Hi there,
We had our house valued at €230-€240 last week, we owe approx €195 (on a tracker mortgage). The bank have provisionally approved us for €110k, which restricts us somewhat in the new house that we would buy. My husband is a full time engineering student, so hopefully should have good earning potential once he qualifies. We have 2 young children also.
My question is, should we sell now before we go into negative equity, or sit tight until we can get a larger mortgage in the future. I worry about the latter option, as neither of us may be able to get a mortgage in the future and maybe we should take it now while it is on offer??. We want to move for 2 main reasons, (1) - to reduce mortgage and (2) - move to preferred area.
Thank you in advance.
We had our house valued at €230-€240 last week, we owe approx €195 (on a tracker mortgage). The bank have provisionally approved us for €110k, which restricts us somewhat in the new house that we would buy. My husband is a full time engineering student, so hopefully should have good earning potential once he qualifies. We have 2 young children also.
My question is, should we sell now before we go into negative equity, or sit tight until we can get a larger mortgage in the future. I worry about the latter option, as neither of us may be able to get a mortgage in the future and maybe we should take it now while it is on offer??. We want to move for 2 main reasons, (1) - to reduce mortgage and (2) - move to preferred area.
Thank you in advance.