Re-mortgage or Sell?

lisa30uk

Hi.. This is my first post!

My HBOS fixed rate mortgage is due to expire at the end of the year. I'm pregnant and panicking at the current state of affairs and unsure of what to do. Any experiences and advice would be of great help!

HBOS rates are looking pretty high at the minute, however, I am still keen to stay with them as I am expecting and on a lower salary at the minute (I'm

office based and not earning commission which will reflect in my salary statements). Clearly, I am concerned that a new mortgage lender would not accept an application for my current mortgage amount due to my (allbeit temporary) decreased salary. Having renewed with HBOS previously, I know the procedure is less complicated.

I am also wondering whether I should be consdiering selling and renting? I still have a good bit of equity in my current home, although it's slowly dwindling as prices in our area (SE) are coming down, slowly but steadily. Should I cut my losses and rent? I'd be happy to rent, getting in the area of good schooling would be an advantage.

Any help is much appreciated, I am quite 'out of touch' right now.. Thanks very much in advance!

Cheers!

poppy10_2

If you're happy to rent, I would sell and bank the profit while you still can. You'll avoid the headache of remortgaging and the loss of capital with house prices falling at their fastest rate ever.

bigbloke45

lisa, you need to run the "numbers" on this before you make a decision, There are any numbers of "calculators" out there or talk to a good IFA.

It's not a decision to be made on "feel", let the numbers do the talking.

Good luck!.