Nervous about trading up

Hi just thought I’d post an update.

Still waiting for the bank to get back to me and we applied in January! Can’t understand the hold up. I’m job sharing at the moment and I don’t think they are that happy about it. But by the time they give us the mortgage I’ll be back full time.

We’ve done loads to the house to make “market ready” but can’t do anything until the bank give us the go ahead. There’s no point selling something if you can’t afford the next thing.

We haven’t even put the house on the market and it’s stressful already.

Maybe Firefly I will have to follow your advice!

Buddyboy said:

after that it is just the difference in purchase/sale cost, which is more static. For example, if houses fell in value overnight, your own house wouldn't be worth €300 any more, so you might be still paying the same difference, or close to it

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For the avoidance of doubt, the above is incorrect. If my home is worth €300k and I’m looking to spend €600k, there’s clearly a €300k differential. If prices fall by 20%, my home is worth €240k, whereas the aspirational property is worth €480k, a €240k differential.

Having said that, my sense is that for people (like the OP) with a decent time-horizon in terms of the new property, the best advice is to plough on and make the move.