Coming off the property ladder for a year. Is this a good idea?

sharkbait556

Hi everyone

I just wanted to know everyone's opinion on what I have planned and if it will be a good idea

I currently have a mortgage on my house and were thinking of selling next year. The plan I am debating on is wether to sell my home now and rent privately for a year then apply for another mortgage next year.

The reason is to avoid chains and the hassle that comes with them and that I will be able to purchase at my own leisure and finding the right property that will be a forever home.

My concerns are that I am 35 and my spouse is 40 this year and we have 2 children
Would we struggle to get a mortgage at that age ?
We have no debt and will have a £40000 deposit

Any advice is much appreciated

opinions4u

Your ages won't stop you getting a mortgage.

House prices will probably be higher in 12 months though.

dimbo61

Can you all move in with Mum and Dad ( Mother-In-Law and Father-In-Law) RENT FREE for 12 months?
If not you will need to rent a property for 6/12 months.
If you can sell your existing property this may well put you in a strong position to move quickly if you have a Mortgage agreed and the deposit in the bank.
Some properties will always sell quickly

MarkBargain

It could be expensive renting for a year, house prices may go up, plus there may be early repayment fees on your mortgage. I see why you might want to do it, but do all the sums first.

billchecker1

Ive just done exactly that.

Sold and then left my first house in Oct 2012 and moved in with Mum and Dad. My wife and I pay very little rent and I have to say the amount of money we are saving per month is very nice indeed (£1900 p/m).

I paid off all my debt and am now adding a nice amount every month to my deposit for the new house.

It is well worth doing IMHO. Short term pain for long term gain.