Upsizing in a freefall market...
Discussion
My only advice would be very careful not to overstretch yourself financially with any mortgage repayments,(over and above your inheritance) it's not too bad in a rising market, but madness in the current circumstances.....
Plus, don't forget removal costs, agents fees, stamp duty etc........
Plus, don't forget removal costs, agents fees, stamp duty etc........
Sounds to me like staying where you are is the best option. You aren't exactly awash with cash (only deposit being a few K equity (soon eaten up by fees) and your 1-time inheritance).
Personally, I think you'd be mad to put your neck on a block now.
Stay where you are with a big buffer (inheritance in bank @6%) incase either of you are made redundant, in which case you will be still be OK.
Upsize and any problems hit you HARD.
Seems bizarre to take the risk now IMO
Personally, I think you'd be mad to put your neck on a block now.
Stay where you are with a big buffer (inheritance in bank @6%) incase either of you are made redundant, in which case you will be still be OK.
Upsize and any problems hit you HARD.
Seems bizarre to take the risk now IMO
Edited by stuthemong on Tuesday 30th September 23:12
anonymous said:
[redacted]
What he said. In 91/92 the place we were selling dropped by £10K and swmbo was upset - I consoled her by saying our next place (we were looking to upshift) would have dropped by £20K. In fact I was wrong, our next place had dropped by £70K ...
Edited to add, the fact we had 'cash on the hip' helped. I'd recommend selling if you can and renting while you look for the bargain house.
Edited by muley on Tuesday 30th September 23:14
anonymous said:
[redacted]
It does make sense to a degree, but you would save an awful lot of interest long term if you took out a new mortgage at 1/3 less than the current value.(well, getting a similar interest rate anyway, which I realise might be tricky given your current 4.2)
But I'm a hypocrite - I'd probably only pay a bit off and spend the rest on fun stuff
anonymous said:
[redacted]
Not meaning to p1ss on your bonfire, but while your 1st time buyer house maybe all nice and new with it's hotpoint appliances, but the fact is you like just about every other 1st time buyer bought the house with a 100% mortgage. The reason for this is because you couldn't afford a sizeable deposit and a 100% mortgage got you your home. Incase you been on holiday the last few weeks 100% mortgages exist only in the history books. Almost impossible to get a mortgage for over 75% now. I think your options are going to be made for you instead of by you, i would suggest stay where you are because you are not going to be able to sell your house anyways, or the only way you could sell your house would be by selling it for either below or close on what you still owe on it. The reason i say this is because you had the 100% mortgage on it and have only had the house a short time. Prices have dropped quite a lot, infact a lot more in the real world than what the TV reports, thats because that data is way out of date by the time it gets compiled.
Just stay where you are and ride the storm out, you don't mention how much inheritance you have so quite hard to say what to do with it. Will it be enogh to buy a property without the need to sell yours? If so wait a year and then go shopping for some bargains.
OOEERR.
I've just seen my badly formatted post above. Worse though, I've seen your profile.
Nice ARSETRA. The plate was how much? Class.
Did your, 'high up', parents pay for that?
Get a proper car. Get a life, sell the idiotic number plate.
You may be better off.
WTF is limited about a C Open?
The colour of the the(birds)hair?
"OOOH we've a limited edition Daihatsu". I'll bet that goes dowm real well at the golf club/swingers parties.
I've just seen my badly formatted post above. Worse though, I've seen your profile.
Nice ARSETRA. The plate was how much? Class.
Did your, 'high up', parents pay for that?
Get a proper car. Get a life, sell the idiotic number plate.
You may be better off.
Can't help myself. Must ask
WTF is limited about a C Open?
The colour of the the(birds)hair?
"OOOH we've a limited edition Daihatsu". I'll bet that goes dowm real well at the golf club/swingers parties.
Edited by Shuvi on Wednesday 1st October 04:42
Shuvi said:
OOEERR.
I've just seen my badly formatted post above. Worse though, I've seen your profile.
Nice ARSETRA. The plate was how much? Class.
Did your, 'high up', parents pay for that?
Get a proper car. Get a life, sell the idiotic number plate.
You may be better off.
WTF is limited about a C Open?
The colour of the the(birds)hair?
"OOOH we've a limited edition Daihatsu". I'll bet that goes dowm real well at the golf club/swingers parties.
WTF?!?!I've just seen my badly formatted post above. Worse though, I've seen your profile.
Nice ARSETRA. The plate was how much? Class.
Did your, 'high up', parents pay for that?
Get a proper car. Get a life, sell the idiotic number plate.
You may be better off.
Can't help myself. Must ask
WTF is limited about a C Open?
The colour of the the(birds)hair?
"OOOH we've a limited edition Daihatsu". I'll bet that goes dowm real well at the golf club/swingers parties.
Edited by Shuvi on Wednesday 1st October 04:42
Personally I would look at the reasons you want to upsize?
For me a house is about having a home so we bought what we could afford and are paying off our mortgage ASAP...but we also managed to buy at the right time (in Aus) so we have bought at the low point and with our repayments will be done in 10 years which is when prices should be peaking again (going off historical data). If they dont peak then meh..we will just stay put.
If you dont NEED to upsize and as you have said yourself you are in a beautifull new house then I would pay off that 1/3rd of the mortgage and get the rest paid off ASAP and stay put...I dont know how old you are but my motivation is that by the time I'm 35 I will not have any major living costs leaving wads of money for living life to the full. If the market is right I might look at selling and buying bigger / newer for the same money.
I also look at it as we get older and our jobs progress our wages are going to rise leaving more free money a month until the mortgage is done...I cant imagine anything worse than always upsizing and soaking up that free money for no real reason.
deviant said:
Shuvi said:
OOEERR.
I've just seen my badly formatted post above. Worse though, I've seen your profile.
Nice ARSETRA. The plate was how much? Class.
Did your, 'high up', parents pay for that?
Get a proper car. Get a life, sell the idiotic number plate.
You may be better off.
WTF is limited about a C Open?
The colour of the the(birds)hair?
"OOOH we've a limited edition Daihatsu". I'll bet that goes dowm real well at the golf club/swingers parties.
WTF?!?!I've just seen my badly formatted post above. Worse though, I've seen your profile.
Nice ARSETRA. The plate was how much? Class.
Did your, 'high up', parents pay for that?
Get a proper car. Get a life, sell the idiotic number plate.
You may be better off.
Can't help myself. Must ask
WTF is limited about a C Open?
The colour of the the(birds)hair?
"OOOH we've a limited edition Daihatsu". I'll bet that goes dowm real well at the golf club/swingers parties.
Edited by Shuvi on Wednesday 1st October 04:42
Personally I would look at the reasons you want to upsize?
For me a house is about having a home so we bought what we could afford and are paying off our mortgage ASAP...but we also managed to buy at the right time (in Aus) so we have bought at the low point and with our repayments will be done in 10 years which is when prices should be peaking again (going off historical data). If they dont peak then meh..we will just stay put.
If you dont NEED to upsize and as you have said yourself you are in a beautifull new house then I would pay off that 1/3rd of the mortgage and get the rest paid off ASAP and stay put...I dont know how old you are but my motivation is that by the time I'm 35 I will not have any major living costs leaving wads of money for living life to the full. If the market is right I might look at selling and buying bigger / newer for the same money.
I also look at it as we get older and our jobs progress our wages are going to rise leaving more free money a month until the mortgage is done...I cant imagine anything worse than always upsizing and soaking up that free money for no real reason.
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