Just found my dream home.. should I even consider moving?

7 replies

Laurappo · 14/02/2023 14:07

Was a first time buyer 2 years ago. Mortgage is up for renewal in November. House is great but I hate the area. Dream home has come up in desired area within my price range!

I dont have much spare cash, max about £5k. We could sell our house for a bit more than we paid so could get roughly £25k cash from that after paying the mortgage off. New house is pretty much the same as this one.

I dont think we can port our mortgage.

I'm totally blind at this stuff. What do I even need to consider here? Is the state of lending just too messed up to even try?

OP posts:

Cupcakequeen75 · 14/02/2023 14:13

You can get a mortgage quote but don't forget the other costs involved.
EA, SD, solicitor, removals, possible new furnishings (carpets, curtains etc).

Your house, your decision but if you still think you can afford it then go for it!
If it falls through for one reason or another you know you tried and it wasn't meant to be. 😁

BlueSeaWave · 14/02/2023 14:16

I’d say if dream house then make it work. Area will make a difference and you can pay back costs over time

Original poster

Laurappo · 14/02/2023 14:16

Cupcakequeen75 · 14/02/2023 14:13

You can get a mortgage quote but don't forget the other costs involved.
EA, SD, solicitor, removals, possible new furnishings (carpets, curtains etc).

Your house, your decision but if you still think you can afford it then go for it!
If it falls through for one reason or another you know you tried and it wasn't meant to be. 😁

Thats very true.. its the extra costs I'm not sure we can cover comfortably but I'll do some maths. We would basically need to cover all that from excess from our house sale. How would a deposit work? Would we need that again?

Just checked and our mortgage is actually portable

OP posts:

Original poster

Laurappo · 14/02/2023 14:19

(Ignore my comment on the deposit- it would come from the equity I realised as soon as I said it!)

OP posts:

Sandals12 · 14/02/2023 14:19

You can usually get out of mortgage fix a few months before it's up. You will have to renew and face the interest hikes anyway. Offer a bit lower on house to try to cover some costs. Housing market slow in a lot of areas so they may accept a lower offer, may as well try.

Toadallyinlove · 14/02/2023 14:20

Why can't you port your mortgage? Just wondering :)

Dox9 · 14/02/2023 14:30

Check the fees and costs carefully. I looked into it and was quite shocked by the amount of fees etc when trading up vs ftb. I don't know why I was shocked though, trading up obviously requires two transactions overseen by solicitors and agents - selling and buying whereas as ftb you just cover buying side of things. Trading up was going to be nearly triple costs compared to ftb.

Flip