to move or not

srobbo74

Just had house valued at £112500 after buying for £100000 in April 2010. My partner earns £34500 and the mortgage is in her name abbey 5.29 + base rate which finishes May. I am self employed books showing £8500 profit for last 2 years and slightly less for previous two years.

We would like to move and have started some research on the type of properties that would interest us. Problem is they are in the region of £185000.

We have 7k savings which we have been saving whilst also paying for our wedding abroad which is in June. We put £10k down as a deposit on current property.

Only financial commitment we have is a leased car £282 which runs out December

Are we dreaming in regards to properties valued at £185k or would it be possible?

Would appreciate feedback before finally deciding on whether to put house on market in next 3-4weeks time

Thrugelmir

You are lacking the equity to put down a decent deposit on the new property. Also moving house is an expensive process.

Suggest you build some more equity by paying down your current mortgage. Something which should be easy if you think you afford a much larger mortgage.

Interest rates are moving upwards at the current time. Something that needs to be borne in mind when taking on a high level of debt.