Considering moving house - tracker issue

F

Forest22

Registered User
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Hi all,
Could I get your advice / thoughts please...
We are condsidering selling our house and moving to area 20 minute drive away. Moving reasons nearer to parents & our GAA club where we believe our future will be with our two boys - (my husband palys & drives up&down also) currently drive kids twice week but this will increase as they get older. We do like our current area good school & great childminder. Kids 6 & 4.
Our current house value 3 bed semi 275k (paid 270k in 2006) balance 215k but have been restored to tracker and awaiting updated balance and redress. Would be moving to 3bed semi cost 299k. We will be 2nd time buyers so financially what do we need & how much would a move cost? I am going to ring Ulster Bank later to see if we can bring tracker with us having just got it back last year, don't want to lose it. Are we crazy to consider moving?
 
Am I reading this right?

You're considering moving house to be 20mins drive nearer to GAA / parents house?

Is the extra 20 min drive that big a deal?
 
Should have said its same area we wanted to buy originally but at that time was lot more expensive than our current house and it is area we are both from
 
Speaking only about the financial side.

UB do not currently offer a tracker mover product like other lenders do. They will offer you a 10 year tracker at ECB + 2.5% up to your current loan value. You will lose your current tracker rate, or any right to revert to it.

You will need 20% deposit, which you should have based on equity value you mention.

Other major costs are commission on sale (between 1% and 1.75% plus vat, depending on area, sale value and agent), stamp duty and legal fees on purchase.

Your biggest challenge will be timing. It is likely you will need to sell your current home before you buy, unless you can buy subject to sale. Again depending on area / demand.
 
Forest22 said:
I am going to ring Ulster Bank later to see if we can bring tracker with us having just got it back last year, don't want to lose it. Are we crazy to consider moving?
Click to expand...
If the move makes sense for your family then don't allow the tracker to be a financial handcuffs. If you can keep the tracker then great, if not so what.
 
Moving house is considered the third most stressful life event, topped only by death and divorce; personally I'd want more motivation to embark on the project. Your 6 and 4 year old children may well discover other interests.
 
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