Are we mental to sell

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homeadvice

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I just want to sanity check our decision.
We bought our house for 350 in 2004. Our mortgage is 270. 200k of which is fixed! We are currently northside of Dublin but watn to move southside nearer my ailing parents. Our plan is to sell and rent for 1/2 years and then buy. We currently have an offer of 350K.
Husband had a good job paying over 100k which he was recently made redundant from. We have 70k savings which should tide us over till husband gets a job. He's had 4 interviews and came 2nd in all of them! Our long term plan was always to move but not this soon. It was targetted at 2/3 earliest when our child starts school. What is prompting us to go is the house collapse - we don't want to be in negative equity, access to schools, and in particular near my parents who will need support going forward. Assuming the sale goes through we will have 125k in the bank. (including savings) Are we mental. Should we just hold off for a few more years and revisit when we are back on track or should we just be brave and take the risk. Thanks for taking the time to read!!! Our heads are wrecked!
 
This is just my view....you have an offer equal to what you paid for the house in 2004 - I'd be happy woth that.

However, you say that €200k of the €270k is fixed - if you pay it back early with the proceeds of the sale, you will probably have to pay penalty interest....find out how much from your mortgage lender.

Generally, I'd personally see nothing wrong with getting off the property ladder right now - but you'll need your husband/you to have a permanent job again before you can get another mortgage.
 
I would take the offer and sell. You'll rent a nice house for a reasonable payment in an area you wanted to return to anyway. You will have money in the bank and more importantly, you will be close to your parents.

It will give your husband time to find another job without the worry of having a mortgage over your head. Ultimately, it brings you closer to where you want to be.
 
Hi Homeadvice,

First of all my sympathies, it feels like we are all on shifting sand which makes making decisions of any sort very difficult. Sometimes you have to go for it though and my advice would be to sell, that way you're avoiding negative equity which has to be the major consideration. Would it be possible to go the whole hog, so to speak, and live with your parents for a while? at least until your husband gets a job, that way you'll conserve the maximum amount possible of your savings and you'll be ideally placed to get a mortgage on the house of your choice in your area of choice in the future.
 
If you apply for social welfare your savings will be taken into account, but your equity would not.
You should consider what your plans are if your husband does not get a job as soon as you would like.
 
sell the house you have lost nothing. . watch the markets there is bargains out there. thinking of moving again. ..builders are in bother and if i could get a buyer for mine would move to a bigger one
 
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