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Home Part Exchange Help Needed Please
billy2k
Posts: 3 Newbie
Hi all
Newbie poster here, I have been reading the forum for a few months & there’s loads of useful info posted by users, so hopefully I get lucky as well.
We have a 3 bedroom terrace house in the Rhonda valleys in South Wales, its being completely refurbished. We bought originally to visit my old dad but he’s know moved in with my sister miles away due to illness. Anyway we have never lived in it and have been unable to sell or rent it. I have dropped the price etc etc and no joy.
So in desperation & having run out of other ideas so we are thinking of doing a ‘Part Exchange’ with a new property in Cardiff or other town where there’s more chance of renting it out. I know we will unfortunate end up with larger mortgage but if rent nearly covers it that’s fine.
So what I needed to know does anybody know of any developers / home builders who are doing Part Exchanges with good deals i.e. arrange mortgage etc. Also has anybody had any recent experience of doing this ?
I have done a search and none I have found so far have ‘done what it says on the tin’ when you really dig into it.
Thanks a lot
Billy
Newbie poster here, I have been reading the forum for a few months & there’s loads of useful info posted by users, so hopefully I get lucky as well.
We have a 3 bedroom terrace house in the Rhonda valleys in South Wales, its being completely refurbished. We bought originally to visit my old dad but he’s know moved in with my sister miles away due to illness. Anyway we have never lived in it and have been unable to sell or rent it. I have dropped the price etc etc and no joy.
So in desperation & having run out of other ideas so we are thinking of doing a ‘Part Exchange’ with a new property in Cardiff or other town where there’s more chance of renting it out. I know we will unfortunate end up with larger mortgage but if rent nearly covers it that’s fine.
So what I needed to know does anybody know of any developers / home builders who are doing Part Exchanges with good deals i.e. arrange mortgage etc. Also has anybody had any recent experience of doing this ?
I have done a search and none I have found so far have ‘done what it says on the tin’ when you really dig into it.
Thanks a lot
Billy
0
Comments
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If you part-ex, you will end up with a more expensive property, why not auction to get rid of it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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hi
thanks for reply.
yes i know we figured it would.
auction wont cover the mortage owed unfortuantely
thanks0 -
If you intend letting it out you will need a BTL mortgage. This means at least a 15% deposit.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Stop refurbishing. Price accordingly and sell. It makes no sense to take on a bigger mortgage to rent out with no guarantee of tenants. If you stop refurbishing, you may bring the value of the house within reach of someone looking to get started, and willing to take on a refurb.After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0
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