Beau&Jodie
Registered User
- Messages
- 8
Hi. I am just looking for some advice or a point in the right direction around seeking more professional advice.
Personal Situation
My Salary - 140-180k per year (May struggle to replace income quickly if job lost) - Age 38
Wife Salary - 70k (Safe job in public sector) - Age 33
Current Situation
Home owner - 3 bed semi detached house. I purchased in 2021 for 175k (actual cost with HTB was 157.5k). I probably spent around 20k on the house to furnish it. The house is now worth 250k based on recent sales for near identical houses in the estate. I cant sell the house due to HTB 5 year timeline until the middle of next year which is the timeline that works for me anyway. My outstanding amount on the mortgage then will be 97k (over 10 years).
I am currently in the process of building a house which will likely have a mortgage of 400k (over 20 years) when finished. The value of the house will be close to 550-600k.
Options
1 - Sell current house and reduce mortgage size to approx 250k
2 - Rent current house
My view
I like the idea of keeping the house as for me it is a safety net if something goes wrong in my job. I see it as future planning for retirement aswell. While I appreciate that this route gives me a tough 10 years of payments things will begin to get pretty good after that.
Id like to get other views on this and I am happy to answer any questions that would give more insight.
Personal Situation
My Salary - 140-180k per year (May struggle to replace income quickly if job lost) - Age 38
Wife Salary - 70k (Safe job in public sector) - Age 33
Current Situation
Home owner - 3 bed semi detached house. I purchased in 2021 for 175k (actual cost with HTB was 157.5k). I probably spent around 20k on the house to furnish it. The house is now worth 250k based on recent sales for near identical houses in the estate. I cant sell the house due to HTB 5 year timeline until the middle of next year which is the timeline that works for me anyway. My outstanding amount on the mortgage then will be 97k (over 10 years).
I am currently in the process of building a house which will likely have a mortgage of 400k (over 20 years) when finished. The value of the house will be close to 550-600k.
Options
1 - Sell current house and reduce mortgage size to approx 250k
2 - Rent current house
My view
I like the idea of keeping the house as for me it is a safety net if something goes wrong in my job. I see it as future planning for retirement aswell. While I appreciate that this route gives me a tough 10 years of payments things will begin to get pretty good after that.
Id like to get other views on this and I am happy to answer any questions that would give more insight.