Is now a good time to be thinking about moving?

[Anonimouze]

Weve seen a lovely house and are considering trying to list ours to move.

If would involve increasing our mortgage to near our max affordability however we should be still fine if things stay as they are.

Is if a huge gamble to take on a much larger mortgage right now with the cost of living crisis hitting and a potential recession? As it stands we have a fair amount of equity but in the new house we would be back to 90% ltv.

I know nobody has a crystal ball but thoughts would be appreciated.

There is never a good time. How old are you and how long would you remain in this property? How secure are your jobs?

We are 34 and 38. Secure jobs, hopefully no concerns there.

I suppose I’m worried about any more huge mortgage rate increases or if gas/elec/c.tax gets even higher and it starts to push us too much. The new house mortgage would be around £150k more than ours (which is 180k) so it’s a big decision I don’t want to mess up!

If you hadn’t seen this particular house, would you be thinking of moving?

Presumably, at your ages, your income will increase. On the other hand, energy prices are set to rise, who knows what will happen about mortgage rates, stamp duty etc.

Is your house ready to go to market? That could take a couple of weeks before it’s listed. Is it likely that the house you’re thinking of will sell quickly, before you’re ready?

You sound pretty much in the same situation as us right now. We've just listed our house and looking to upsize. We feel like if we don't go now we probably never will and we do need the extra bedroom for our son. But I agree it's a big commitment to increase all the payments.

Your situation was me only a month ago!!

Didn't want to put ours for sale because we didn't find anything we like for ages, was happy to stay put or move, as soon as we found a property we both loved, we went to view and it an offer in but they wouldn't put forward our offer until we sold. So we listed ours, sold in 4 days and went back to the agent to put a formal offer in, a bit of back and forth negotiating and it got accepted.

We're also taking out a huge mortgage compared to our current, our new mortgage will be 3x times more than our current and we're also mid 30s, it just means we have to cut down on our luxuries. We're taking the plunge to be in our lovely new home with a scarily big mortgage but we're determined to make it work.

Thankyou all! Hope your moves all go fast and smoothly!

We don’t need to move (both 4 bed) but the location is slightly better and the house a lot newer so wont need as much upkeep. Mines constantly dropping to bits as it’s an original 1920s. The newer one is also detached.

I wouldn’t consider moving for another house other than this one. I need to touch some things up before listing so probably a few weeks away but the house has been on the market a long time. I didn’t see it before as it was under offer but the sale has fallen through.

The vendors haven’t got a house to move to and won’t consider rented. Is it crazy to get into a chain with potentially no end in sight yet?

Future mortgage rate increases are definitely possible. However you do have time on your side - so considering you feel earnings are stable and have the potential to increase income it's certainly not a daft idea. If you plan to, but haven't yet started a family that might change the situation though.