Mortgage advice - Rent or Sell or Stay!

Cavan28

Good morning all,

I need your help!! Here is my dilema ...... Currently own a one bedroom house in the south east. I have been in there approx 18 months. My OH is looking to move in sometime in May but we have reservations as to whether the house is big enough for the two of us. Selling this house and buying another is not an option as i would end up loosing money on it. Here is the dilema .......

Originally the plan was to move my OH in, save some money and buy in a year or so using the savings as a deposit. Now i am thinking is it worth doing that? Would it be better for me to bite the bullet and rent my property and buy somewhere else now whilst the market is like it is? If i save for a year will this be pointless as the house prices could (unlikely i no) rise by more than i save effectively making me worse off!!

Also my other have has some debt, if they move in to my existing property then they can get a lot of this paid off over the next year or so.

I would love everyones thoughts or advise.

beecher

I think it is very unlikely that house prices will rise in the next year. I think your OH should move in, and you should both save save save - your bills will be cut substantially by moving in together so you could concentrate on saving/paying off debt.

You could have a 'declutter' to make more space if that is a concern.

JayZed

I agree with beecher, having your OH move in and saving money over the next year is the best option. I can't believe that even a bijou one-bedroom house is really too small for two people, unless you're planning to have kids in the very near future.

One other option might be to sell your existing place, rent for a year or so while you save up, and then buy a larger place. Obviously there's risk involved here if prices do go up within the next year - I think that's unlikely but you might not want to take the risk. I think having your OH move in is the better option.

TEDDYRUKSPIN

Advice? nothing to do with mortgage advice. Hee.

Erm. Yep. House prices will not rise this year at all but instead dip a bit more. Suggest save your deposit, and just get the other half to move in. Just get a bigger bed. Would be cheaper.

Cavan28

haha yeah looking back at the title perhaps i should have put house advice rather than mortgage advice!!

Thanks all