Advice please re. equity/moving

rharwin

I was hoping somebody may be in a position to give me some advice.

Myself and my wife have around £185000 outstanding on our mortgage and out fixed rate (6.08%) with Nationwide is coming to an end as we speak and will be moving to their SVR of 2.5%. Our house has been valued by them at £187000 though an identical one around the corner sold last week for £195000.
We will be overpaying out mortgage by around £450 per month.

We will be looking at moving to an alternative area for schooling and have been told that due to our increase in wages we can borrow a little more to move to that area.

Should i also put some money aside in an ISA for moving costs and will it be feasible to move in a number of months.

I have a credit score of 999.

Many thanks

_Andy_

How do you intend upsizing with little/no deposit?

rharwin

Many thanks for your reply.

We have had a rather significant rise in our disposable income so will be looking at overpaying/saving for the next year to achieve a deposit to enable us to move.

Does this sound feasible? As I mentioned, we are keen to move to get out aspergers son in an appropriate school.

Regards

Cannon_Fodder

£450 per month = £5,400 per year.

It will take about 4 years to achieve the minimal 10% deposit for a move. Longer, if you want the best rates, to build up a 25% deposit.

Consider selling, to rent in the necessary catchment, then buy when you've saved enough...?