Stick or Twist

whatifwhatif

Any advice for the following situation.

We live in a reasonable house in outer London, which just abouts fits or family. We have just 8K left on the mortgage.

However, we'd always fancied moving to a nicer house, with more room, quieter road etc, and have found a buyer for ours, and we've found a house we both love and had an offer accepted.

For the new house, we'd have a mortgage of approx 270K, the LTV would be around 30%.
We'd still have approx 50K of savings left, and both work full-time. I reckon if we were both made redundant looking at the worst case, the pay out would be about 60K.

I'd be hoping to pay this off in 12 to 13 years.

Of course, BREXIT has happened, and must be factored into the decision.

My question is, giving the facts above, would you:

a) Go for it, the position doesn't look too risky, you may lose some money because of falling house prices with BREXIT and you would have fulfilled something you wanted

b) Are you mad, you're practically mortgage free - just appreciate the house you have and relax. Save some cash, enjoy holidays, have no money worries when/if kids go to uni etc

c) See how BREXIT pans out - maybe save for a couple of years as if you had the big mortgage and then decide once you know which way the market has gone.

My heart says move, but my head says stay and could do with some considered opinion.

Thanks

warehouse

C: would be my choice at least until you know what's happening with prices.

Pixie5740

There have already been lots and lots of threads on this bloody Brexit, nobody knows what's going to happen to property prices because of it. Nobody knows what property prices would be doing even if the EU referendum had never happened.

The larger house isn't too much of a stretch for you financially and you've already gone to the effort of making an offer and accepting an offer on your home so just buy the new house already.