Moving House and Mortgage Queries

Oceanic815__

Hi,

How do people move so often?

We have moved from a 2 bed semi detached home after 5 years to a 4 bed detached (longer term home). Majority of our savings (we are both 29) went into this home. It was the ceiling of our budget.

How do people move without having to increase their mortgage term and having to save a lot of money?

We would like to move eventually I can imagine, I already like the idea of a bigger driveway,bigger garden and a more quiet location. But overall, we love our house and the area is woodland like (just a stupid motorway nearby), we have 2/3 spaces for parking and our garden is private S/W and is 12m 11m. It's a lovely home, 4 big bedrooms, huge kitchen, nice lounge bay window, big garage, bricked garden wall, corner plot, nice front garden, utilit We wouldn't consider moving for at least 5 years. It could be longer.

We collectively earn around £4000 each month with overtime and extras not included.

We have gauged we can definitely save £400 a month.

We also know we can overpay, probably around £150-£200 (our Mortgage is £1000). Is this beneifical? Our mortgage term is 35 years, we have a 4.37% mortgage fixed for 5 years.

We are looking to become more savvy with saving money, I do have shares but these are very small and will take years and years to grow.

We have no kids, but would like 2. Any debt we currently have will all be paid off within 15 months, excluding one car on PCP (£250)

We currently owe 220,000 to the bank. The new build we have is 294,995. Similar properties new build and slightly older are in and around that price of £294.995.

So;

How do people move without accumlating more debt? And also having to take out a longer mortgage term?

I do not want to be 60 years old with a booting mortgage.

What is equity? How does it work?

What do you do with your current debt/mortgage when you move?

And is there a best time to sell a new build home? Is it better to wait a long time.. and if so, how, for example do I potentially move out at 40 yrs and not have a huge morgage term that will exceed a cut off at around 60yrs.

Is it common practice?

Albermarle

By having a 4 bed detached at 29, you are already well advanced on the housing ladder, compared to average.
So I would not be worrying about the next move/even bigger house/taking on more debt, as you will have plenty to worry about and spend money on when you have two kids !
Enjoy your youth/freedom/money/4 bed house . Maybe some nice holidays.