Q:Hello everyone. Just looking for some opinions. Husband is currently in the air force and I am a stay at home mum. We have a 1 year old and another on the way and own our own house. We are just about managing to survive but seriously considering selling our house to move into married quarters (rented). Currently we owe about ￡45,000 (2 x credit cards, 2 x loans). Our logic of thinking is this, we can sell house and pay off debts. We'd also be about ￡500 a month better off. This would mean we can put money into savings and afford luxuries like days out and holidays. At the moment we are just having to plough money into our house as everything just keeps going wrong. The other thinking behind moving to a base is so that I will have a support network with other young mums, we can move down to one car, and any problems with house get sorted via raf. We worked out that over the time husband has left in force we could save appx ￡30,000 and we he comes out he will get about ￡40,000. Therefore we'd have a nice deposit to put down on a house. He would also get a decent pension each month. Anyway, if you have got this far – well done! So are we mad by leaving the housing market?
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Thanks in advance x
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A:Mrs D
We are in the process of selling our house and miving into quarters now we are married. We dont have debts like yours though. Our fixed rate has just come to an end. That coupled with childcare fees means we would be struggling to afford our home.
Married Quarter fees will be about £300 per month for us at the very most. Mortgage would be about £900 if we remortgaged. Add on council tax and water fees and we are saving at least £700 per month
The quarters around here are alright. Otherwise I wouldnt have even considered moving onto camp.
DP has 5 years left. With the Equity from our current home, his pension lump sum and the saving we will make by living in a quarter for the next few years, we hope to have 100k + deposit when we buy our next home 
So I would say go for it. Sort yourself with a budget to repay all those debts and save for the future
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A:Can someone tell me how you end up with ￡45,000 of credit card debt?
Easy, you start off with ￡10,000 of credit card debt!
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A:Can someone tell me how you end up with ￡45,000 of credit card debt?
Spend more than you pay off.
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A:I am not sure owning your own home WHEN YOU HAVE OTHER OPTIONS is all it's cracked up to be. Too many of us (me included) have looked to property to make us money, as an investment. Well fact is, there are plenty of other ways to invest money. But it all comes down to budget and plan.
How I wish I would listen to my own advice sometimes?
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A:ive just sold a house because just about affording the mortgage and couldn't do anything else, have now bought a smaller house with much smaller mortgage (only costs as much as it would for a rented) and the relief that now we know we can afford the mortgage easily and possibly take my child on day trips,maybe get to go on holiday.
We are thinking about doing the same thing at the moment. It is funny really as we are in the type of house now that we have always wanted since we bought our first house (99), but just want more financial freedom.
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A:ive just sold a house because just about affording the mortgage and couldn't do anything else, have now bought a smaller house with much smaller mortgage (only costs as much as it would for a rented) and the relief that now we know we can afford the mortgage easily and possibly take my child on day trips,maybe get to go on holiday.
i haven't slept as well in years as i do now, after all what use is a house if your miserable in it.
go for it!!!!!!!!!! once all your debts are gone you will have peace of mind too.
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A:Can someone tell me how you end up with ￡45,000 of credit card debt?
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A:Thanks for suggestion, nice idea but doubt we'd get the continual tenants. Not a risk we'd want to take with 2 small babies. Also I doubt we'd be able to afford it
It's worth investigating the pros and cons of letting the house not least because you may have trouble selling in the current climate.Will the market rent cover the costs of the property ( mortgage,insurance, letrting agent,repairs/maintenance)?
Not an easy way out of course, but you may have missed the easy way out.
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A:This would mean we can put money into savings and afford luxuries like days out and holidays.
I think that you have answered your own question.
Stop being a debt slave.
Good luck.
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A:I'm Air Force too, but we own our own home and live on married quarters. What we have done is let out our home, this will give us somewhere to live when i leave (7 years) or sell and move up the ladder.
If you can get someone else to pay your mortgage you are onto a winner, but you must be sure you can continually let the house or you could end up in more debt!
Thanks for suggestion, nice idea but doubt we'd get the continual tenants. Not a risk we'd want to take with 2 small babies. Also I doubt we'd be able to afford it
A:I'm Air Force too, but we own our own home and live on married quarters. What we have done is let out our home, this will give us somewhere to live when i leave (7 years) or sell and move up the ladder.
If you can get someone else to pay your mortgage you are onto a winner, but you must be sure you can continually let the house or you could end up in more debt!
A:Thank you everyone, think we are just going to bite the bullet and go for it. Now I need to convince my mum that it's the right idea!
A:We lived in quarters until August last year when my husband left the navy. The supportive network is really good on the base for everyone especially the wives. I really enjoyed my time on the base it was great fun.:
You will save money as you don't have to pay rates either as its included in the rent. We had a 4 bed detached house it was really good value for money.
Especially in the current climate of crazy house prices and the probable house price reductions.
Anyway whatever you decide all the best.:rolleyes:
A:Sounds like a good idea, but Please Please Please set up a budget and a savings plan right after the sale of the property. Otherwise you will be again in such rediculous debt. But this time no house to bail you out.
A:I'll miss my magnolia woodchip when we eventually move out of mq's and buy a house. Hopefully next year when I finish uni.
One way of looking at it, is at least when he's posted, you can all just go with him.
A:With 45k of debt you may be as well to sell and start again. You will need to address the spending habits that got you into that much debt in the first place or you will be back there again in the future.
Thanks, I see it as a chance to start again. It's just a scary decision to make knowing that we won't own our house. Although whilst in the air force we know we will never be homeless.
A:With 45k of debt you may be as well to sell and start again. You will need to address the spending habits that got you into that much debt in the first place or you will be back there again in the future.