My housing status is basically an unstable mess. I have no idea where I will be living in 6 months time, and part of that is because Karl and I own an equal share of this house and one of us will have to buy the other out at some point (or sell up and split the proceeds 50/50 which is my least desired path at the minute).
The problem with this is, of course, is finding the money to go down this route. Because of my earning potential I have a tentative nod from our current mortgage company to increase the mortgage but I am looking at an addition of circa £20,000 – with the obvious side effect that the more I lend, the more my monthly outgoings are going to be (at a time when I need to get them as low as possible).
On the other side of the coin — if Karl buys me out or we need to sell up — I then have to find the money to put down a deposit on a house of my own OR make a significant headway on rent so that I can get settled into somewhere.
Because there’s no guarantee that the house would even sell even if we tried to do that, and because I don’t really WANT to loan an additional £20,000 from the bank, I fear my only option is to
sell a kidney raise as much money as possible in as short a time frame as possible.
My “mortgage free in five years” project is about to become a “raise £15k in as short a time frame as possible” project…!