Is it right time to move?

bally21

We've been offered a really good deal and was wondering if time is right to do it. A family member has acquired a property we have like for ages. It is valued at £235,000. He has said to us that we can have it by doing a part exchange on our currant property. He valued ours at £150,000(which is correct) and said would take £60,000 on top which comes to a total of £210,000. Our currant mortgage is £135,000 and would like £5,000 for improvements so our new mortgage would be £200,000. This is a bit scary and was thinking that as interest rates were so low that we could get the extra money for approx what we are paying out now monthly. Are we doing the right thing? Please help

Doozergirl

You have to bear in mind that interest rates won't be this low forever so to be protected you need a longer term fix.

Also, you need your fees and stamp duty as well as that money for improvements. I think really you need a 10% deposit. And you're talking about having 5% less here. If the house is that important and you have no savings, the money for improvements will have to wait, I suggest. You need to do some mortgage shopping because I'm not convinced that you'll be paying out the same for something bigger with a new mortgage deal.