Current Status
Value of Property: 285k
Amount of Mortgage: 235k (originally 320k) tracker with BOSI
Term remaining: 16years
Monthly repayments: 1265pm
Savings: 30k
Employment Situation (both mid to late 30's):
65k, employed skilled trade.
60k public sector (10 years)
2 children
Childcare cost: 600pm
Car Loan taken out in 2014: 14k
Interested in Properties valued approx. 320k
So we are thinking it might be nice to move and gain some additional space. I've seen from other posts we would need a 20% deposit so I know we haven't enough savings. It is either stay put and spend some money converting attic or building extension but for various reasons we think we would not want to ultimately stay where we are as there is a possibility of a very large estate being built adjacent to our house with a through way right in front of it.
Any advice on where we go from here or if there are any other options other than save another 30k.
Thanks a million.
Value of Property: 285k
Amount of Mortgage: 235k (originally 320k) tracker with BOSI
Term remaining: 16years
Monthly repayments: 1265pm
Savings: 30k
Employment Situation (both mid to late 30's):
65k, employed skilled trade.
60k public sector (10 years)
2 children
Childcare cost: 600pm
Car Loan taken out in 2014: 14k
Interested in Properties valued approx. 320k
So we are thinking it might be nice to move and gain some additional space. I've seen from other posts we would need a 20% deposit so I know we haven't enough savings. It is either stay put and spend some money converting attic or building extension but for various reasons we think we would not want to ultimately stay where we are as there is a possibility of a very large estate being built adjacent to our house with a through way right in front of it.
Any advice on where we go from here or if there are any other options other than save another 30k.
Thanks a million.