I Wish!!

[manitee]

Hi everyone, I am looking at selling up our bricks and mortar and travelling the open countryside, basically we got ripped off with our Mortgage and for the last 14 Years have been paying just interest! when we thought we were also paying towards an endowment policy!, I am now aged 51 and have recently had to take out a NEW repayment Mortgage over a 20 year term, no way!!, (work till I am 71?, you must be joking!), the bloke who sold us the so called "Endowment" has been inside Prison for misleading people, (Fraud) however, we can get no help at all, basically its "tough"! hence looking at alternatives to paying a new Mortgage

if we sold our property we would probably get in the region of £110,000 for it, our Mortgage is for £68,000, is there any hope for us then?, I thought of selling up and buying a Motorhome then living off the remainder of the Profit we should make?

manitee

 

[roifromnwales]

Hi manitee, I have thought a lot about this since I first read it.
sell for 110 minus 68 leaves 42k.
then you have to buy an mh & insurance and set up a contact address
what eactly will you be left to live on. even using cl or cs @ a £4 average that could be as much as 1500 a year just to park for a night. wild it 50% and that drops to half but it also adds to problems
my estimate is anything from 35k downwards. that will not last you long even on the road. 2-3 years and that is if you are careful. you would need some way of making money too but this is possible if you are a craft type. you could do fairs and sell your stuff while travelling.

perhaps you could consider this option while remaining local and continuing your present job. you could motor round the various wild spots and mix it with camp sites [if you stiop for an extended perios you can get a better rate and still have full use of facilities [laundrette, water waste disposal etc]

sorry to pour cold water on your dreams am
nd very sorry to hear about the bind you find yourself in due to ***** insurance man.
there were many about.

If he is in prison could you not go after his assets maybe in a class action with a few of his clients acting together?
Unfortunately in todays society the crim is the one with all the rights not the victim.


I would love to go this route [and i am due to come in to some money [about 10 k more than you and I have looked but cannot see a way I could do it for more than a few years before running out of money and I start with an MH and a lot of kit.

all the best and if I can help in any way let me know
roi

 

[JohnSandyWhite]

:huh: I would suggest unless you are prepared to carry on working after the sale of your house? Then it would not be viable or wise to do as you wish. I made the decison to retire in October 1996 after I had worked out what it was costing us to live in Spain (at the time in a Caravan on a camp site). How much we had in savings and investments, and what we had in income each month. I calculated that we would have enough to last until I received my Retirement Pension. I still have 3 years to go and I am still in the money as they say. It is not an easy decision to make. Other's have done the same and regretted it. They treated it as one long Holiday. Wrong decision and wrong way to go about it. They usually only last a couple of years. What ever you decide? We wish you all the best in the future. B)

 

[Averywildwildcamper]

I would think very very carefully about jumping off the merry-go-round, as you'll have hell of a job to jump back on.

If you invested your 'profit' you'd only get about £25 a week interest off £20,000.

If your wishing to escape, pehaps you should move areas as there are places where property is cheap. By us its the Forest of Dean. but there are other places. Have a surf around.

Without knowing your location of skills for work availability its difficult to give any more advice. Both Roi and John has given sound advice.

Take care.