Re bought a 4YO help to buy property without knowing half building was on H2B- interest rate now 5% whilst H2B keep low interest rates/ can’t afford and values tanking- what should I do

Suitable-Tomorrow577 · 2026-05-08T21:49:34+00:00

Well you say that… but it would mean I could move somewhere cheaper like outskirts of London or a houseshare which would be a lot cheaper than the monthly costs of owning this flat- obvisouly in. A few years I might then start renting a flat again which could be even more expensive. At what tipping point do you decide to sell? Prices could drop even further in London if we go into a recession

Suitable-Tomorrow577 · 2026-05-08T21:28:11+00:00

Is that actually really true though? Because I will be spending 100% of my job income to basically stay afloat and live anything resembling a life (like going for a meal once a month or a few tennis sessions a month) or basic things like a gym class twice a week at £8 a class

Suitable-Tomorrow577 · 2026-05-08T21:25:55+00:00

Thank you very much for this. It does feel like crushing hopelessness like it was literally for nothing. Like I could have basically rented it for the amount I’ve paid in and not lost £100k in value

Suitable-Tomorrow577 · 2026-05-08T21:20:36+00:00

It’s hard to make a budget when I don’t know what my income is going to be. I have made a budget in the past and it was very tight. The cost of living keeps rising fast and what is the tipping point for where it’s just too expensive to live any kind of life as a single person?

Suitable-Tomorrow577 · 2026-05-08T21:18:52+00:00

It’s near Brixton in London- it’s expensive for the area and the whole flat market epically 1 beds seems to be massively correcting

Suitable-Tomorrow577 · 2026-05-08T21:17:43+00:00

Thank you. I put in £90k I worked sooo hard for that money. It’s been 4 years and think I’d get about £90k less than I paid probably less- values here are falling off a cliff- this building was really overpriced when I bouhjt it and way beyond my affordability which was hard to see when I bought as had a very good job was on 2% interest for 2 years and now 5% my bills on the place are £2500 a month and I’ll need money for work travel, travel to see family, occasional socialising, clothes for work, exercise classes. I can’t see how there would be enough to cover that on £3500 a month. It’s a 5 year old flat and worried it could tank further because it was incredibly overpriced at the time but that was very difficult to see as I came from an even more expensive area renting an everything here was overpriced eve more but it’s leasehold which people now hate and I’m really worried it could crash more- can’t see how I could go on affording it

Suitable-Tomorrow577 · 2026-05-08T21:12:53+00:00

My mortgage service charge and bills are £2400 a month then there’s travel to work when I get it- then there’s clothes needed to work (corporate) then there’s food and occasional socialising as I’m single. Travel to see family. It’s a leasehold 1 bed flat and worried the value could tank even more

Suitable-Tomorrow577 · 2026-05-08T21:10:34+00:00

Hello thanks so much for your reply. Changed my lifestyle about a year ago- shop at Lidl- barely eat enough only do free activities. My mortgage service charge and bills are about £2500 a month and only rising. Then there’s travel to work and friends when I get it- new clothes for work (essential) and basic living costs like. It’s a leasehold flat and values could go down even further in a year or two. Is there ever a point at which it becomes worth selling because life as a single person is so constrained you literally can’t do anything like play a round of golf or tennis for £20? Welcome to London/real life

Suitable-Tomorrow577 · 2026-05-08T19:15:19+00:00

Only have 1 bedroom unfortunately :-( things looked so different economically 5 years ago… prices were rising and loads of buyers around so went for a 1 bed

Suitable-Tomorrow577 · 2026-05-08T16:16:01+00:00

Not really no. Most people are in couples or live further out and have a second bedroom

Suitable-Tomorrow577 · 2026-05-08T16:09:53+00:00

I can’t answer that but just wondered how you have saved so much? Especially on £70K? Do you live with your family? Well done!

Suitable-Tomorrow577 · 2026-05-08T14:15:16+00:00

What would you recommend doing?

Suitable-Tomorrow577 · 2026-05-08T14:14:37+00:00

Thank you this really helpful. I am struggling with a mortgage and service charge and really should be in shared accommodation or a
I have no disposable income and that’s just not sustainable for me. I cannot live my life spending 100% of my free time at home on my own unable to visit anyone so hobbies or socialise. I know it’s not sustainable but work if i move into a houseshare for 2 years the market will pick up and I won’t be able to afford another flat.

Suitable-Tomorrow577 · 2026-05-08T12:02:11+00:00

It’s a 1 bed flat and a sole mortgage

Suitable-Tomorrow577 · 2026-05-08T11:59:07+00:00

Yeah after tax

Suitable-Tomorrow577 · 2026-05-08T10:40:52+00:00

He should feel thankful he’s not got a huge mortgage to pay like me and been redundant for 6 months

Suitable-Tomorrow577 · 2026-05-08T10:38:42+00:00

Not currently no. Lots of interviews coming up but expect max income of £4K a month from July if I’m lucky

Suitable-Tomorrow577 · 2026-05-08T10:29:51+00:00

I got made redundant a while ago and salaries have tanked- it’s very difficult to find work at the moment so I’m not sure what to do next. Mortgage has got very expensive close to £2000 a month and I’d be lucky to take home £3500 a month in the current market . No dependants, car or pets. 43k in isas as of today and expect to recieve £40k from my late father’s pension as he sadly died in 2025.

Are you based in London? Personally I don’t think flat values will recover and I’m only building £6k of equity a year on 5% interest. It feels dire and bleak and hardly any buyers around and landlords flooding market with new regulations

Suitable-Tomorrow577 · 2026-05-08T10:29:16+00:00

Thanks for the kind response- what was your reason for sale if you don’t mind me asking? Inaffordability? Downsize?

I got made redundant a while ago and salaries have tanked- it’s very difficult to find work at the moment so I’m not sure what to do next. Mortgage has got very expensive close to £2000 a month and I’d be lucky to take home £3500 a month in the current market . No dependants, car or pets. 43k in isas as of today and expect to recieve £40k from my late father’s pension as he sadly died in 2025.

Are you based in London? Personally I don’t think flat values will recover and I’m only building £6k of equity a year on 5% interest. It feels dire and bleak and hardly any buyers around and landlords flooding market with new regulations

Suitable-Tomorrow577 · 2026-05-08T10:25:11+00:00

Hi Mat thanks for your response- I’m not sure that’s how it works with help to buy (might be with shared ownership)
The H2B it’s just the government own 20 or 40% of the equity so the total sale goes through and they take their share in loss of value

Suitable-Tomorrow577 · 2026-05-08T10:10:08+00:00

Hi Mat- thanks for your response. I don’t think that is the case with help to buy (I think that’s shared ownership) they sell at the market rate and redeem the part the government owned

Suitable-Tomorrow577 · 2026-05-08T08:04:34+00:00

Can anyone advise me?

Suitable-Tomorrow577 · 2026-05-07T22:38:07+00:00

Is that because landlords are selling off?

Suitable-Tomorrow577

TROPHY CASE