Sell or not to Sell??

A

acrobat

Guest
Age: 40
Spouse’s/Partner's age: currently single

Annual gross income from employment or profession: Was earning 68K, was made redundant and a year ago just back from travelling

Annual gross income spouse:

Type of employment: IT Project managerment

Expenditure pattern: Currently Yes as I am not earning

Rough estimate of value of home: 580K
Mortgage on home: 135K
Mortgage provider: ICS
Type of mortgage: Tracker,

Other borrowings – None

Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 3K

Savings and investments: 25K

Do you have a pension scheme? Yes

Do you own any investment or other property? Yes

Ages of children: NONE

Life insurance: Yes


What specific question do you have or what issues are of concern to you?
Is it a good idea to sell my house and bank the equity, maybe rent somewhere for a while or buy an apt or smaller house outright and still have some money in the bank that will allow me do some of the things I want to do in the near future? Or is the idea of selling my house just a crazy idea?
 
acrobat said:
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 3K

Savings and investments: 25K
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You should clear your CC bill with your savings unless it's low/0% credit.
Do you own any investment or other property? Yes
Click to expand...
You mean you have a PPR and an investment property?
Is it a good idea to sell my house and bank the equity, maybe rent somewhere for a while or buy an apt or smaller house outright and still have some money in the bank that will allow me do some of the things I want to do in the near future? Or is the idea of selling my house just a crazy idea?
Click to expand...
This question is impossible to answer without engaging in speculation about property market performance which is not allowed:



There is at least one thread dealing with the general issues and pros/cons of selling to rent which might be worth searching for.
 
1. Are you currently looking for a job? IT is quite healthy at the moment. Have a look here: [broken link removed]=
2. Why can't you just live off your 25k savings for a while?
 
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