Want to buy a £350–400k house while owning a flat, what are my options?
I'm 32, salary of £55K with a take home of around £3.2K after all deductions. My living costs are around £1.6K, saving the rest, at the moment have roughly 80K saved.
I was very fortunate to get a right to buy mortgage 5 years ago on a much lower income, now I have £95K left on my mortgage on a flat worth ~£240K and my 1.4% 5 year fixed term coming to an end this August. My £500 mortgage likely to go up to £700 or higher based on recent interest rates.
I can afford the increase fortunately however, I am tired of living in a flat and want to move into a house as soon as I can. Looking at properties and finding what I am looking for at the price range of about £350-£400K.
Realistically what are my options here. I'm open to renting out my flat, likely to get close to £1200 but I understand that it comes with it's own drawbacks, including having to pay secondary stamp duty if I buy a second home.
I could sell my flat but that does seem like it will delay the house buy process which is my number one priority now.
Any advice on how to proceed and if there are other options I haven't considered I would greatly appreciate.