M
mtm
Guest
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.
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.