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How to move up Property ladder?
plzhelpmesave!
Posts: 1,313 Forumite
Hi I'm after some advice please....
Our house has £100k mortgage still left to pay and resale value right now is about £140-145. Current mortgage is in DH's name.
DH and I have been going some some different scenarios and I'm still really confused - would be really grateful for some objective views please!
We'd like to sell and move up property ladder. Options are to buy a smaller house in a better location or a bigger house in a rubbishy area.
I'd be classed as a first time buyer and should d be eligble for the 5% deposit help on the help to buy scheme.
But we've also just started talking about BTL market. If we could buy a house in my name, sell our current house and then use the equity to buy 2 smaller BLT properties, would give us 2 smaller properties (£60/£70k with a monthly rental income of £500).
We are both in 40's with 3 children and no pensions in place so trying to plan now for long term too finally, as we've been clearing off CCs this year.
We have some savings (finally!!) and between us can access about £20k on money transfers right now via our CCs if we needed to.
I know this is still a bit vague, but I'd be really interested to hear what you think and any advice you may have for us.
What do we need to think about? Who do we need to talk to? What should our next steps be?
Be really grateful for your feedback :-) thank you
Our house has £100k mortgage still left to pay and resale value right now is about £140-145. Current mortgage is in DH's name.
DH and I have been going some some different scenarios and I'm still really confused - would be really grateful for some objective views please!
We'd like to sell and move up property ladder. Options are to buy a smaller house in a better location or a bigger house in a rubbishy area.
I'd be classed as a first time buyer and should d be eligble for the 5% deposit help on the help to buy scheme.
But we've also just started talking about BTL market. If we could buy a house in my name, sell our current house and then use the equity to buy 2 smaller BLT properties, would give us 2 smaller properties (£60/£70k with a monthly rental income of £500).
We are both in 40's with 3 children and no pensions in place so trying to plan now for long term too finally, as we've been clearing off CCs this year.
We have some savings (finally!!) and between us can access about £20k on money transfers right now via our CCs if we needed to.
I know this is still a bit vague, but I'd be really interested to hear what you think and any advice you may have for us.
What do we need to think about? Who do we need to talk to? What should our next steps be?
Be really grateful for your feedback :-) thank you
0
Comments
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plzhelpmesave! wrote: »
We have some savings (finally!!) and between us can access about £20k on money transfers right now via our CCs if we needed to.
That's a non starter of an idea. Now you've cleared your debts. You need to start saving. Either put cash aside, or repay your existing mortgage. Which option you choose depends on the interest rate on your savings compared to that on your mortgage.0 -
What is this 5% ftb htb deal you speak of?0
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