what choices do i have?

**sarah**_5

i am desperate to move!
i want to have another baby but it is impossible in the house im in.
the house is worth near enough what the mortgage is worth so no equity to put down on another bigger house.
i have been thinking about moving to a not so nice area and maybe getting a house worth the same as mine but just bigger.
my husband and i have an excellent credit record.
we have saved up the fees needed to move but what is the minimum deposit we would need?
any help would be great i am very desperate.

Annisele

Couldn't you sell your house and rent for a bit?

**sarah**_5

yes we could do that i suppose its something to think about.
would rather buy though.

Thrugelmir

Find ways of saving money and reducing your current mortgage. If you can afford a bigger place and a baby, it should be possible to make inroads quite quickly.

TEDDYRUKSPIN

Thrugelmir wrote: »

Find ways of saving money and reducing your current mortgage. If you can afford a bigger place and a baby, it should be possible to make inroads quite quickly.

I like your quote from Warren Buffet. But................having his wealth is much different from all of us. £1million investment in a growth of 1% is much difference from £1k with a 1% growth. LOL.

Now for the above.... patience is the key.

You have the following options:

(1) Continue to live in the same place and save money for a deposit. (Your best bet)
(2) Sell up and not gain anything - then rent. Which means you are back to zero. (Not so great either).
(3) Rent out the current property and rent a bigger place (not so ideal).

hope this clears things up.

Thrugelmir

TEDDYRUKSPIN wrote: »

I like your quote from Warren Buffet. But................having his wealth is much different from all of us. £1million investment in a growth of 1% is much difference from £1k with a 1% growth. LOL.

Off track but interesting.

At only six years old, Buffett purchased 6-packs of Coca Cola from his grandfather's grocery store for twenty five cents and resold each of the bottles for a nickel, pocketing a five cent profit. While other children his age were playing hopscotch and jacks, Warren was making money. Five years later, Buffett took his step into the world of high finance. At eleven years old, he purchased three shares of Cities Service at $38 per share for both himself and his older sister, Doris. Shortly after buying the stock, it fell to just over $27 per share. A frightened but resilient Warren held his shares until they rebounded to $40. He promptly sold them - a mistake he would soon come to regret. Cities Service shot up to $200. The experience taught him one of the basic lessons of investing: patience is a virtue.

herbiesjp

**sarah** wrote: »

we have saved up the fees needed to move but what is the minimum deposit we would need?
any help would be great i am very desperate.

Minimum deposit would be 10%.

More like 25% for competitive rates though.

getmore4less

TEDDYRUKSPIN wrote: »

You have the following options:

(1) Continue to live in the same place and save money for a deposit. (Your best bet)
But it is too small unless they delay the baby
(2) Sell up and not gain anything - then rent. Which means you are back to zero. (Not so great either).
Why back to zero they have nothing now(mrtgage == value)
(3) Rent out the current property and rent a bigger place (not so ideal).
Yields and hastle guess is numbers won't stack up

hope this clears things up.

Moving might be futile with the costs.

In some areas renting is cheaper anyway when you add up all the costs.

worriedindebt

another option is converting a loft or adding a small extension?
or if you have a big enough bedroom you could do what my parents did and build a partition and split the room in two.. i had this as a kid for many years.. not ideal but is an option until things improve??
hope that gives you more to think about, and good luck