Please could someone help? Mortgage, moving and debt

PinkNeon

I posted a few years ago after having to take on the family home, well it seemed the right thing to do for the children at the time and to try to keep hold of  an asset. Only problem being that it's a small 2 up 2 down cottage, 2 bed and I share a room with my son whilst my daughter is in  the back box room. I'm  in a pickle but I want to pay off the debt to be (ETA credit card) debt free.

I went to see a mortgage advisor 3 weeks ago and he factored in my debt and said they would lend £160,000. I don't want to commit to this as it would be around £1,000 a month. We really need to move to a 3 bed so I have no choice. My son is 13 and  about to have a growth spurt. I can realistically afford £650 but this would be  potentially  minus  in  debt £450.

I have had 2 valuations this week - £100,000 and £95,000 realistically to get things moving quickly I'd have to accept  95 or maybe less. Also I  don't have any savings so fees/solicitor etc would come out of the sale.

I have dyscalculia  so have managed to get myself in to a mess over the years. I realistically need to know what my options are. I'll post the figures I'm working with below but I guess my questions are:

• should I go for a new build - I would get the help to buy scheme (I think) but I am not sure if you can part-exchange and do HTB. Nearest estate within  school catchment are figures start at 289,000.
• what happens to the existing mortgage ? If there is an early repayment charge I'm better moving this with me?
• how much am I looking at realistically given the figures?
• would it be cheaper to modify the existing cottage? It would be expensive - attic room  but would need new roof to elevate as has beam running  through loft

Thanks so much for any advice ! Please let me know if I haven't provided some info.

Existing / outstanding mortgage:  £48,909.77 (£330.00 a month)
Combined debt: £16,418.36  (£450+ a month)

Leaves deposit £29,671.87
Wage £39,600 but I am on a temporary promotion so £41,000 until Jan 24 (but not factored in to mortgage lend).

Edi81

I thought Help to Buy finished. 

Have you looked if there are any shared ownership schemes?

If your current mortgage has a fixed interest rate there will be an early repayment charge unless you are able to port the rate to a new property. 

PinkNeon

Thanks for your reply. Help to buy has been extended here (Wales) until 2025. 

PinkNeon

Edi81 said:

I thought Help to Buy finished. 

Have you looked if there are any shared ownership schemes?

If your current mortgage has a fixed interest rate there will be an early repayment charge unless you are able to port the rate to a new property. 

Not looked in to shared ownership schemes. I'll have a look thanks !

PinkNeon

Would anyone else have any advise please? Thanks !

Sncjw

How much are houses in the area you want. 

You have about 190k max to use. 

PinkNeon

Thank you. The prices seem to range - so random around here. Seems the estate agents go on interior design rather than potential but anywhere from £125 to £170 for something decent.
You say £190 @Sncjw but how much would this  be per month  please?

Caz3121

PinkNeon said:

but how much would this  be per month  please?

that will depend on the amount on mortgage, the rate and the term
you can plug those into the calculator here for an idea https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/

PinkNeon

Well I just took a drive to the 2  most local new builds and they are not great areas for the kids so think that's  a dead  end... 

PinkNeon

I think  I  would have to accept an offer of £85,000 on my house as it needs a new kitchen, re-wiring to include fuze box (had the old plug in fuzes), needs extractor fan  in bathroom  - total   minimum £10,000 so my  plans  are a bit messed up although  one  estate  agent  was pushing for £95,000 - thoughts? 

AnnieB2018

Could you give both bedrooms to the kids and you camp out downstairs for a year or 2, then your debt will be lower and mortgage more manageable. How long until your daughter leaves home (I take she is older than your boy), you may be able to make your little house more cosy for now just with some reshuffling.