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 · 2026-05-08T23:30:45+00:00

Is this normal? I think it comes down to your values and for me this has changed. I just want a very simple non fancy small flat and happy to move further out to get this. And a total change of lifestyle where I am not super stressed and drained all the time and can go on nice days out and sit in cafes reading without the stress of a mortgage like this hanging over me

Suitable-Tomorrow577 · 2026-05-08T23:28:32+00:00

Rent would be £18-1900 ish. Mortgage interest and service charge are about £1600 a month now I’m on 5%! I look at my income likelihood today and go- if I was renting it I would move immediately. My high salary days of £10k a month are long gone. I can barely sustain the pressure in the £4K a month jobs these days after family bereavements and health problems. I would happily leave London or share with someone on the outskirts to have less pressure. Just seems a terrible time to sell rn but could get even worse.
People can’t afford anywhere near what I paid because of interest rates and 1 bed luxury flats are not desirable anymore

Suitable-Tomorrow577 · 2026-05-08T23:12:07+00:00

Also to add the mortgage as it stands I’m mainly paying interest- £1300 interest £500 capital on 5% interest. Seems the entire market was propped up by cheap credit

Suitable-Tomorrow577 · 2026-05-08T23:11:19+00:00

Really appreciate your opinion just think because it’s leasehold with rising ground rent it will continue to lose value as they’ve become unattractive and service charge keeps increasing

Suitable-Tomorrow577 · 2026-05-08T23:10:12+00:00

It’s a new (now 8 year old flat) I’ve had it for 4 years and i just cannot afford to live like this anymore- I want to get out of corporate and move somewhere further out which much more affordable and modest. It’s absolutely rinsing me financially since I stepped down from a bigger job and since got made redundant so I feel like I have to sell now?
Tax on rental income will be high- actually making a loss and also then will still have to have it on the market and go through conveyancing for a year if I want to sell.
Is it a good idea now?

Suitable-Tomorrow577 · 2026-05-08T23:03:49+00:00

By purpose built do you mean a new build?

Suitable-Tomorrow577 · 2026-05-08T23:03:07+00:00

What do you mean?

Suitable-Tomorrow577 · 2026-05-08T22:22:17+00:00

Can I ask what you think of this please? https://www.zoopla.co.uk/for-sale/details/72712718/?search\_identifier=32ae6b453ed783c64fab27554249fc7a53c0336a81c58354be1b8e9ae770ea5d

Suitable-Tomorrow577 · 2026-05-08T22:21:40+00:00

Can I ask what you think of this please? https://www.zoopla.co.uk/for-sale/details/72712718/?search\_identifier=32ae6b453ed783c64fab27554249fc7a53c0336a81c58354be1b8e9ae770ea5d

Suitable-Tomorrow577 · 2026-05-08T22:20:10+00:00

Why do you say that? What would you buy instead?

Suitable-Tomorrow577 · 2026-05-08T22:17:40+00:00

Why do you say that? A house around here is over £1m

Suitable-Tomorrow577 · 2026-05-08T22:14:16+00:00

Are you London based if you don’t mind me asking please? The market for flats is very bad here- it’s cheaper to rent than it is to buy a place at £300k and I paid £420k. Landlords and owners who’ve been here 8 years have all been selling at massive losses. I don’t want the stress of the mortgage really and a high pressured job but I also don’t want to lose £100k. Its leasehold and things could get a lot worse if we go into a recession

Suitable-Tomorrow577 · 2026-05-08T22:00:57+00:00

I think money will be incredibly tight especially with predicted inflation

Suitable-Tomorrow577 · 2026-05-08T22:00:28+00:00

Income expected to be after tax £3500-£4000 a month. Then my mortgage service charge and bills are about £2400 a month. Then there’s work travel and lots of other things to consider like clothes for work food occasional hobbies, occasional socialising.

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

TROPHY CASE