Planning to start family, should we stay in current home (small) or move before kids arrive?

jackieblack

I’d move now - if you’re feeling like there’s no room now, it’ll be worse with a child and all the extra ‘stuff’ that appears when you have one.
Also, nursery/childcare fees will reduce affordability and therefore the amount you can borrow. 

getmore4less

I think I may have under done some number,  if you upped the savings with a bit of life cutbacks  chances are you could have £75k+ equity within a year throwing everything at the mortgage + the current saving pot if you have been saving £1,500pm for a while  

Rosestar123

getmore4less said:

I have had a read and it is clear which way to go(bigger) but the decision is when

Wedding kids gives a 18-24m window to make it happen before. 

Saving £1,500 after everything including fun gives a lot of options(including extreme saving cut out the fun).

A quick look at the current mortgage, remember that will impact timings if in a fix.
£560pm £170(less deposit) 35y 2.19% May 2018 say 3 years without overpayment
(Going roughly on your other I am buying post)

amount	rate	payment	owing
£167,000.00	2.19%	£569.63	£157,154.25

Equity in a couple of months say £190-£157k £33k
With another year and say £1k overpayment

amount	rate	payment	owing
£157,000.00	2.19%	£1,560.00	£141,563.97

Should be around £50k equity by then and still have a decent savings pot.


if they will lend £335k that joint salary £65k-£70k,  net say £4k current  mortgage+saving ~£2k  leaving £2k to live off still room for a lot more savings.

going with(over 35y-40y keep payment down overpay before and after kids)
80% LTV 1.9%  £270+£70k deposit  £800pm-£900pm  
or 
85% LTV 2.5% £330k+£50k deposit £1100pm-£1200pm

upto £380k to play with 
lets have a look close to where you live now using the link given. for 4bed + up to £375k

only 6 within 1m(21 SSTC) and going out to 3m does not help something nice might come along but a quick scan nothing jumps out detached a couple of nice spaces  but not detached.

Seems to be a lot on hills round there need to be creative with slopes.

Load more 3 beds might be something decent space with potential.


here is what I think 
You are going to move so get on with the process but waiting for the right property, you do not want to miss one(loads SSTC not so many for sale) because you waited.

If  it comes you can move  if baby comes along there may have to be a pause but keep looking.

In the mean time
Sacrifice the second bedroom as WFH space to make it more comfortable downstairs,
Get the place ready to sell and if you can make the WFH room look like a bedroom quickly even better if you need to get selling.

That mortgage is 2.1% start paying that down to create the equity to move save a bit of interest

Could review if extending to the side is an option, parking may be an issue if the council policy is to keep the spaces, but having a look at that style even on places like silverbank they don't have much development potential except a couple on the ends and some look like 3beds..

If the OH is handy and not the big earner any option for a project property a bit cheaper something you could add value and make a decent home in a couple of years ready for the family

I don't know the area but his has loads of potential massive south west garden and backs onto the park.
https://www.rightmove.co.uk/properties/88639822#/

IN budget at £345 might be able to squeeze a bit and depending on savings might get to 80% LTV if not within 2 years 

Thank you, really helpful! All the numbers you put down are spot on. I had forgotten I had posted on here when we first bought. 
Having things down in black and white is really helpful. I showed it to the OH and the moving now seems plausible, but after taking into consideration comments from this post and others. I think potentially a 3 bed with room to extend/ a 4 bed fixer upper. Cutting back on fun things to really just keep the budget as tight as possible. Save save and mix in with overpaying the mortgage too. Would you believe I didn't even think to overpay the mortgage... such a simple thing! 

I am worried that by the time we are ready to move say in 12-18months, house prices in our area would have risen dramatically but that's life I suppose and you can only move when you are ready etc. Might be worth us widening the search area too. Not 100% tied down to the area, partner works local and can drive in and I did commute to London pre-pandemic so hopefully, that will help when we see what the market looks like next year!