Mortgage advice

happyrichard

Hello
My wife and I are reaching the end of our two year mortgage deal. We are in debate whether to remortgage our current property or to sell up and try and climb the property ladder.
Two ways of looking at it is that we are comfortable where we are, but on the other hand, it has never and may never be, as affordable as it is now to move up the ladder.
Place on top of that, I am about to lose my job and we would be probably lending against my wife's salary only, this adds to the mess. That said, we have built up savings and have a healthy deposit based on these and any equity we have built up.
Can anyone please offer advice to what we should do- do we gamble or do we stay safe?
Thanks!

mr_fishbulb

Why would you want to take on additional debt if you are about to lose your job?

Sweetcaz_2

Would you be able to afford to move up the ladder on the one salary from a lending point of view i.e 4 x her salary?

Also if you did move up the ladder and she lost her job as well could you cope? Redundancy cover could be an option to cover this scenario.

It is all about what risk you want to take really at the end of the day. Now seems a good time to get more for your money if you are willing to take the risk financially.

I have just sold my starter home in favour of a well priced family home. Took me a while to sell mine though!!

Good luck! :cool:

happyrichard

I am more looking at the LTV mortgages and see that we could make the jump.

Why would you want to take on additional debt if you are about to lose your job?

I appreciate your comments, but with regards to the debt issue- if you always think like that, you will never do it. You can buy a house one day, lose your job the next- this way we can see how we cope of wifes salary alone and then make the jump.

We can cope on my wifes salary, but of course if she was to lose her job we would lose the property probably if we could not get work soon after. That said, she is rather secure and in good employment.

I have just sold my starter home in favour of a well priced family home. Took me a while to sell mine though!!

Nuff said- well done! I think we will probably go down this line.

Sweetcaz_2

If you go for it consider looking at the redundancy cover (unemployment cover) for your wife. It can be taken out to run alongside your new mortgage and would go towards covering mortgage costs should the worst happen and your wife lose her job as well, best safe than sorry

mr_fishbulb

happyrichard wrote: »

I appreciate your comments, but with regards to the debt issue- if you always think like that, you will never do it. You can buy a house one day, lose your job the next- this way we can see how we cope of wifes salary alone and then make the jump.

We can cope on my wifes salary, but of course if she was to lose her job we would lose the property probably if we could not get work soon after. That said, she is rather secure and in good employment.

But with one of you already without a job, surely the chances of both of you being out of a job at the same time have doubled?