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mortgage/new house/baby!
Woodsylou
Posts: 67 Forumite
well! where to start?! we're expecting our first baby, but we currently live in a one bedroom flat. not ideal! i have a mortgage on the property, which im tied into for another two years. i asked about topping up etc and aparently i can't do anything like that. if i want to move/change, i have to buy myself out, at a cost of @ £5.5k.
we got a 105% mortgage on the property, current outstanding about £109,000. our property is valued at £115,000. so very minimal equity.
we don't know what to do. Do we stay put and try to make do for two years in a flat that is too small for us, let alone a baby too. do we try and rent the flat out, and rent somewhere bigger for two years, until we can sell and get a new place? or is there some other thing we can do that im not seeing?!
help! x
we got a 105% mortgage on the property, current outstanding about £109,000. our property is valued at £115,000. so very minimal equity.
we don't know what to do. Do we stay put and try to make do for two years in a flat that is too small for us, let alone a baby too. do we try and rent the flat out, and rent somewhere bigger for two years, until we can sell and get a new place? or is there some other thing we can do that im not seeing?!
help! x
0
Comments
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I'm not sure your mortgage lender would give you consent to let your flat with around 95% LTV, worth asking though.0
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i might have to do it without informing them. gulp!0
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