What would you do?

ODEN33

Hi All,

We have a 2 bed flats we intend to sell in Jan 21(long story), its about 210-215k. 5yrs Mortgage ends in Dec 2020. Our 2 boys now need a room each so we are looking at 3beds priced at 325-350K. We got a deposit of around 30k plus family support of 30k. How will you proceed? Will you release equity or go to a broker?

gwynlas

It is already late August. so suggest you aim to move next January You have not said how much equity you have in the flat, You could look at decent two beds where you could extend into the loft as most three beds have two doubles and a small box room.Broker could look at whole of market to best meet your needs.

hazyjo

Is the family support a gift or loan? You'll have issues with the latter.

ODEN33

Thanks @Gwynlas. Mortgage left is 52K, equity is about 150k plus. I have thought about 2bed with scope and will continue to explore RM,Zoopla and OntheMarket.

ElizabethRose

If it's a flat I'd start getting it ready to sell now as flats tend to take longer to complete due to obtaining management packs and in some cases the cladding issue.

As @hazyjo says on whay basis are you getting the money from family? What are your salaries etc? It is probably best to speak to a broker to get an idea of your options. 

getmore4less

Before you start refunding the help you need to raise £160k-£185k.

Once you know max borrowing you can consider your options. 

ODEN33

@hazyjoElizabethRose This is why I planned to move now so we can get the ball rolling asap. Family salary -63K

Thanks all.