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Should I sell to rent?
Kazz81
Posts: 219 Forumite
Any opinions appreciated because I am hugely confused right now!
I own a 2 bed property, which if I sold tomorrow at the lower end of the market would pay my mortgage and leave me with around £50,000. Right now, we cannot get a higher mortgage, but I really feel we need a bigger property.
Part of the reason I want to move is to enable my daughter to attend a better school as the one we are in the cachement for right now is rubbish and we are having lots of problems with. Next year myself and my boyfriend are getting married, and plan to have another child-once we do that, we wont be able to remain living at my current property anyway because we are already at maximum occupancy.
My mortgage is £620 per month, plus management fee of £75 per month, plus rates totalling £60 per month. We could rent a 3 bed house for £850, which is not much more than we are paying now.
If we were renting at that level, we would be building up proof for the bank that we can afford to pay that money each month, towards a potentially bigger mortgage in a year or so.
My question really is, will stepping off the property ladder effect us badly if we go to apply for a mortgage later on? Are you looked more favourably on if you already have a mortgage and just want to make it bigger?
I just dont know what to do but feel like my apartment is getting smaller every day and that if we could get a bigger mortgage right now we would be moving to a better school cachement area, so why not do it anyway, just without the mortgage?!
I own a 2 bed property, which if I sold tomorrow at the lower end of the market would pay my mortgage and leave me with around £50,000. Right now, we cannot get a higher mortgage, but I really feel we need a bigger property.
Part of the reason I want to move is to enable my daughter to attend a better school as the one we are in the cachement for right now is rubbish and we are having lots of problems with. Next year myself and my boyfriend are getting married, and plan to have another child-once we do that, we wont be able to remain living at my current property anyway because we are already at maximum occupancy.
My mortgage is £620 per month, plus management fee of £75 per month, plus rates totalling £60 per month. We could rent a 3 bed house for £850, which is not much more than we are paying now.
If we were renting at that level, we would be building up proof for the bank that we can afford to pay that money each month, towards a potentially bigger mortgage in a year or so.
My question really is, will stepping off the property ladder effect us badly if we go to apply for a mortgage later on? Are you looked more favourably on if you already have a mortgage and just want to make it bigger?
I just dont know what to do but feel like my apartment is getting smaller every day and that if we could get a bigger mortgage right now we would be moving to a better school cachement area, so why not do it anyway, just without the mortgage?!
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