Moving from a house to a flat

jetgirl_99

Hi everyone,

I currently own a 1 bed house with a mortgage of 126k, mortgage is fixed until January 2026 at 1.59%. I've started a new job which is a commute of an hour each way, on 12 hour shifts and it's wearing a bit thin!

Looking at the market for the town and surrounding areas I now work in, it's an awful lot of new builds and upsizing to a bigger house, especially with current interest rates seems like too much of a stretch, more than I'd be comfortable with. Have just started consider potentially buying a 2 bed flat but for some reason it feels like a backward step!

The logic I'm applying is - my current property is valued at around £265/270k (desirable area, great commute to London) and flats in the town I now work in seem to be around £220k. I would avoid stamp duty, port my mortgage with minimum fuss, would actually have more room than I have now, minimise my commute and could reassess the market at the end of my mortgage fix for the idea home. 

Ideal houses in the areas I'd be looking at seem to be going for around 300-350k, despite the bank going through the figures and affordability, I don't want to stretch my finances that much in the current climate. Job is secure and well paid but as a single person, it feels like a lot to take on alone! 

Am I mad? Should I just wait and put up with the commute? Or is this a viable idea?

Thanks y'all

toby3210

I think it sounds perfectly rationale. Think you have to consider the opportunity cost of a commute. If you can spend less for something better, why wouldn't you? Plus the money you free up can be put to work.

hazyjo

I'd see a 2 bed flat as pretty equal to a 1 bed house. It's more of a sideways move. Yes, a house is (presumably) freehold, but you could look for a maisonette, and/or v long lease, or Victorian conversion or something rather than a large block.

With a 12 hour shift, I totally understand why you'd not want a long commute, especially as it doesn't sound like you work in Central London. Can you not do your job in London? You'd possibly get paid a hell of a lot more. If you're in a car or on a bus for an hour, can't you get a train into London instead?

Anyway, at the end of the day, do what's best for you. In your shoes, I'd move (presuming the areas are comparable and the one you're moving to isn't too much of a downgrade!).

jetgirl_99

hazyjo said:

I'd see a 2 bed flat as pretty equal to a 1 bed house. It's more of a sideways move. Yes, a house is (presumably) freehold, but you could look for a maisonette, and/or v long lease, or Victorian conversion or something rather than a large block.

With a 12 hour shift, I totally understand why you'd not want a long commute, especially as it doesn't sound like you work in Central London. Can you not do your job in London? You'd possibly get paid a hell of a lot more. If you're in a car or on a bus for an hour, can't you get a train into London instead?

Anyway, at the end of the day, do what's best for you. In your shoes, I'd move (presuming the areas are comparable and the one you're moving to isn't too much of a downgrade!).

Thanks Hazyjo, a sideways move is a good way of looking at it! 
The towns are comparable really, just moving further from London, so also conscious that once I sell up here, I'm unlikely to be able to afford to come back although I was only ever here for work, family are all in London and I would never be able to (nor want to!) afford to live there! 

Richard1212

As someone who commuted many years ago for an hour each way from Tunbridge Wells to Westminster, I really sympathise with your dilemma-----the commute nearly broke my spirit, especially as it involved the dreaded and woeful Southern Region railway ! Who, on this thread, suggested using the railways ??? Don't do it ! I was lucky enough to be able to  buy a nice house in Putney, London--followed by Blackheath, London and wish I'd done it sooner.

I think the 2 bed flat idea is your best option. I fully agree with hazyjo that it does not seem anything like a backward step to me----I'd go further and suggest that, for a very nice flat, it is a move forwards, subject to length of lease , etc etc.

One further thought------what in your foreseeable future scenario. Might you be working in central London for the sake of better salary after a promotion etc ? If so, you need to think of that. Any inheritances likely to arise ? Might you need to alter any plans due to any circumstances on your horizon ?

Lastly, you say you wouldn't like to live or work in London. I have to say that I lived and worked in central London for many years and wouldn't have missed it for the world. I also enjoyed working in Paris and Brussels and felt the same "big city" benefits of theatres, restaurants, ambience and lively atmosphere. May I wish you all the very best wherever you live and whatever you decide.

jetgirl_99

Richard1212 said:

As someone who commuted many years 
One further thought------what in your foreseeable future scenario. Might you be working in central London for the sake of better salary after a promotion etc ? If so, you need to think of that. Any inheritances likely to arise ? Might you need to alter any plans due to any circumstances on your horizon ?

Lastly, you say you wouldn't like to live or work in London. I have to say that I lived and worked in central London for many years and wouldn't have missed it for the world. I also enjoyed working in Paris and Brussels and felt the same "big city" benefits of theatres, restaurants, ambience and lively atmosphere. May I wish you all the very best wherever you live and whatever you decide.

Good points there Richard1212, thank you! I've tried to work out all possible scenarios, any further moves would be further out, namely, up to York with the same job and company, I'm not quite ready to pull the trigger on that big a move just yet though although current equity and budget obviously goes a lot further up there!

Thank you to those who have commented, it's nice to know I'm not going down some mad path and that I'm considering and weighing up the same points you've all made.