My husband and I have a property that we have a mortgage for. We have lived here for 2 years, it was £200,000 and we put down a 20% deposit. It is three bedrooms.
We were going to spend around £12,000 on a new kitchen this summer. We eventually wanted to move to a 4 bed house in around 5 years.
After the news today about the stamp duty it has made me think about potentially putting our house up for sale and using the £12,000 we were going to spend on the kitchen towards a deposit. We would be looking to buy a 4 bed for around £350,000.
Would it be silly to try and move now given the current circumstances? Or would it be a good idea as we would be saving potentially £7,500 on stamp duty?
Our income is about £3500 per month and we do not have any other debt.