Should we move house?

Mandamoo2

My husband and I own 3 properties (one we live in and 2 are rented out)
They are currently valued at 400k, 280k & 280k.
We have 3 mortgages currently 90k, 60k & 40k.
I want to move house to a property currently valued at 650k.
Which would mean borrowing an extra 250k.
My husband is not keen as he doesn't like borrowing money and spends his life trying to pay mortgages off!
What do you think should we move house?
Oh and my husband is a self employed builder and the house we might buy has a lot of potential!

Thrugelmir

Are you prepared to pay the stamp duty?

kingstreet

Mandamoo2 wrote: »

My husband and I own 3 properties (one we live in and 2 are rented out)
They are currently valued at 400k, 280k & 280k.
We have 3 mortgages currently 90k, 60k & 40k.
I want to move house to a property currently valued at 650k.
Which would mean borrowing an extra 250k.
My husband is not keen as he doesn't like borrowing money and spends his life trying to pay mortgages off!
What do you think should we move house?
Oh and my husband is a self employed builder and the house we might buy has a lot of potential!

Nothing I can see here has any real mortgage relevance.

It seems you want to move and you want some financial reasons why it's a good idea. Not sure there are any...

HBR&S would be a better home for this, TBH.

dimbo61

Without sitting down with a mortgage broker and maybe your accountant No one can answer this question.
Has you increased the value of the properties you own over the years by building extensions.
How much rent are you getting for each property.
What is the yield
How much money have you got in savings
How much do you earn
How much profit has your husband earned in the last 3 years.
Accounts
Kids /dependants
Current lenders ?
BTL interest only mortgages or residential
Lifestyle and pensions
Your age and your husbands
A full fact find needs to be done and then he needs a business plan.
Lenders are changing lending criteria every day

Mojisola

Mandamoo2 wrote: »

My husband and I own 3 properties (one we live in and 2 are rented out)

They are currently valued at 400k, 280k & 280k.

We have 3 mortgages currently 90k, 60k & 40k.

I want to move house to a property currently valued at 650k.
Which would mean borrowing an extra 250k.

My husband is not keen as he doesn't like borrowing money and spends his life trying to pay mortgages off!
What do you think should we move house?

Have you thought of selling one of the BTLs, clearing that mortgage and putting the rest towards buying the new house.