£50K short for my next house any options

Jorgan_2

mpsavuk wrote:

All the while hoping & praying that houseprices don't fall over the next few years leaving you with the prospect of negative equity.

If house prices fall, the gap between the two properties will actually get smaller (all things being relative), potentially making it easier for the OP to get the type of property they want.

gerryh_2

Non status mortgage will allow you to borrow as much as you like regardless of salary. Risky as your outgoings will be £200/month ish more. Derbyshire do a 5 year Swiss Libor tracker @ 4.29% on residential purchases. Pay interest only for a couple of years to keep costs down, then start paying a bit towards capital, increasing as you can afford it.

samspam

Have you thought about getting a mortgage over 30/40 years to reduce your payments so that you can borrow more?

wisbech_lad

OK, on a 3-4 multiple of salary, to get the 50,000 you need an income rise of somewhere between 13-17,000 a year.

Easier said than done though...

meanmachine_2

cheggers wrote:

Extending is not an option, I would not get planning permission already looked into it before.

As much as my house will go up in value, it will never increase in line with the houses on the next step up in my area.

.

By jove, I think he's got it!

Yes, rising prices just pushes the rungs that much farther apart.

Fine for downsizers. Brilliant for tax collectors. A nightmare for the majority.

I don't understand the advice about taking out another 30 year mortgage. What will the OP do when they're about to retire and still have 15-odd years on the mortgage?

Except downsize and dump the massive debt onto the next generation. Niiice.