Need to move home....but which home???

stoneyboycool

Hi, my wife and I are recently married, both mid 20's, and want to move into a larger home. No kids yet but they will come in next few years. We'd like to create as much of a financial fortress as possible, before they arrive. I'm fulltime employed, oh works part time and parttime student. Combined income approx £50k pa. No outstanding debt. We've lived in a large 1 bed flat in West End of Glasgow for 3 years (Bought £130k, current mortgage £120k).

Ideally we'd like a 3 bed detached home, but know that we'll need a 4 bed within 5 years. Having looked around, we will need to spend £160k upwards, max budget being around £220k. I'd like us to be mortgage free as early as possible.

Should we be very conservative and keep the borrowing as low as possible or max out our borrowing potential, in hope of increasing house prices?

Should we consider a 4 bed new build on a 75% shared equity, therefore making repayments same as 3 bed, for much improved house? The shared equity needs paying off within 10 years.

Tell me if more info is needed. Thanks for your thoughts

amcluesent

>I'm fulltime employed<

Love to know which secure career will rain down money to provide for a 4-bed detached, mortgage free and with 2 kids by mid-thirties...

stoneyboycool

I'm in private healthcare, wife is studying doctorate.

The goal is not mortgage free in 10 years but it would be nice.

poppy_f1

before making any plans i would check to see if you would be eligible for a shared equity scheme as these are usually just for FTB's

vegasvisitor

Good on you for thinking ahead! :beer:

Would you not consider staying where you are for now and saving as much as possible. This will give you a larger deposit when you go to buy, and will secure you a lower mortgage rate.

I'm not too far from Glasgow, but £220k wouldn't buy a 4 bed detatched in my town, and I'd have though the city was more expensive? Will you get what you want with that budget, without doing a 75% purchase?

wymondham

Save as much as possible. Things could well seriously dip after the election and you could be in a much better position to afford what yuo want then...

stoneyboycool

Thanks for the comments.

I take your point of staying put and saving a larger deposit and therefore getting a better rate. It is a move I'm considering.

As for the £220k 4 bed house in Glasgow, there's quite a few on rightmove. Just depends what area you want.

Never thought about the election, things might change when the cuts come in. May be worthwhile to wait and see what happens.

I have a different option. When our flat sells, we could my mum or dad or grnadparents and heavily save a much larger deposit of the next 6 months.

joolley

I just moved out of Glasgow 6 weeks ago. Not too sure where in the west end you'd get a 4 bed house for that price. The better areas in the West End are seriously expensive, the less expensive areas are well, not the best. Even previously alright places are poshified now. Mind, there is no end of expensive flats. Of course there will be places, but would you want to live there?

Save save save.

joolley

Although, you will get a decent 4 bed house in the Southside - Muirend, High Shawlands, Auldhouse, Cathcart, Netherlee, some of Mansewood for under £250K.