M
I'm in a not dissimilar position and I am waiting until after the budget before making any definite decisions. The kids are all back in school in a few weeks so I'm hoping to be moving ideally next April/May.Looking for the thoughts of the community here on trading up.
That sounds a bit crazy, which bank was that?They were applying for €450k this time around and were turned down - not even one euro offered. The reason: They had 4 kids and fell outside policy .....
A good friend of mine and her husband had loan approval in the order of 950k last Autumn. They recently found a property that they liked and went to renew the approval. Their financial and personal circumstances were unchanged other then the fact that their own house had since been sold and cash received.
They were applying for €450k this time around and were turned down - not even one euro offered. The reason: They had 4 kids and fell outside policy .....
I agree with some of your points DT but disagree on others. We are the same position and looking at renting our current property and trading up.
We've had our property valued at about €300K and the exact same property went on the market about 3 weeks ago and sold for exactly that amount.
The banks will check your property in its valuation and its not hard to find out if your type of property is a good investment or not, and that is how they will reach their decision.
I think its best to take a more balanced view on these things and not think that no one can sell their property and are over stretched. There is still a lot of people out there in good jobs who can afford a mortgage and trade up.
Prices have gotten reasonable and affordable again and in my opinion depending on the area are bottoming out.
The next 12 months could be a good time to find a "home". I remember before when prices were falling some people sat back thinking prices would drop and drop and they didn't and before they knew it they couldn't afford the type of property they wanted. I fear this could happen again.
Buying a family home is completely different than buying an investment property as other factors come into play. And it is for this reason that homes in very good areas with gardens etc tend to fair better than others.
Looking for the thoughts of the community here on trading up. Ok, here's the scenario.
We bought a 3 bed semi in 2005 for 340k and now thinking of trading up due to growing family. The house is now worth approximately 300-310k (down from a peak of 390k). We currently have an outstanding mortgage of 300k, so although we are not in any real negative equity, we'd still be worried that houses will drop further. We should have about 20k in savings when we wish to approach for a trade up mortgage. I'm in the fortunate position of having been promoted recently, in a secure job, and with my wife's part time work we would have a combined gross income of approx 105k. We would be looking to buy a four bed for between 380k - 420k. We're on a tracker of 2.15% on current mortgage and we'd have the option of converting attic if needed, but this would not be a long term fix (4 kids, 1 on the way - and delighted btw).
My question is this. Should we be approaching the banks now for trading up, is it reasonable to expect a positive outcome, should we sell or rent current house and with all the talk of property taxes and possible stamp duty scrapped is it mad to think about moving at all and live in cramped abode for a year or two. Would really love to here your opinions. Thanks.
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