Mortgage question, move or wait
Discussion
We're starting to think we want to move from our 2 bed into something larger as we've just had a child and the current place is just feeling too small with nowhere for the grandparents to stay. My other half is getting very keen on this.
We're 11 months into a 2yr fixed deal on ours at 2.99 with approx 55% equity on a valuation of £330k. Likely move options are £400-450k currently. Joint earnings are £78k with £25k savings and no other debt, monthly outgoings are just the usual living costs.
The rub here is that earnings are equal between us and my other half has just entered the statutory maternity pay period of her maternity leave. This lasts for 3 months and then she's on no pay for another three. Following that she'll be going back 3 - 4 days a week, with childcare costs.
Our mortgage co aren't willing to discuss general options so were struggling to work out if our fledgling plan is viable. Also, we don't want to start looking seriously only to find we can't borrow what we need. If we do move, we're aware it'll be tight but as this will be a 10 - 15+ year home we think it's worth it in the short term.
Do we need to bide our time till my wife is back working or are we likely to be able to move sooner?
We're 11 months into a 2yr fixed deal on ours at 2.99 with approx 55% equity on a valuation of £330k. Likely move options are £400-450k currently. Joint earnings are £78k with £25k savings and no other debt, monthly outgoings are just the usual living costs.
The rub here is that earnings are equal between us and my other half has just entered the statutory maternity pay period of her maternity leave. This lasts for 3 months and then she's on no pay for another three. Following that she'll be going back 3 - 4 days a week, with childcare costs.
Our mortgage co aren't willing to discuss general options so were struggling to work out if our fledgling plan is viable. Also, we don't want to start looking seriously only to find we can't borrow what we need. If we do move, we're aware it'll be tight but as this will be a 10 - 15+ year home we think it's worth it in the short term.
Do we need to bide our time till my wife is back working or are we likely to be able to move sooner?
RDBx said:
We're starting to think we want to move from our 2 bed into something larger as we've just had a child and the current place is just feeling too small with nowhere for the grandparents to stay. My other half is getting very keen on this.
We're 11 months into a 2yr fixed deal on ours at 2.99 with approx 55% equity on a valuation of £330k. Likely move options are £400-450k currently. Joint earnings are £78k with £25k savings and no other debt, monthly outgoings are just the usual living costs.
The rub here is that earnings are equal between us and my other half has just entered the statutory maternity pay period of her maternity leave. This lasts for 3 months and then she's on no pay for another three. Following that she'll be going back 3 - 4 days a week, with childcare costs.
Our mortgage co aren't willing to discuss general options so were struggling to work out if our fledgling plan is viable. Also, we don't want to start looking seriously only to find we can't borrow what we need. If we do move, we're aware it'll be tight but as this will be a 10 - 15+ year home we think it's worth it in the short term.
Do we need to bide our time till my wife is back working or are we likely to be able to move sooner?
You can move sooner but the lender will want to know;We're 11 months into a 2yr fixed deal on ours at 2.99 with approx 55% equity on a valuation of £330k. Likely move options are £400-450k currently. Joint earnings are £78k with £25k savings and no other debt, monthly outgoings are just the usual living costs.
The rub here is that earnings are equal between us and my other half has just entered the statutory maternity pay period of her maternity leave. This lasts for 3 months and then she's on no pay for another three. Following that she'll be going back 3 - 4 days a week, with childcare costs.
Our mortgage co aren't willing to discuss general options so were struggling to work out if our fledgling plan is viable. Also, we don't want to start looking seriously only to find we can't borrow what we need. If we do move, we're aware it'll be tight but as this will be a 10 - 15+ year home we think it's worth it in the short term.
Do we need to bide our time till my wife is back working or are we likely to be able to move sooner?
- Your Wife's return to work date (In writing from her employer)
- Your Wife's return to work hours/salary (In writing from here employer)
- Expected childcare costs.
What you will be able to do will be dependent on the above info. If, of that £78k income, your wifes portion is minimal then the above won't make a huge difference but obviously, if she earns £60k of that £78k then it's going to have a bigger impact on you
On the question of montages, I havnt moved for over 40 years now and am out of touch of all this stuff.
Quick question, my son is a first time buyer and has secured a house for around 500k, what they call "Disbursements" is just over 19k, guess that's for handling the deal, sound about right?
Quick question, my son is a first time buyer and has secured a house for around 500k, what they call "Disbursements" is just over 19k, guess that's for handling the deal, sound about right?
RDBx said:
Any guidance on how we handle being mid term through our loan rate currently.
If;a) Your current lender will not provide the lending you need and;
b) You HAVE to move before the rate is due to expire
Then you have no choice but to redeem the mortgage and pay the ERC..........
Vipers said:
On the question of montages, I havnt moved for over 40 years now and am out of touch of all this stuff.
Quick question, my son is a first time buyer and has secured a house for around 500k, what they call "Disbursements" is just over 19k, guess that's for handling the deal, sound about right?
£15k of that will be Stamp Duty..........£4k in searches and legal fees sounds a lot to me.........Quick question, my son is a first time buyer and has secured a house for around 500k, what they call "Disbursements" is just over 19k, guess that's for handling the deal, sound about right?
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