Mortgage break or sell????

A

ARTmc

Guest
HI,

I am a new user here and am looking for some helpful information and guidance.

Here is the situation.
i own a house with my boyfriend. We have been together over 5 years so we think it is a sound investment. Now the situation has arisen that my boyfriend wants to go back to college (an extremely expensive college). I am more than happy about this as he will finally be doing something he loves. Now the promlem is in our house. We simply cant afford to keep the mortgage and pay his college loan. He cant work for the space of 12 - 14 months and i would not be making a good enough wage to pay them and support him.

Is there any way of diferring our mortgage for a year without running up a massive interest bill that we are only going to incur at a later date anyway, (or what are the options in that area.) Our mortgage is new so interest only is not cutting the payment enough. or would our best option be to sell and start again when he gets out of college? (i quite like the idea of building our own place)
Renting the property is out. The rental market where i live is nill.

Does anyone have any sound advice??
 
Is full time in an expensive college the only option open to him?
by the way, have you checked the money makeover section? if you outline your details you could get some specific advice.
 
Have you ever thought of just paying interest only for the time he is in college,
Could you get tenants in to share the house,
Could you both move back home to your parents and rent the whole house out.
 
we can both move back home. but renting is probably not an option.i have family members trying to rent in same area to no avail!

Interest only will only reduce our payments by around 200 a month.

Unfortunately this college is the best option, he can go arount it a few different ways (some being less expensive) but from what we can see it would take twice the length of time and large finance will need to be sought regardless. The college seems to have a great rep with great employment oppertunities almost immediately after grad.

Both our parents are more than willing to help out financially but at the end of the day, when he finishes college we then have them to pay back too....... a lot to think about
 
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