house to pay towards the rent for a nicer house? Think very carefully. At present things are hard for you financially but in ten years time you will have finished paying your mortgage and will probably be better off when the children are off your hands. If you are paying out for rent you will be surprised how quickly it will fritter your money away. You might feel richer for a bit, but the worries will come later on. There will also be the temptation to spend more money initially once you have the proceeds of the house.

You can make a really nice home from an old terraced house. A really gorgeous house might seem tempting, but I would stick where you are and make your house as nice as you possibly can. It might be a bit crammed but your children won't be there forever. Besides, a gorgeous house doesn't necessary mean a nice home. Home is where your family is and where you feel safe and secure, no matter how lowly your home may be.

Think very carefully. However, it ultimately must be a joint decision and you must be certain that what you do is what you really want. There can be no going back.

[LoftyLottie]

Wise advice from Theonlyone. I didn't see his/her post before I posted mine.

[ilovemarkb]

thanks everyone! excellent advice!! think we best off staying put. julie