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Original poster

Mortgage is portable, DP hesitant, should we move now?

7 replies

Vernatts123 · 04/09/2023 13:31

Context:
Married, both 27, 1 DD (2), earn 5k take home per month joint. Current £904 PM mortgage and £665 nursery fees from April with 15 free hours.

Bought our first home 2 years ago, 220k left on mortgage at 3.08% (3 years FR left). 3 bed semi detached in an okay part of the city - relatively safe, okay schools, but very little community and no centre to speak of, have to drive everywhere and I can't drive due to disability so reliant on DP.

Promotions have risen our wages these 2 years from 48k joint to 80k joint PA.

Expressed to DP that I feel lonely and cut off where we are, and given extra earnings, we should look at our dream area in the city. C. 350 - 400k for similar size to where we are now - conservation area, good transport links, community and outstanding schools, closer to friends. Also next to DD's nursery (in dream area) which I can't get to by public transport at the moment.

DP very attached to current first house as it's sentimental and doesn't like change, so needs convincing on the figures.

We could sell our house between 285-300k (giving around 50k deposit after fees and stamp duty). Checked with our mortgage, we could port over the 220k remainder to a new house at 3.03%. Then take out an extra 120k at 5.2%. Giving a total payment around £1,550.

I'm estimating that by the time 3 years are up, we'd be paying about 4.5% on the remaining balance of 320k - £1550 per month. Our earnings will only go up on current trajectory.

All in, even giving some contingency, we'd be left at least 3k PM for bills and disposable.

Question: Would these figures be enough to convince you to move around April time when 15 free hours kick in?

Thanks!

OP posts:
PinkRoses1245 · 04/09/2023 13:36

Yes I’d do it. Your quality of life is so important and will improve massively if you can get yourself around, take DD to nursery. But just to check are these the free hours that the Tories announced, and if so, are they definitely happening? Our salaries are similar and our mortgage is more than that

KievLoverTwo · 04/09/2023 13:39

I think those sums are fine, and I think by the time you look to move, those houses you are looking to buy will be worth far less anyway. But so might your own house be, so adjust both down accordingly.

I am more concerned that your partner thinks his desire for lack of change and sentimentality are more important than you feeling isolated and lonely. The latter two are the kind of things that can lead to a slippery slope of poor mental health and even relationship breakdowns, and your OH is unwise not to give them the concern they absolutely deserve. I also have a disability and don't drive, and my OH worries about me being isolated and dependent, even though I have never once complained about either of them. He would like us to be in a location where I have more freedom.

So, why isn't it important to your OH?

Feel free not to answer because it's none of my business, but I would give that a bit of thought if I were you.

Twiglets1 · 04/09/2023 13:39

It would be enough to convince me @Vernatts123 as it seems like you will be able to afford it when the free childcare kicks in and as you're trading up, it doesn't matter if the value of your house has gone down slightly as so will the bigger house have reduced in price. Your partner may not like change but change is inevitable unless they intend to stay in your current house forever. And your happiness is every bit as important as theirs.

Unfortunately, it's not me you need to convince!

Original poster
Vernatts123 · 04/09/2023 13:57

PinkRoses1245 · 04/09/2023 13:36

Yes I’d do it. Your quality of life is so important and will improve massively if you can get yourself around, take DD to nursery. But just to check are these the free hours that the Tories announced, and if so, are they definitely happening? Our salaries are similar and our mortgage is more than that

Thanks, Yes Tories free hours which Nursery feels will come in okay (they are more worried about the 30 free hours later down the road!)

OP posts:
Original poster
Vernatts123 · 04/09/2023 13:58

KievLoverTwo · 04/09/2023 13:39

I think those sums are fine, and I think by the time you look to move, those houses you are looking to buy will be worth far less anyway. But so might your own house be, so adjust both down accordingly.

I am more concerned that your partner thinks his desire for lack of change and sentimentality are more important than you feeling isolated and lonely. The latter two are the kind of things that can lead to a slippery slope of poor mental health and even relationship breakdowns, and your OH is unwise not to give them the concern they absolutely deserve. I also have a disability and don't drive, and my OH worries about me being isolated and dependent, even though I have never once complained about either of them. He would like us to be in a location where I have more freedom.

So, why isn't it important to your OH?

Feel free not to answer because it's none of my business, but I would give that a bit of thought if I were you.

We're starting marriage counselling at the moment off the back of these feelings and few other points - I recently had a TIA and DP has mental health concerns. Hopefully this will help resolve some of these.

OP posts:
KievLoverTwo · 04/09/2023 14:01

Vernatts123 · 04/09/2023 13:58

We're starting marriage counselling at the moment off the back of these feelings and few other points - I recently had a TIA and DP has mental health concerns. Hopefully this will help resolve some of these.

Show quote history

<3

Wishing you the best of luck with therapy.

EveryoneIKnowIsTired · 04/09/2023 16:19

In your shoes I would want to move, and I would try to do it before your daughter starts primary school. I’ve found the early years of primary school great for building community, and now that my kids are settled I’d be very reluctant to move, which might make your DP even less keen on the idea.

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