We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Should we do it?
lindos90
Posts: 3,211 Forumite
Im after some opinions please, I know the bottom line is that we need to make the decision together, but I would really appreciate some other points of view.
Im married, have three children and are shoehorned into a tiny three bed semi. I'd like to move, but daunted by the prospect of moving and taking on a bigger mortgage, and all the risks it involves.
My husband really wants to move to a 4 bed detached, more room for the kids, a space to study etc. Which would be nice, but would it be too much?
We now have our house on the market, (after much pestering from him) and my OH is making appointments about mortgages, and the figures scare me, what do you think?
We owe 45k on our current home, IF it sells at the asking price we will get 175k (but more likely 160-165k) which would give us a decent deposit of 115-130k, BUT he wants to buy a house thats on the market for 280k, (he thinks we can knock them down to 240k as its been up for sale over a year!!!).
He's looking at a 20 year mortgage (we are 42, I want to be aiming for mortgage free, not starting back where we were 20 years ago!), and earns 35k, currently Im not at work. One bank has said he could borrow up to 149k!!!
Would this be stretching us too far for too long? We have bought twice in the past, both times we have both been earning, and have borrowed much less than we could have.
Is it unrealistic for him to expect the vendor to drop 40K?
Any thoughts greatly appreciated, the only other person I can ask is my OH, and he's kind of bias:o
Im married, have three children and are shoehorned into a tiny three bed semi. I'd like to move, but daunted by the prospect of moving and taking on a bigger mortgage, and all the risks it involves.
My husband really wants to move to a 4 bed detached, more room for the kids, a space to study etc. Which would be nice, but would it be too much?
We now have our house on the market, (after much pestering from him) and my OH is making appointments about mortgages, and the figures scare me, what do you think?
We owe 45k on our current home, IF it sells at the asking price we will get 175k (but more likely 160-165k) which would give us a decent deposit of 115-130k, BUT he wants to buy a house thats on the market for 280k, (he thinks we can knock them down to 240k as its been up for sale over a year!!!).
He's looking at a 20 year mortgage (we are 42, I want to be aiming for mortgage free, not starting back where we were 20 years ago!), and earns 35k, currently Im not at work. One bank has said he could borrow up to 149k!!!
Would this be stretching us too far for too long? We have bought twice in the past, both times we have both been earning, and have borrowed much less than we could have.
Is it unrealistic for him to expect the vendor to drop 40K?
Any thoughts greatly appreciated, the only other person I can ask is my OH, and he's kind of bias:o
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards