Moving house now or stay put?

[radfordrunner]

After non-bias advice please!

I live in a lovely large village with lots of local amenities (GP, pharmacy, vets, shops, lovely dog walks and a good primary school). My family has outgrown our house and DH and I want to move to somewhere bigger. Speaking with our mortgage man, we can upgrade to £450k (current house worth around £290 / 300k) so new mortgage will be approx. £1900 a month (currently we pay £700 so a big hike!). With mortgages set to go up, would it be best to sit tight for another year or so or make the move now? Another reason for moving is for secondary school (one in our catchment area is very far away) so we would like to live nearer to it and move into the town / outskirts of the town.

DH and I have spoken endlessly about pros and cons of moving now, but neither of us are sure what is best to do. Our take home pay is just over £4,300 a month (DH also gets a bonus per year of circa £20k before tax), but we could cut back on things to pay for the mortgage change.

My family are encouraging of a move but DH and I are always on-the-fence-type even though we always say "let's move this year!"

Outside advice is welcome!

can you port your current mortgage which should hopefully be at a more favourable rate and pay the higher rate only on the extra borrowing?

That is a very big mortgage for your income

I read today the interest rates aren't going to come down until 2025, so not sure waiting a year would help, but you never really know.

are you young enough to maybe add a few years onto your mortgage to make the payments lower?
I think it's hard to estimate a right time to move - if you can try to make it more affordable for the right now, thats all we can ever do :)

@Supertrouper990 we are late 30s and, currently, looking to pay off our mortgage when we are 65 (so memory serves). It's so difficult deciding when the best time is :( good tip about the rate though, I will speak with DH to see if that is doable, thank you