Anonymous #1
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My parents earn a low income and are slowly paying off their mortgage which has been calculated to take 25 years to pay off with the amount they pay per month.
Our house is really cramped with 7 people living in a 3 bedroom house so we really want to move but the houses in our area are too expensive and my mums always saying how we should move up north since the houses are cheaper there
Do you think that would be the right move or would that be a loss and plus I don’t want to move until I finish my a levels but idk
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Anonymous #2
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(Original post by Anonymous)
My parents earn a low income and are slowly paying off their mortgage which has been calculated to take 25 years to pay off with the amount they pay per month.
Our house is really cramped with 7 people living in a 3 bedroom house so we really want to move but the houses in our area are too expensive and my mums always saying how we should move up north since the houses are cheaper there
Do you think that would be the right move or would that be a loss and plus I don’t want to move until I finish my a levels but idk
I'm not sure why it would be loss..
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Anonymous #1
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Because they’ve still got mortgage left over to pay so rather than receiving the full amount when they sell they’ll be short of the amount they had left to pay.
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ajj2000
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Depends what jobs your parents do and how much equity they have in their house.
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nexttime
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Moving 7 people potentially hundreds of miles is a complex decision and unlikely anything anyone here can comment on! What about jobs? What about school? What about friends, and other family?

Moving house costs a lot of money. It depends on the price of the house, but things like stamp duty, estate agent fees and legal fees can be in the thousands.

If the mortgage is on a fixed term there will be penalties for ending it early.

Clearly yes moving North can be cheaper, potentially much much cheaper. I moved from a small 2 bedroom flat in a horrible part of the south to a 4 bed detached house in Sheffield, with the latter actually costing less. Again, it'll depend on your circumstance though.
Last edited by nexttime; 1 year ago
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Anonymous #1
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Exactly that’s what i was saying to my parents
It’s a huge step especially if most of us are still in education
Yh I don’t really want to move up north because we don’t know anyone up there and I’m scared because of what I heard about the areas we’re thinking of moving to
But my parents are saying it’s getting too difficult to continue to pay their mortgage and that it’ll have to be a decision to consider
That’s why I was thinking they would lose more by moving because of the costs it entails
Plus it’s harder to find jobs up north
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ajj2000
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How long until you've finished your A levels? Any plans to move away to university?
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Anonymous #1
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I’m in year 12
I’m thinking of moving away to uni
That’s why I’d prefer it if we moved after
But after I finish my a levels, my brother will be doing his gcses
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ajj2000
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(Original post by Anonymous)
I’m in year 12
I’m thinking of moving away to uni
That’s why I’d prefer it if we moved after
But after I finish my a levels, my brother will be doing his gcses
ok - year 12 is a really tough time to move. Have you discussed this with your parents?
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Anonymous #1
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They agree but my mums constantly trying to persuade my dad to agree to move
Because our house is too small to fit 7 people
But I personally think it’s a bad decision just because we won’t know anyone, it’ll be difficult to find jobs and my brother would be in the middle of his gcses
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nexttime
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(Original post by Anonymous)
Yh I don’t really want to move up north because we don’t know anyone up there and I’m scared because of what I heard about the areas we’re thinking of moving to
It definitely won't be as bad as you've heard. Generally speaking, London has more crime than almost anywhere North. People are way, way nicer up north too.

But my parents are saying it’s getting too difficult to continue to pay their mortgage and that it’ll have to be a decision to consider
Well if they can't afford the mortgage they don't have many options. They're supporting what five kids? That will cost so much.

That’s why I was thinking they would lose more by moving because of the costs it entails
Those costs may be overtaken by less mortgage payments though, and they'll get their desired larger house. It might be worth helping your parents out with some of the cost assessments though, if you feel they need it.

Plus it’s harder to find jobs up north

Not necessarily. Depends.

Another factor is: bear in mind how long it takes to move house. You presumably can't move until you've sold your house, and that might be the case for whomever you're buying from or selling to, and that process can take months or years. Once everything's agreed, the legal stuff normally takes like 3-4 months (its crazy don't ask me how). You are not moving any time soon even if they decide they want to, basically.
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nexttime
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(Original post by Anonymous)
They agree but my mums constantly trying to persuade my dad to agree to move
Because our house is too small to fit 7 people
Soon to be 6 when you go to uni, then maybe 5 if your brother does...

Btw do you know what finance you will get for uni? Are your parents going to need to support you? Relevant to this discussion.
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Anonymous #1
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I don’t think I’d be able to go to my parents for money if I needed it if they’re already struggling
I think I’d have to get a part time job and apply for a student loan
I don’t really know much about the finance part of uni
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ReadingMum
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Your parents may find that they don't qualify for another mortgage if they are really struggling- the rules have changed a lot since they took out the current one. They now take into account 'affordability' not just salary and supporting 5 kids will have a big impact on that.
As you all grow up and move out the house will become less crowded.
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Anonymous #1
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True and there’s other factors that will stop us getting it as well as supporting 5 children
We weren’t financially unstable before but now because of personal problems that happened we can’t afford anything
We don’t have any disposable income apart from for food and bills and the occasional buy of clothes and it’s so hard to save up
So I told my mum to put £2 in a jar everyday until it’s filled
Even if that’s not much that’s better than nothing
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