Am i nuts or thinking logically for the future??

achiddas

Do I need my head read or is this logical?? Anybody may reply and i wont be offended if you call me allsorts??

We currently own a 2 bedroom house worth 140k with an outstanding mortgage of 120k. We have tried selling but nothing is shifting, we are outgrowing fast as we have 2 kiddies and more toys than you could ever imagine. The rate for this mortgage has just reverted to 0.99% above base.

A 3 bedroom house has just come on the market, just around the corner from my parents, for 149K, yes it needs work but is liveable immediately. We have 18k put aside for the move when ours sold but am wondering if its prudent ( or nuts) to use this to buy said house for about 145k and rent our 2 bedroom and keep as investment/pension as neither of us has anyhthing in place at present. Its the thought of borrowing another 120kish that spooks me a bit.

I'm 28, missus 30.I earn 30k plus overtime and the missus earns 25k, santander say our only change would be a £95 setup fee to let our current property, we currently save over £1000 a month so we have some breathing space if problems arise. Also are there lenders out there willing to lend more money to those with outstanding mortgages on other properties??

Any advice gratefully received!!

kingstreet

I'm sure I answered this post earlier.

Is it the board problems, as I've had difficulty getting posts to load up, then I couldn't get access for a while?

DVardysShadow

kingstreet wrote: »

I'm sure I answered this post earlier.

Is it the board problems, as I've had difficulty getting posts to load up, then I couldn't get access for a while?

You did answer it. This is a crosspost of https://forums.moneysavingexpert.com/discussion/comment/44698976#Comment_44698976.

Achiddas, if you must cross post [and look at the bother you cause if you do] then please make it clear that this is what you have done.

achiddas

So sorry! Didn't mean to upset anyone!