thekennys

Thanks for the tips and link so far guys, all avenues being explored. As you mentioned, littlesarah, I'd love to be able to pay off this debt, but as an asset it's losing money, especially being a rented property as the tenants we have have all been pretty rubbish at looking after it, and managing agents don't give a damn. I can only see gloom ahead, as there aren't many first time buyers around in London we can offload too, and we won't be able to command much more rent due to the area not being a popular one, and the current tenants not caring for it. I was reading last week alone that first time buyers need an average of 56K GBP deposit to get a mortgage on the average London property - which is insane. No wonder the property market is stagnant. We just want a fresh start so we can save for a possible mortgage here one day, the kids education etc. without having a massive debt hanging over us that I worry will eat away at anything we can build here.

Looking for some non-judgemental advice from you clever folks... Myself and my wife bought a flat in London in November 2007 on virtually a 100% mortgage (I know, I know.. insane, but back then everyone was at it, and it took us two years alone to save enough for the stamp duty and fees!). After the market went pop, within 6 months, it was worth about 60K GPB less than we paid for it. Coupled with being unlucky (or stupid) enough to buy at the peak, we bought terribly, an old flat in a questionable area that needed a lot more work than we could have imagined. We have tried to sell twice, and not one offer, even below asking price. Since departing the UK, we are renting the property out behind the back of the mortgage company as they refused our request to let it out when my industry all but disappeared (construction) I had no choice but to up sticks and move abroad chasing work. We're making a fair go of it living here and getting to love the place and being back working in a busy industry, and have three kids now. The constant sending of cash we cannot afford back to subsidise repairs and mortgage payments is becoming a pressing issue to say the least - probably about 8 grand GBP this year alone... We are only paying interest on the repayments and barely afford this, thus haven't paid a penny off the mortgage yet, five years on... I have a small credit card debt in the UK, about 3K, from paying for a new boiler last month, but nothing else debt wise - just this bloody mortgage. We've just been told the entire property needs new windows and a new kitchen (!!), so another 20K debt is flashing before my eyes... SO - I have been looking at bankruptcy. I don't have residency yet here in Oz but will start process next Feb when I have been here two years and it should be quite straight forward as I have a good secure job earning a good wage. I don't foresee going back to London as it's such a mess there and things going well here, so looking long term to citizenship for myself and my happy brood. I'd love to hand back the keys and have spoken to a few insolvency agents who seem a bit too enthusiastic, and make it all sound too easy - if you l know what I mean! used car salesman springs to mind... I understand you need to pay a few grand to get the process managed for you but my main worry is being left with a 60-70K debt I have to pay off from the flats negative equity, which would pretty much ruin us financially for ever. Anyone been in the same situation and can offer advice, I'd be very grateful. Anything will help, we're getting a bit low here worrying about this. Thanks guys!

Hi all, My husband and I are moving to Sydney in January 2011 when I will be 8 months pregnant and our daughter will be 20 months. He will be working in Northbridge so we are looking for a nice area that isn’t too expensive around the Lower North Shore or even further away if easily commutable. I am a little puzzled to which areas offer the best in activities for babies and toddlers. Currently we live in Greenwich, London which has loads of classes and activities for little ones, like baby swimming, sensory classes, soft play etc. and we’d like to find somewhere similar in Sydney with lots for the little ones to do close by, as my husband will have the car for work, so I will be relying on public transport/walking. If anyone can recommend a fun area with nice places to live I’d be super grateful. We are looking to spend a maximum of £800 per week rent and we would love some outside space (!). Any pointers or general help for a young family welcome, as our baby #2 will be arriving about 5 weeks after we do, so we won’t have too much time to find things out for ourselves! Thanks so much in advance. All best wishes Helen

Yes! Sorry, 2011. Forgetting their birthday already!!

Hi all, My husband and I are moving to Sydney in January 2010 when I will be 8 months pregnant and our daughter will be 20 months. He will be working in Northbridge so we are looking for a nice area that isn’t too expensive around the Lower North Shore or even further away if easily commutable. I am a little puzzled to which areas offer the best in activities for babies and toddlers. Currently we live in Greenwich, London which has loads of classes and activities for little ones, like baby swimming, sensory classes, soft play etc. and we’d like to find somewhere similar in Sydney with lots for the little ones to do close by, as my husband will have the car for work, so I will be relying on public transport/walking. If anyone can recommend a fun area with nice places to live I’d be super grateful. We are looking to spend a maximum of £800 per week rent and we would love some outside space (!). Any pointers or general help for a young family welcome, as our baby #2 will be arriving about 5 weeks after we do, so we won’t have too much time to find things out for ourselves! Thanks so much in advance. All best wishes Helen