Do we give up trying to move now?

wittykitty24

Bit of context this has been going on since Feb 2025. We have had 3 chains fall through over the past year. First couple buying ours split up, second our buyer didn’t have the funds so pulled out and then most recently this year the house we were purchasing decided he was no longer going to sell.
This happened 4 weeks ago and we were almost ready to exchange so had mortgage ready to go. Luckily we found another property and got an offer accepted for same price. Our mortgage offer is with Nationwide and they have said they cannot just change the address on the mortgage offer, you have to do a whole new application.
Problem is the rates are now above 5% so this would be another £200+ on top of what we were going to be paying and means double the mortgage payment we pay now.

Not sure if this is the universe saying we should give up trying to move? We have 2 children and live in an end terrace 3 bed, but there is no scope to extend and we really need the extra space as husband works from home up the dining table, too small to have people over etc.

Do we suck up the double mortgage payments for 2 years but struggle? (The house we are buying is perfect for us) Do we pull and find something cheaper? Or just stay until the economy gets better? Just feel so bad we will be the ones who would have to pull out as we are all progressing in the chain with solicitors etc. and thought just amending the mortgage would have been ok.

RelievedSheff

No one can answer this but you I'm afraid.

It is just unfortunate timing with mortgage rates.

If you can manage with the higher mortgage repayments then to me it sounds like the extra space would be of benefit to you.

TroubledTarts

If you can afford the mortgage payments and it's the perfect house then two years will fly by.

gwynlas

Agree with above it will be worth the effort to move into a house that is perfect for you.

You could look at posting a SOA to get further advice on where you might make savings in expenditure.

You could also be pragmatic about any decorating and upgrades you would like to make in new house until you can better cope with things financially

RelievedSheff

Don't forget to factor in that it won't just be your mortgage that is higher if you do decide to move.

If you are moving to a bigger property you will likely have higher council tax and higher bills and running costs.

Skiddaw1

If the house is what you're looking for and you can afford the extra I'd go for it.

theartfullodger

5% ??? Compare my experience.

Bought my 2nd house when interest rates were 10% - large mortgage for those times. Then within a year under the thrall of Thatcher's iron fist BoE rates hit 17%. (Please don't take my word for it, see BoE records for 15th Nov 1979…. see…

https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp

) -

painful, even with 2 incomes. Meals were mainly spuds… 1st kid had arrived March 79…

Young folk today, really no idea.

Without being alarm-ish the consequences of the orange man-baby & his narcissistic loonancies predict, IMHO, things being bumpy for some time.

Sorry to read your story, hope things improve, good luck, but…..

BikingBud

Affordability kicking in?

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81956298#Comment_81956298

Easy to forget that the amounts mortgaged back then were normally far lower however.

I do agree that 5% is not that high an interest rate though. More normal than the 1 to 2% rates that some people have become a customed too!