Can we move?

[Jayne266]

We bought our house before the market crashed and are currently paying interest and repayment on a fixed apr (due to change in may) our house is estimated about 15k less than what we owe on it (new mortgage).
Do we have any options to move? Now have DS and would like more dc but no space in the house.

This would depend on whether you have any savings? No one (as far as I am aware) offers 100% mortgages now so you would need the deposit saved up plus the money to clear whatever you owe on this house after you have sold it. In addition, you need to think about estate agent fee (min 1%), solicitors fees and searches and stamp duty (if applicable). I am sorry but unless you have a substantial amount in savings then I doubt a move is on the horizon.

Also if you want to get a house that needs some work done, you'll need to account for that. Or accept you'll be living in a house with faults.

Talk to your mortgage provider. Tell them about any increase in income and what you can afford to pay each month and they'll tell you.

Thanx anyway savings is prob just enough for shortfall but wouldn't cover extras and really wanted to keep some for DS. Both have had a pay increase but not really sure where it leaves me I think the next step is mortgage advisor.

I was in a similar situation, ended up renting our home out and renting somewhere bigger for us to live! Not ideal, but mortgage company said we could put the shortfall onto an unsecured loan but our income wouldn't support a loan and another mortgage so would have still been renting somewhere.

Actually the 100% mortgage is back there was an article in The Money section of the Sunday Times. You do need a guarantor, but they do exist again.
Usual guarantor is parents who having finished paying for their house.

Wow OP I could have written your post! We have decided that we're not willing to sell our house at such a loss so are looking into renting it out. We've been advised by 3 different ea's that it would rent quickly and the rental figures they're quoting would cover the mortgage. Current mortgage provider has also approved us for a new mortgage in addition to the existing one. However we have been saving pretty hard to accrue a 10% deposit as we anticipated that we would be in negative equity. Think you need to speak to your current mortgage lender and perhaps an independent mortgage advisor to see what the art of the possible is.

Argh thank you it's so annoying I have always been told to buy not rent and I did to get on the property ladder (also it was cheaper than renting) and it bites me in the bum.

I know it's awful isn't it in our case, not only would we have been better off renting for the last 5 years, it would have been cheaper!