OH wants to rent our house out

penguingirl

How much is the house you are wanting to buy? Even with the sale and your savings, you don't have a huge deposit. With only your savings your are look at FTB-type properties and it sounds like that isn't what you are after.

Is there a third option to continue as you are and save up a bit more? It seems pointless to move to a comparable house. House moving is expensive- we are buying and selling and have calculated that with stamp duty, solicitors fees, surveys, moving costs and EA fees we won't have much change from 8-10k.

lulu_92

penguingirl wrote: »

How much is the house you are wanting to buy? Even with the sale and your savings, you don't have a huge deposit. With only your savings your are look at FTB-type properties and it sounds like that isn't what you are after.

Is there a third option to continue as you are and save up a bit more? It seems pointless to move to a comparable house. House moving is expensive- we are buying and selling and have calculated that with stamp duty, solicitors fees, surveys, moving costs and EA fees we won't have much change from 8-10k.

We're looking at about £150k houses. That will get you a decent sized 3 bedroom house. This is why we're waiting until summer so we can add to the savings.

I do want to stay here as long as possible (if you look at one of my old threads, you'll see why I want to move so bad) so we can afford everything. We may end up moving towards the end of the year to make this happen.

deedee71

£15k equity after 8 years, doesn't seem a lot does it. Is OH good with finances in general?

lulu_92

deedee71 wrote: »

£15k equity after 8 years, doesn't seem a lot does it. Is OH good with finances in general?

He bought the house not long before the house prices crashed and he had it on interest-only for a couple of years. He's been making overpayments now and the house price is now going back to near the value he bought it for, so the equity could be more. We calculated this figure about a year ago.

He is good with finances.

penguine

I think you need to sit down and do the figures and then talk it all through with him. Be sure to take into account the fact that interest rates will go up again at some point which could make servicing two mortgages pretty difficult.

Kynthia

Go see a mortgage broker. When they explain about getting consent to let and tell you what mortgage you'll get with your small deposit and other commitments, plus that you'll need savings for buying costs and solicitors fees, he might realise it's a bad idea. For some reason people tend to believe they're wrong when someone other than their partner tells them.