Fixed rate expiring End Oct, want to make plans now

DilbertJones

So I fixed my mortgage nearly 5 years ago now, in hindsight I should have gone variable but I believed I was oding the right thing at the time. (new baby)

So now my youngest is starting school in September, hopefully the wife can get some regular work, my income has increased over that period and we are ready (And desperate!) to up size.

Our existing house, isnt great if i'm honest, it needs work doing & we hate it (too small) so I tend to leave jobs. It is also part owned by a housing association at 25% of the value, so my existing mortgage is relatively low at around (I believe around £73k) I purchased property for £105k with a £5k deposit, Mortgage was £75k Housing association put in £25k

I believe it is now worth £120-£130k to up size I am looking at around the £170k - £200k mark.

I find this a hard thing to deal with mentally, its seems a difficult obstacle to overcome so I could really do with some advice please :beer:

kingstreet

Could you be more specific, please?

What do you need help with?

You appear to need to sell your current property and that will start with a valuation with/by your Housing Association's surveyor to establish the value.

Once you have a buyer, you'll know how much equity you have and therefore the deposit for the next house.

You can get an agreement in principle based on your income and that will tell you what you can borrow.

Put the two figures together and that tells you the house price you can afford to pay.