Mortgage/ options advice sought

[neighbourhoodwitch]

Hello

I bought a large two bedroom garden flat 18 years ago for £65K. It is now worth c. £450K. There is not long to go on the mortgage and the monthly mortgage amount is £78.

It is in a decent part of North London. We have two DCs in local schools and we have outgrown our living space.

The cost of houses is now sky high in the area and I do not know what to do and my DH does not want a massive mortgage. He is talking about renting out our flat and using it towards renting a larger property. I really want to buy, however.

I feel stuck and really upset about this and do not know what to do.

Any advice would be welcome, thanks.

Just to reassure you you could buy something bigger (3 bed house at least) in the northern suburbs easily for £450. Herts/ northern suburbs. The schools are likely better and they are often faster commutes (23 mins vs 40 when I lived in Central London to city)

We had same problem and did the above, as do most of thr population here!

Glorious - thanks so much. Going back to SE London - my lovely sister lives there and has been urging me to move there but it is just the school thing (am I mad?) - so I feel I have made this choice iyswim? Anyway, thanks!

What a vast amount of equity you have! You could remortgage your house and use the equity to buy a house in Margate for £300k, or Hastings. You could go down at weekends and for holidays. If you had a second 'proper' house you might feel a bit happier about your flat. No idea if this is practical or not - just a thought!

I understand completely what you mean about feeling sad about the rise in house prices. Being moved out of your home territory feels wrong with children somehow.

It really is worth looking at the length/stress of commute from suburbs compared to where you are now.

I'm probably a bit more blase than many about moving location having moved many times both as adult and child!

Sarf - thanks. Yes there is a lot of equity (pure luck). Absolutely love Hastings (we drive down there reasonably often and have lunch at the Mermaid at Rock-a-Nore!) - how funny you should say that as I have often told DH I'd love a second home there!! I think I will look into that.

Worry - yes thanks, I will. I realise it is probably me not wanting to take the DCs out but when I asked the eldest she did get quite upset at the prospect (but she is highly sensitive and has only just settled into secondary school).

Sarf - just looked at the Hastings house - looks amazing.

I do see. If you weren't persuaded by your lovely sister there's no going back Hastings is fab isn't it.

Glorious - yes, love Hastings, esp. the Old Town.

Margate has sandy beaches...

Sarf - thanks - will check out Margate.