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  • FIRST POST
    • CrawleyGill
    • By CrawleyGill 18th Jun 17, 3:26 PM
    • 1Posts
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    CrawleyGill
    How to buy with no mortgage
    • #1
    • 18th Jun 17, 3:26 PM
    How to buy with no mortgage 18th Jun 17 at 3:26 PM
    Hi, my husband and I have paid off our mortgage so the house we live in is ours. I really want to move but because of the location of our current home we do not have enough in our house to buy one in a better area. Also due to over spending, lowish salaries and an years worth of unemployment last year, we dont have any savings to speak of. How do we move? I fell that although we have no mortgage we are completely trapped - can anyone offer any advice please ???
Page 1
    • 00ec25
    • By 00ec25 18th Jun 17, 3:30 PM
    • 4,538 Posts
    • 3,917 Thanks
    00ec25
    • #2
    • 18th Jun 17, 3:30 PM
    • #2
    • 18th Jun 17, 3:30 PM
    you don't!

    if you have no savings and the current house is worth less than the one you want to buy, and you do not wish to get a mortgage/loan of some sort, then patently you cannot buy the more expensive place.
    Last edited by 00ec25; 19-06-2017 at 11:40 AM.
    • KiKi
    • By KiKi 18th Jun 17, 3:35 PM
    • 4,904 Posts
    • 7,965 Thanks
    KiKi
    • #3
    • 18th Jun 17, 3:35 PM
    • #3
    • 18th Jun 17, 3:35 PM
    Hi, my husband and I have paid off our mortgage so the house we live in is ours. I really want to move but because of the location of our current home we do not have enough in our house to buy one in a better area. Also due to over spending, lowish salaries and an years worth of unemployment last year, we dont have any savings to speak of. How do we move? I fell that although we have no mortgage we are completely trapped - can anyone offer any advice please ???
    Originally posted by CrawleyGill
    What you'd need to do is take out a mortgage for the difference in value of your current place and a new one (minus stamp duty, fees etc).

    You speak to a broker / mortgage provider to see what mortgage you could get on your current salaries over x period of time (no later than you expect to retire). Add that to the value of your current property (minus moving fees, solicitor fees, stamp duty etc) and that's the amount you could get a new property for. You don't *need* savings (although they are helpful for anything that might go wrong!) for a deposit as the sale of your current property will provide that.

    If you don't earn enough to get a mortgage for the difference between current and new value, then you can't afford to move, yet.
    ' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".
    • G_M
    • By G_M 18th Jun 17, 3:39 PM
    • 40,553 Posts
    • 46,404 Thanks
    G_M
    • #4
    • 18th Jun 17, 3:39 PM
    • #4
    • 18th Jun 17, 3:39 PM
    Either apply for a mortgage on a new property elsewhere, or try renting.
    • PasturesNew
    • By PasturesNew 18th Jun 17, 3:45 PM
    • 59,628 Posts
    • 348,267 Thanks
    PasturesNew
    • #5
    • 18th Jun 17, 3:45 PM
    • #5
    • 18th Jun 17, 3:45 PM
    Could you buy a smaller one in a better area, that costs less than yours?

    To move and pay more you have to get a mortgage.
    To move and pay less you don't need a mortgage.

    So it might just be a question of reining in your wants list to just "a better area".
    • sheff6107
    • By sheff6107 18th Jun 17, 4:13 PM
    • 416 Posts
    • 278 Thanks
    sheff6107
    • #6
    • 18th Jun 17, 4:13 PM
    • #6
    • 18th Jun 17, 4:13 PM
    Why not just get a personal loan? If you just need £20k more for example, a loan would do it.
    • ReadingTim
    • By ReadingTim 19th Jun 17, 11:11 AM
    • 1,830 Posts
    • 2,669 Thanks
    ReadingTim
    • #7
    • 19th Jun 17, 11:11 AM
    • #7
    • 19th Jun 17, 11:11 AM
    You're "completely trapped" because you don't have enough money to buy a new house.....

    ...just like I'm "completely trapped" in the UK because I don't have enough money to buy a private jet or luxury superyacht.

    What advice are you seriously expecting people to be able to give you?!?
    Last edited by ReadingTim; 19-06-2017 at 11:15 AM.
    • marliepanda
    • By marliepanda 19th Jun 17, 11:32 AM
    • 4,587 Posts
    • 9,211 Thanks
    marliepanda
    • #8
    • 19th Jun 17, 11:32 AM
    • #8
    • 19th Jun 17, 11:32 AM
    Hi, my husband and I have paid off our mortgage so the house we live in is ours. I really want to move but because of the location of our current home we do not have enough in our house to buy one in a better area. Also due to over spending, lowish salaries and an years worth of unemployment last year, we dont have any savings to speak of. How do we move? I fell that although we have no mortgage we are completely trapped - can anyone offer any advice please ???
    Originally posted by CrawleyGill
    With no mortgage you can't. Not rocket science.

    Sell your house, use that money as a deposit.

    Take out whatever mortgage your salaries allow and look for properties that fit that budget.
    Survey Earnings 2017 - £163
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