Advice on mortgage break

ClaireBear83Sx

I am moving to the other side of the country in the next 6 months or so and need advice on which would be the best option for me:


1. Sell my flat, pay off the mortgage and re-apply for a new mortgage with a reasonable deposit amount once I get to where I'm heading (could be a few months break).


Or


2. Take a week off early next year and travel up to (hopefully) find a property, sell my flat here and buy my property there, leaving it empty until I can move up there (working my notice etc) and therefore not have a break in my mortgage.


Any advise would be appreciated.

Many thanks in advance

getmore4less

How well do you know the area you are moving to?

ClaireBear83Sx

I personally don't know it too well, however we have family friends who have been living up there for quite a few years who are happy to help me with the search etc.

getmore4less

The usual problem is not knowing where is best for you to buy so a 6 months rental while you suss out the areas best suited with properties you can afford. Also gives a window to change your mind if the job does not work out or you find you hate the place.

How far/time is it to get there?

As you have 6 months a few long weekends might make the selection easier nearer the time.

Start looking for properties and researching on-line and with google maps/street view that way you can optimise your weekends having narrowed your search a bit.

Research what your place is worth so you can price to sell quickly if needed

Read a few of the my place is not selling threads to see what people have done to get their places moving.

ClaireBear83Sx

I have been looking online for several months and speaking to people up that way as it has been in the pipeline for quite some time. I have a rough idea of the areas I want to go/can afford to go to and where to avoid etc.


It's a good 4-4.5 hours drive away.


Selling my place won't be a problem due to low price in a sought after area. Plus I know there's a couple of people looking at buying the flats within the block.


My issue is more with whether taking a break from the mortgage would hinder getting a new one later on.

getmore4less

not if it is affordable, the main risk is prices run away from you.