MFW! :) 6 Years left..

Gweds

Hi guys,

Help!!
Not sure what to do for the best so thought I'd see what you guys thought on the situation..

We put our house on the market few months back as we would ideally like to move house, due to the area not being the best, I guess it's classed a more deprived area than some, but not as bad as it use to be. It's just that we would like our son (currently one years old) to go to a better school if possible. I have enquired about other local schools but obviously they can not guarantee a place if you're out of the catchment area. So it's that and we only have a very small yard which I guess won't be ideal in summer months as our son gets older. However, I know that people do manage, you just have to go out more..?

Anyway, we had someone one to view our house the other night (it's up for £109k which is more than you'd usually find then up for in this area). We bought it for £98k 5 years old. It's a beautiful big house which we'd be sad to leave in that respect, like I say it the area that let's it down. An investment buyer would like to know of we're open to offers. Him and his partner came to view and made it no secret that they were extremely interested! His wife even said it was too nice to rent out! So I told estate agent last night that I'm not really keen to negotiate and that he knows we're not in any immediate hurry but I would speak to my partner. So I called him back and said they could make us a reasonable offer (which I should hear about this morning).

I know it sounds silly but now I feel like we're in a predicament! We had this plan.. We'd love to be MF!! So paid 13k off mortgage a couple months back to open us up to 70% LTV rates, we are now overpaying monthly by £250-£350 so total capital coming off at the moment including OP's is £1150-£1250, which is fantastic! ( only paying £125 interest a month currently). And I feel more financially secure at the moment, plus we have 8k savings which would soon get eaten up by moving I guess..

We put the house on the market not really expecting anyone to view and make offer really, but said if they do we'd review things then.

If we stayed here for another 2 years (when current rate expires) and carry on OP, we'd have £65-70k equity, at the moment we have about £40k. If we stayed here another 4 1/2 years we could pay it all off and have a big deposit for our dream house!

There's part of me that wants to take advantage of paying lots off the house now in a way, as that will benefit us all in the long run?

If we move we'd be borrowing another £130k over 15-20 years to get a house for £170k. A bit daunting to me at the mo!

Your thoughts/opinions/advice would be greatly received

Thank you, hope you have a good day
Gweds

Gweds

So sorry for long post above! ��

Gweds

Anyone have any thoughts??

Really in two minds right now..! :S

Beckyy

If it's up for more than a property would normally be in your area then you might find that, unless someone was to fall in love with it and have a good budget, the ceiling price of the area might limit you. Have you had it valued by a few more agents just to get their take on what it's worth too?

If you know you are going to need to move in the future, and a good offer comes in then it might be worth considering if there's a good mortgage deal about for your on your next property and you can find something that you're interested in. Is there anything you've got your eye on at the moment?

Gweds

Hi Beckyy,
Thanks for your reply
Yes we had it valued by another estate agent and they said £105k.
We haven't seen anything yet..
Yeah I see what you're saying, and it does make sense. I guess I just like the thought of being MFW on this house so we have more of a deposit for our next. Just want to make the best future for us all as we possibly can.
So hard, as u see the advantages and disadvantages of both sides.

SmlSave

Hi Gweds, just caught up with your diary.

We've just done what you are currently thinking of!

We sold our house (losing £6k) and ended up living with family for a couple of months while our house purchase went through. It was just the right time for us to move because the neighbors and parking situation was irritating us something terrible!

Our new house has a lovely large garden and will be a wonderful home when its finally done up (fast forward 10 years or so )

Anyhoo I'm still a MFW although its going to take us much longer now to get there.

I guess what I'm saying is that if moving feels right for you and you can afford it then I don't see why you shouldn't consider it

Gweds

Hi SmlSave,
Thank you for your reply
When are you hoping to be MF?
I guess I'm just worried that we'll be sitting in our nice garden..arguing/worrying about money loads.
Good luck to you!

SmlSave

We went from a 17yr mortgage to a 30yr one so if we don't OP we'll have a mortgage till we're 60! If we can lower that to 50 first then I'll be happy and then of course I'll try to lower it again

We have to think about money more now Gweds but its because we got used to having that bit extra. We want our children to grow up here so it really is an investment.

I guess you're looking at house !!!!!! Gweds perhaps if you see somewhere that's perfect you could take it as a sign?

Gweds

How old are your children if you don't mind me asking SmlSave? Our DS is only just one (currently trying for another..). Our way of thinking is that at the moment, he doesn't want too much as he's still so young, he has plenty of toys etc but I guess that'll change as he gets older! Lol. We've just been trying to take advantage of that whilst we can.
Yeah that's what I was thinking, if we see a house we both love then it'd be a sign for me! But that could take months and months I guess? (Never sold a house before..) the buyers would just have to wait as I won't be rushed into anything!

Have you any experience on that? How long did it take you to find your dream home, or did you find it before you sold yours?

Thanks again for your reply

Gweds

Oops sorry! Just seen your signature at the bottom with your children's dob's ��