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When should I start considering looking again?

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Back in May I resigned from a job, due to a change of circumstances at home, which no longer made my position feasible. I have since been unemployed, however, will be due to start a new job in the coming days. We have started to outgrow our house and are hoping to find something a bit bigger in the next 12 months. Our aim is to have our house valued early in the new year and, depending on what is currently available on the market, we may consider putting ours to market also.

I guess my first question is; how long after starting a new job should I consider waiting until actively moving forward with considering a house move? I believe I have a 3 month probationary period, but I wondered if my spell of unemployment would impact it further?

Secondly, I have a settled credit card default against my credit report also:

Default Date: October 2017
Default Amount: £5700
Fully Settled: August 2019

How impactive would this be on our chances of obtaining a mortgage as part of a house move? It's highly likely we will have to increase our mortgage, due to the need to upsize and the market in our local area being very competitive.

Current mortgage (Halifax): £107,000
Current House value (based on similar properties in local area): £240-260k
Joint household income (inclusive of my new salary): £60,000 (Partner £32,000 / Myself £28,000)

Based on current prices, which I accept are always subject to change, realistically we are looking at houses in/around the £325-350,000 mark - this would likely mean an increase of £75-100k. Furthermore; I have about £15,000 ring fenced in a trust fund that my parents are still the trustee's on and have kept especially for our next move, to assist with costs.

Between us we have about £1,000 credit split across a couple of credit cards and store credit. We have not fallen behind on any payments during my spell of unemployment, thanks to our emergency funds. 

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    edited 27 September 2021 at 12:12PM
    Looks like by the time you are ready to move you will have been in the job long enough(3+) to know if its going to work would start the process around then.

    What about any fixed period with the current mortgage will that coincide or will you need to look t porting or hefty ERC?
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