Have a mortgage but should I sell and rent?

[mustpaintthatwall]

As it says really but to put it in perspective, I live in a small 2 bedroom flat with myself OH and a toddler.

I bought the property 9 years ago when it was just me and it was perfect! Fast forward and we have no space and it's starting to drive a wedge between us. All our money is tied in the flat but if we sold we would have a substantial (15%) deposit for another home. BUT I have recently started a new job after being made redundant so need to stay put 6 months and after a pay drop we won't be able to save anything additional for 6-12 months until I've pass my probation and had a pay rise.

So I am wondering whether to sell the flat, bank the equity and rent for 12-18m which will give us both breathing and actual space and then look to buy late 2020/2021?

Am I an idiot to think this? I have no idea?

I wouldn't , unless you get rent a bigger house for less than your mortgage now , ignoring market conditions.

As Chicken has said, renting is often much more expensive than a mortgage. You'd just be losing money from your deposit.

I would avoid getting off the property ladder at all costs tbh

I'd talk to a mortgage broker about your options for getting a bigger mortgage in order to move. It might be easier than you think.

I'm surprised you're struggling with you've got 2 beds. Rather than move, could you look at decluttering, installing some good storage furniture, or putting some stuff into storage?