Would I be daft to move....

Viper_7

Current property about 190K - would be easy to sell
37k mortgage. Variable rate 2.5% + BOE... so 3% 16 yr term left (no ties)
New property £245k.

So, going forward 100K mortgage.
Moving costs about 6-10K

Unable to move mortgage, so would need a new one, and they are pretty much all trackers or fixed at rates greater than I'm paying now.

Unsure as to the housing market - but I think it's going to drop a good 10% next year? and how much after that.

Also, I don't need to move, this would be a move out of want than "Need"

I could afford it - but what ifs? thinking with my head. What if I'm made redundant?
What if I "need" to move shortly after for whatever reason.

So, if I don't need to move, am I better of waiting to see what happens or go for it.
I have my eye on a property or 3, which obviously are not going to wait for me...

My head says keep put. but I'm feeling the draw.

Vipes

Fire_Fox

Why don't you join the MFW board and start overpaying your current mortgage in a big way while rates are low? Also get your current property into the best shape - finish all those little maintenance jobs, declutter and Spring clean. This will make your home a nicer place for you to live and/ or will make it more saleable, winner all round. Reassess in six month or a year or whatever feels comfortable.

Viper_7

I am overpaying in a large way.
Payment is just over £300, I'm over paying by a good £700.
At that rate, I'd have fully paid it in just over 2 years.

Current house is in good shape as it was a new build. already put a decent conservatory on it, established gardens and well decorated.
De-clutter is a must though!!

If I don't move in the first quarter though then I would leave it a year.

kmmr

Can you port your mortgage? You could possibly port the £37k at the current rate, and borrow the remaining at the new rate. I know A&L said they would do that for me when I was looking earlier in the year (last year I suppose!).

Run the numbers with you losing your job, or rates rising, and see if you can still be ok for 6 months or so. Have you done research in the area, and are confident that you can pick a bargain, or at least work out something that is good value?

IMHO winter is a good time to look, as people are a little more desperate for buyers, although the available stock will be lower.