no savings. how could we move?

vickynleon

we purchased a 2 bedroom house just over 3 years ago and have never missed a payment on our mortgage. we now really need to move because we have a baby due beginning of august and we already have a 4 year old son and this house is only just big enough for the 3 of us without another little person around the house.

we purchased our house for £110,000 and we expect it to sell for about the same as what we paid. i have found a 3 bedroom house for £129,000 which we could hopefully get for around £120,000.

if our house sold for about 110,000 we should clear about £15,000 (possibly slightly more) but we don't have any other saving's to put down on the new house other than what we make from house sale.

would it be possible to move without having extra money to put down or would we have to have extra money to be able to do it.

i am planning on seeing a mortgage advisor sometime this week but just wondering if anyone on here could give me some sort of advice to help me out.

thanks in advance

phill99

You would be best to talk to your lender. They have a history with you and know you are credit worthy. Some mortgages can be 'transferred' to another property, so this maybe an option.

vickynleon

phill99 wrote: »

You would be best to talk to your lender. They have a history with you and know you are credit worthy. Some mortgages can be 'transferred' to another property, so this maybe an option.

ok thanks. i did speak to them sometime last year because we were considering moving but the house we looked at then was up for £149,000 as that was the cheapest we could find in the area we wanted at the time and they said because of our income they couldnt lend us the amount we needed but fingers crossed that they can with this amount and it would be nice and easy. i just dont really have a clue with mortgages when we first purchased our mortgage advisor sorted it out and we just went along with it but rather than going in and just saying right do what you can i would rather have a bit of knowledge lol. thanks for the advice.

Emmzi

Have you allowed at least 5k for solicitors and estate agents?

I think you are going to have to make a choice between more space/ worse are and less space/ nicer area. I am not sure I would expect to make back what you paid 3 years ago.

Is selling and renting an option?

LandyAndy

I think you would be best working out how to accomodate a family of four in a two bed property. Plenty of people do it.

BitterAndTwisted

There's absolutely no need to rush. You have already had a baby so you know how little space they take up when they're still tiny. If your first child did not sleep in your bedroom for the first six month the new one could. Very easily. No need to rush and stopping where you are for a bit could work out as a much better financial decision.

vickynleon

well i have worked out that if we made back 15000 we could put 12000 down and have £3000 for fees and if it came to it down grade our car to make the extra £2000. if it comes to it then we will have to stay in our 2 bed home with the baby but the only way we could do it is if the baby stayed in our room because my son only has a box room and obviously its not going to be great for the baby long term if he/she stays in with us. also my partner is hoping to go self employed by the end of the year so i would really like to buy a bigger house before he goes self employed because once he has gone self employed it will be very very hard for us to get a mortgage and prove what his income would be.

i also don't want to go into renting because we have worked hard to buy a house and we were very young buying and i think that if we go into renting we will find it difficult to get a mortgage in the future and i hate the thought of paying someone else's mortage when we could have our own, because we have no problem paying the monthly payment our only problem would be that we dont have savings. thnks for any advice.

BitterAndTwisted

Very persuasive argument. A bit of forward-planning is a good thing, isn't it?.

vickynleon

BitterAndTwisted wrote: »

Very persuasive argument. A bit of forward-planning is a good thing, isn't it?.

sorry not sure what you mean? lol

BitterAndTwisted

Exactly what I typed! lol

SingleSue

We had three children in a two bedroom house...one ok size main bedroom and a weird shape boxroom.

It was a tight fit but is doable, youngest was in our room and the two other children were in the box room. We could only fit the beds in there and we had their wardrobe in the hallway...one good thing was we didn't have to worry about one of them falling out of bed and hurting themselves, there wasn't the space between the beds for them to fall!

With eldest, we only had a small one bedroom house, so he had to share with us in a modified cot to fit the space, I had to get out of bed by scooting to the end of it and then getting out as his cot was right up against my side of the bed...he shared our room until he was just over 1 and we moved to a 2 bedroom and didn't suffer any consequences for it, although it did make lovey dovey moments a little awkward :rotfl: