moving house?

[MaybeMavericks]

hi mums, wanted to pick your brains.

For context me and my hubby moved in 3 years ago to a home in a small town, it was just us 2 and prior to lockdown etc. it was lovely

since then we've had a baby (1 now).and have been missing our families more. who live in the city (about 90 mins away) - we really want to move back closer to home. i think its a combination of missing out on each other lives and the fact baby only sees her extended family maybe once every 2 months,

i'm not too clued on how these things work, but heres the situation, we still have 32 years left to pay on our mortgage. and im sure if we sell now it wont cover the mortgage left.

What are my real options? wanted to speak to people who have real life experience of this. everyone i know has their 2 pence. some have suggested we save (will take a few years) for a few years and buy a property closer to home and put the current property on rent. others have suggested trying to part exchange towards it towards a new build (apparently some developers do this - not sure how it works)

Hi OP.

First thing to do is to see what your current place is worth. Once you figure that out you can see if you’re in the negative equity situation or not. So the three figures to look at:
what you’d sell it at
what your mortgage is (so what’s owed)
what stamp duty would be involved in your next purchase.

Currently what mortgage are you on and (assuming it’s fixed) how long until it expires? How much would you need to save for the next place?

IMO long term renting is no longer the great revenue generator especially as a sole property landlord. Lots of the tax breaks are no longer there. Couple this with the overall economic downturn which impacts rental means you’re statically looking at more lawyer fees than before (which hurt even more if you only have one property)

Plus being a moral landlord and being able to break even are two things that are really hard to do at the same time at the moment.

Can you port your current mortgage?