Fallen in love with a house

itsthelittlethings

I bought my flat 6 years ago for 125k, it is still worth about that. The problem is I want to upgrade to a one bed and I've found one. It's been hanging around on the market since February and also I only have 2k saved up for moving costs so would have to extend my mortgage to buy. Please give me a sense check. I would need to borrow £55,000.

Emmia

Can you afford the house without selling your flat? If not, how long might your flat take to sell. If you have both, there will be extra stamp duty to pay.

£55k extra borrowing may, or may not be a problem depending on your income.

propertyrental

Not enough info;

* salary?

* current mortgage?

* current equity in flat?

* price o01f new property?

* 'fallen in love' - so how much over asking price are you willing/able to pay?

FlorayG

Agree, there's not enough detail. For some people that would be impossible and for others an easy proposition, it depends on your incomings and outgoings.

gwynlas

Are you looking at a one bed house? if so i doubt that you would have much more useable space than your flat. Is it worth an extra £55k at current mortgage rates?

itsthelittlethings

It has a garden. I'm not sure a garden is worth 55k. It's not much bigger than my current flat. Also I asked my sister's opinion and when I sent her the link, noticed that I don't like the kitchen.

But I feel like it is a flat that would suit me.

sew_what

If you've only managed to save £2K can you afford the bigger mortgage, council tax & utility bills?

itsthelittlethings

sew_what said:

If you've only managed to save £2K can you afford the bigger mortgage, council tax & utility bills?

The council tax, service charge and utility bills aren't that high. It'll probably hang around for a while, it's marketed with Purple Bricks.

Emmia

itsthelittlethings said:

sew_what said:

If you've only managed to save £2K can you afford the bigger mortgage, council tax & utility bills?

The council tax, service charge and utility bills aren't that high. It'll probably hang around for a while, it's marketed with Purple Bricks.

I think I'd be asking myself "Why" it has hung around for a while... Short lease? Cladding risks? Maintenance issues? Overpriced? Area? Next to / close to something undesirable?

itsthelittlethings

I got my current flat through Purple Bricks though. I have it too good where I am.

itsthelittlethings

Emmia said:

itsthelittlethings said:

sew_what said:

If you've only managed to save £2K can you afford the bigger mortgage, council tax & utility bills?

The council tax, service charge and utility bills aren't that high. It'll probably hang around for a while, it's marketed with Purple Bricks.

I think I'd be asking myself "Why" it has hung around for a while... Short lease? Cladding risks? Maintenance issues? Overpriced? Area? Next to / close to something undesirable?

I don't think so.