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Advice please re. equity/moving
rharwin
Posts: 19 Forumite
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
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
0
Comments
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How do you intend upsizing with little/no deposit?0
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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.
Regards0 -
£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...?0
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