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Just starting the next ball rolling ...
duncan32
Posts: 524 Forumite
Hello all,
I love this forum, always get such good advice on any topic, so here goes:
We are looking at moving. We have 14 years and 4 months left on a mortgage for a house worth £160k. The remaining mortage value is approx. £75k. We are with Cheltenham and Gloucester so have it quite nice on the IR currently (will be a shame to lose that, but it can't be a reason not to move, surely!).
We want to trade up, which will mean we are looking at a house price of £210k.
So, a couple of questions please. The first one is the basic what sort of interest rate will we be looking at in this situation? I am expecting to need to increase the terms back to 20 years perhaps, to make the increase less of a shock.
Secondly, I have a feeling that this is a good time to buy a dearer house, with prices due to start creeping back up in the next few years surely? Can't believe I posed such an unanswerable question there, but would be interested to know people's views.
Anyway, thanks for reading.:)
Duncan
I love this forum, always get such good advice on any topic, so here goes:
We are looking at moving. We have 14 years and 4 months left on a mortgage for a house worth £160k. The remaining mortage value is approx. £75k. We are with Cheltenham and Gloucester so have it quite nice on the IR currently (will be a shame to lose that, but it can't be a reason not to move, surely!).
We want to trade up, which will mean we are looking at a house price of £210k.
So, a couple of questions please. The first one is the basic what sort of interest rate will we be looking at in this situation? I am expecting to need to increase the terms back to 20 years perhaps, to make the increase less of a shock.
Secondly, I have a feeling that this is a good time to buy a dearer house, with prices due to start creeping back up in the next few years surely? Can't believe I posed such an unanswerable question there, but would be interested to know people's views.
Anyway, thanks for reading.:)
Duncan
0
Comments
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Cheltenham and Gloucester told me they would port my mortgage if I bought somewhere else within 3 months of selling, so it might be worth giving them a call about this. That will only be for the existing £75k though.0
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Cheltenham and Gloucester told me they would port my mortgage if I bought somewhere else within 3 months of selling, so it might be worth giving them a call about this. That will only be for the existing £75k though.
OOh, that's an exciting thought! Hadn't considered that, I'll call them to discuss.
Duncan:)0 -
For what it's worth, I think over 3 years, houses will drop by 10%, and in 5, will be back to where they are now. But it's all idle speculation which is part of the charm! We're all experts in predicting the future...Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
originalmiscellany wrote: »For what it's worth, I think over 3 years, houses will drop by 10%, and in 5, will be back to where they are now. But it's all idle speculation which is part of the charm! We're all experts in predicting the future...
My guesstimate is drop 10% in the next year and back to current within 2-3 years and then rising 10%+ in subsequent years.0
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