Should I consider selling ?

[Moominsweetie]

Live in a 4 bed house with 2 of my 3 children . Eldest is at uni, middle is going in sept hopefully , youngest is 12. I’m single .

i am at the end of the interest free period of a help to buy equity loan plus have a small ish mortgage on this property .

i live in area of previously huge housing boom , maybe 42%. Very little available for people to buy still.

I love my house but am considering downsizing and paying off equity loan and buying a 3 bed.

is this a good idea ? If it’s possible obv.

i have an app with my broker next week (booked ages ago as my 5 year fix is up on Dec ) so any advice would be great as feel like I have nobody to talk it over with really

thanks x

I'm in a house that is too big for me now, my fix is up after Christmas. I'm going for a two pronged approach, securing (hopefully) a five year mortgage deal and putting it on the market at the same time.

I love it here but I love my sanity more and I just don't want to be worrying about money.

Wow my thoughts exactly ! So will you port mortgage if you sell presumably @movingsky

I’m so sad as I love my home but , the alternative is scary (

what do you think the market will do now ? Stay as it is for a bit due to people downsizing ?

I'm going to see what my new mortgage offer comes in at. Once issued it should be valid for six months (apparently), my old deal allows me to sign up for a new fix at the start of November so I should, in theory, be able to compare the two.

I'll see how I get on with the agent, if it looks like I might be able to sell I'll try to sell before my fix expires (not until 05/23) and have a re-think as I'd be halving my mortgage if I can move to the place I'd like to (well not that I'd really choose it other than today!) and downsize and rethink my mortgage length decision.

It is really unsettling isn't it.

Yeah so so scary

will def have to get a tenant if I can’t sell

House prices are predicted to fall so now might be a good time to sell. Invest the money then take advantage of the drop in prices after 6 months

Hey! I dare not sell to rent then buy later as there is such a shortage of property where I live , rental and to buy (Cornwall) , I can’t risk renting (

Tricky isn't it Sweetie. I'll move from the 'golden triangle', about 30 miles away where I can get the house I need for 60% of the cost of my house here.

Do you mean a lodger or that you'll have to move out as a last resort?

I'm in Cornwall and am in the process of downsizing from a 4 bed detached to a 3 bed terrace.
I love my house, but it's too remote. The need to drive everywhere is what's fuelling this move. ( And the small minded village...I want to live before I die!)

It sounds absolutely sensible to move. And as PP says, a housing crash could be coming, so best get on with it.

Oh wow ! So similar ! I think terrace is the way forward for me too !

Lodger x

Moominsweetie feel free to pm me if you want to chat/ compare!