Do We Move Or Improve? Remortgaging Our Home.

When we bought our flat we didn’t expect to stay here quite as long as we did but after weighing up all our options last year we went for a remortgage rather than a move. Fast forward a year on and we’ve changed so many things in our property that it has started to feel more like a family home.  Then our family grew, with baby number 3 joining us in 2010 and number 4 arriving in 2012 and space is very tight. The realisation that moving house in now more about needing to, rather than just wanting to. However, we quickly found that is it not as easy as it seems!

Over the past seven years house prices in the UK have reached record highs, and there seems to be no sign of it letting up – which is great for us that own our homes, but not so great for those looking to buy or move.

Even with the low mortgage rates that are seemingly on the market,  for us, and I am sure for a lot of other families and people trying to get on to the property ladder there is a difficulty pulling deposits together and being accepted for a larger mortgage. Banks are reluctant to also take into account my freelancer earnings and so it lays on Gav’s shoulders for the credit and affordability checks.

For now we are stuck where we are. We will be looking to remortage to try to get a better, lower deal and we will clear off other debts and save as much as we can to be able to raise the amount of mortgage we can get in the hope that we can move in a couple more years!

We’ve also found it really helpful to speak to Slater Gordon Lawyers and then a mortgage broker before making our decision as our property is leasehold and Gav wasn’t on the mortgage. It’s meant moving forward we have a good view of what we need to do and have in place before we think about our next move.

Are you being priced out of the market? Have you chosen to stay in your current home and extend as opposed to move? I’d love to hear your thoughts!



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