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Mortgages - Moving & Equity
ironman1
Posts: 1,125 Forumite
Hello all. Hopefully someone can help with this question...
A bit if insight - Me and my wife are 28 and have a two bed London property where we have lived for five years. Currently we owe £150,000 and the place is worth £220,000. Our mortgage payments are about £700pm and we overpay when we can.
The 'problem' is we have just had our second child and already had a daughter of 5 years old. The flat is not very big and we have no garden. I only earn around £23k and my wife earns around £17k. So how do we ever hope to get a bigger place or at least a three bed?
To add to this my wife is currently on maternity and although we are managing payments it will be hard for her to ever go back full time with two kids eventually at school/nursery.
So basically has anyone else been in this situation? What chances have we got of buying a bigger place? Is it just a matter of getting a better paid job?!
Might be a 'how long is a piece of string' type question but any advice welcome because as it stands I see no way we will be able to buy a house .
Thanks
A bit if insight - Me and my wife are 28 and have a two bed London property where we have lived for five years. Currently we owe £150,000 and the place is worth £220,000. Our mortgage payments are about £700pm and we overpay when we can.
The 'problem' is we have just had our second child and already had a daughter of 5 years old. The flat is not very big and we have no garden. I only earn around £23k and my wife earns around £17k. So how do we ever hope to get a bigger place or at least a three bed?
To add to this my wife is currently on maternity and although we are managing payments it will be hard for her to ever go back full time with two kids eventually at school/nursery.
So basically has anyone else been in this situation? What chances have we got of buying a bigger place? Is it just a matter of getting a better paid job?!
Might be a 'how long is a piece of string' type question but any advice welcome because as it stands I see no way we will be able to buy a house .
Thanks
0
Comments
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Well you can buy a house. Just can't buy one in or near London.0
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You have some difficult choices - stay in London and be cramped, buy something that is bigger, but Shared Ownership or move away from London to somewhere where the homes are cheaper.0
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