Buying/Renting question

[Kina]

There have been roadworks outside this week with temporary traffic lights, it's been an effing nightmare! Parking is impossible and having people waiting outside your window is horrible. Just got a letter through to say that we're having proper traffic signals put in. We knew that they were on about it, but it was heavily opposed and voted against. However on the 23rd October it was approved and they've only just decided to let us know after works have started!!

The traffic lights will turn my road into a rat run. I'm worried enough about getting two babies into my car already now this news has really upset me. Because some parking will be lost it means that the possibility of parking close to my house is going to be really difficult. I don't know how I will get two babies and bags up the thin pavement to my car if I am parked a few hundred metres up the road. I'm really worried about it.

What makes matters worse is that we've got a big mortgage already (£106k) that we're paying on Matt's wages. They will never lend us more money so it looks like if we move we'll have to sell up, pay a big £5k penalty on the mortgage for finishing it earlier (we're tied in for another 3 years), put the equity back into an account and rent anywhere that will let us with kids.

I've found a 3 bedroomed house with garage and drive for the same price that I'm paying for a 2 bed with on road parking where you can find it!! Only problem is that it's renting not buying.

Would you sell to rent given the current housing market? In a few years time Matt will be earning more money (he's got 4 more exams left of his accountancy qualification and will be able to work in a much higher up position then) so we'd be able to look at buying again.

 

[Wobbles]

Eek Kina

Not sure what I would do as I'm not clued up on the buying situation although I would want to get out

How would renting your property appeal whist you rent elsewhere?

 

[Cat]

Wobles idea is good. If not to aviod a penalty from your mortgage providers, you can move your existing mortgage. We are moving at the mo, and tied into a 2 year deal with Abbey, instead of paying to get out of the mortgage they have simply transfered it to the new property, and the additional funds are being covered by a seperate deal also with Abbey.

Personally I would aviod getting out of the property market, as its all very weel having the intentions of getting back in, but you may end up finding it harder. Also what we have done is increased our mortgage by £28k but we have now spread the whole mortgage over 30 years instead of 25. Then once kids are at school and Im working again, or once OH is on more money we will simply shorten the term again, so you could always do this maybee add to your existing mortage if you want, or keep it the same size, extend the length of the term, so your not paying anymore and then once your OH has qualified shorten the term again.

 

[beatlesbaby66]

my friend at work is doing this cause she just hanst settled in her flat, she has extended her mortgage with northern rock for a new build and thr arent charging her because she is staying with them...bxox

 

[Kina]

That does sound like a better idea Cat, but we just can't afford anymore money. We asked Abbey to release some equity before but they wont because it's only Matt working. I've spotted a house for about £20k more than ours is probably worth, but I don't know where we'd get the cash. It's bigger, 3 beds with offroad parking but in not a fantastic area.

I guess we need to speak to Abbey!

 

[Cat]

Its good news if your with Abbey, cause a couple of days ago they announced that they are increasing the amount there are prepared to lend to 5 time your income! Not that you would want to do this, but you could certainly keep the same size mortgage you have, or increase it a little but spread it over a longer course, without it costing you anything.

 

[Kina]

Just spoken to them and they'll times Matt's wages by 4 and give us a little bit extra (but we're only talking up to about £5k) so we'd be able to move to somewhere of a similar price. There would be no costs incurred if we moved, just a survey. Only problem is that we've got a 2 bed terrace at the moment so by gaining a quieter position we're going to be losing out on something, can't be space

 

[Wobbles]

Wow Kina godo luck hun

 

[Kina]

I think if we move then we will have to go out of the area, which is sad. At the moment I just round the corner from my mum and am used to walking around there whenever I need and vice versa. I've spotted a house in Torquay for near what I think ours would be worth - it's 3 beds, off road parking, conservatory etc but Matt doesn't like the area

I'm just so confused at the moment. I want a nice safe house for my bubbas!

 

[Tam]

Aww Kina I am sure you will sort something out babe! Good Luck! x

 

[Imi]

Good on you love ....

im moving and buying at the mo ... only just got the morgage rate i wanted last week .... They went up the following day!!!

Go for a fixed 2yr if you can but look around if your not fixed already ...

Try northen rock there GREAT

Good luck hun, and i hope you get what your looking for!

Imogen
xxx

 

[Iwantone!!!]

can u afford to stay in ur area or not you will need to way the pro and cons for all the areas renting and living where live no and how long will it take u to get a desposite again for a new house if u rent and if ur fella gets up the ladder in the job and how stressful is it going to be for u