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is this the right ime for us to sell and buy?
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BP77
Posts: 27 Forumite
Hi, i am expecting my first baby in june, we currently own and live in a 2 bed semi with 2 dogs, it is very small semi, second bedroom more of a box room!
we have just re-mortgaged and managed to lose 10 years off our mortgage bringing it down to 30 years, and only an extra £20 a month.
We have found a house which has 3 beds, garden, garage and needs some work but is in a livable state which we love. To buy it we would need to up out mortgage by 20k (taking it well over 100k) and put it back up to 40 year term to keep monthlyh repayments down. Also we would need to sell our current house. as long as the monthly payments dont go up by more than £100 a month we will be able to pay the extra, but it would wipe us out of all savings.
Basically i wanted peoples opinions as to whether we would be silly to start all this knowing in 6 months we are going to be parents, and if anyone else has done anything similar while preggers.
Is it to big a risk to use all savings and be stretching ourselves financially for a family home for the future, which we could live in for years and years, or stick with the 2 bed we have now and have to move in a few years with a growing family?
any advice much appreciated! thanks
we have just re-mortgaged and managed to lose 10 years off our mortgage bringing it down to 30 years, and only an extra £20 a month.
We have found a house which has 3 beds, garden, garage and needs some work but is in a livable state which we love. To buy it we would need to up out mortgage by 20k (taking it well over 100k) and put it back up to 40 year term to keep monthlyh repayments down. Also we would need to sell our current house. as long as the monthly payments dont go up by more than £100 a month we will be able to pay the extra, but it would wipe us out of all savings.
Basically i wanted peoples opinions as to whether we would be silly to start all this knowing in 6 months we are going to be parents, and if anyone else has done anything similar while preggers.
Is it to big a risk to use all savings and be stretching ourselves financially for a family home for the future, which we could live in for years and years, or stick with the 2 bed we have now and have to move in a few years with a growing family?
any advice much appreciated! thanks
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Sounds very risky to me. Have you factored in your loss of income after you have the baby?poppy100
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