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  • FIRST POST
    • Ldse19
    • By Ldse19 24th May 19, 7:02 AM
    • 1Posts
    • 0Thanks
    Ldse19
    Need advice...
    • #1
    • 24th May 19, 7:02 AM
    Need advice... 24th May 19 at 7:02 AM
    We are in a bit of a situation right now.
    We are a family of 4, but we have zero savings.
    We moved into a new 3 bedroom property 4 years ago as a family of three and all the savings we had went into that and we just haven't been able to build it back up because of one thing or another.
    In the meantime we added to our family and theres just not enough room in this house especially as the kids grow so we need a bigger house.
    We have about 4 years of needing to stay in this house before baby no.2 goes to school but I'm aware that at aged 35 and 39 time isn't on our side for another lengthy mortgage. We also have help to buy on this house which we're hoping to re-mortgage next year to pay it off but we don't know how that'll affect the situation. If another long mortgage isn't an option does anyone know what our other options are?
Page 1
    • getmore4less
    • By getmore4less 24th May 19, 8:36 AM
    • 37,447 Posts
    • 23,125 Thanks
    getmore4less
    • #2
    • 24th May 19, 8:36 AM
    • #2
    • 24th May 19, 8:36 AM
    How much equity in the current place.

    How much will you need for a new place

    How much do you have to spend on your mortgage payment.
    • foxy-stoat
    • By foxy-stoat 24th May 19, 8:56 AM
    • 5,121 Posts
    • 3,070 Thanks
    foxy-stoat
    • #3
    • 24th May 19, 8:56 AM
    • #3
    • 24th May 19, 8:56 AM
    What was the purchase price?
    What is the current value?
    What was your equity loan when you bought it value and percentage?

    You may well find that you will need help to buy again if you havent built up enough equity, as you have no savings.
    • ScottishSaver14
    • By ScottishSaver14 24th May 19, 9:31 AM
    • 89 Posts
    • 51 Thanks
    ScottishSaver14
    • #4
    • 24th May 19, 9:31 AM
    • #4
    • 24th May 19, 9:31 AM
    Is an extension a possibility?
    • tori.k
    • By tori.k 24th May 19, 9:43 PM
    • 3,532 Posts
    • 9,453 Thanks
    tori.k
    • #5
    • 24th May 19, 9:43 PM
    • #5
    • 24th May 19, 9:43 PM
    why not give you current home a bit of rethink, lets be honest you want not need a bigger house with three bedrooms everyone has a room, if storage is a issue look to declutter sell it on maybe invest in some clever storage ideas places like Ikea fit can families of four into a shoe box. if you are currently struggling to save in your current home its only going to be worse in a larger one with bigger outgoings.
    Its hard going being in a small place with young children there toys are so big and end up everywhere ( we lived in a caravan with two under 3's so have the t-shirt) but it doesn't last long bulky toys are replaced with game consoles and you get most of the house back as they are out with friends or sulking in their bedrooms.
    Instead of stretching yourselves further now, consider working on your savings and increasing the equity in your current home get yourselves in the very best place for making the move up, you may find your current home can be adjusted to suit you better.
    • csgohan4
    • By csgohan4 25th May 19, 7:39 AM
    • 6,509 Posts
    • 4,401 Thanks
    csgohan4
    • #6
    • 25th May 19, 7:39 AM
    • #6
    • 25th May 19, 7:39 AM
    the debt free wannabee forums are great, post a SOA on there and get saving
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
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