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Mortgage, savings, house prices dropping but looking to upsize
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Megalomaniac
Posts: 539 Forumite
Hi everyone,
Looking for some clarity here. I am in the fortunate position that I have paid off half my mortgage (2.15% APR), and have a sizable chunk of savings which I am unsure what to do with. If we put it on our mortgage, we would be down to 25% LTV. However, in our area, house prices are starting to drop (Aberdeen... oil industry woes) but we would like to upsize to a larger home in the next year or so (dependent on how house prices go).
As we are looking to move up in size, I am alos thinking about the associated costs of moving (stamp duty, estate agent/solicitor costs, removals etc...) and am under the impression that I should have the cash saved away for that aspect. Or am I wrong, and should I instead put that on the mortgage and increase my equity in my current property?
Furthermore, as I would be mortgaging more, would it not be best to have the cash in addition to what I am eligible for mortgage wise to help to help me obtain a better mortgage product? Does falling house prices influence this situation?
Lots of conflicting thoughts and ideas has led me to be a little confused! Any help is much appreciated!
Looking for some clarity here. I am in the fortunate position that I have paid off half my mortgage (2.15% APR), and have a sizable chunk of savings which I am unsure what to do with. If we put it on our mortgage, we would be down to 25% LTV. However, in our area, house prices are starting to drop (Aberdeen... oil industry woes) but we would like to upsize to a larger home in the next year or so (dependent on how house prices go).
As we are looking to move up in size, I am alos thinking about the associated costs of moving (stamp duty, estate agent/solicitor costs, removals etc...) and am under the impression that I should have the cash saved away for that aspect. Or am I wrong, and should I instead put that on the mortgage and increase my equity in my current property?
Furthermore, as I would be mortgaging more, would it not be best to have the cash in addition to what I am eligible for mortgage wise to help to help me obtain a better mortgage product? Does falling house prices influence this situation?
Lots of conflicting thoughts and ideas has led me to be a little confused! Any help is much appreciated!
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