Moving house questions

MKwife

I hope someone will be able to help me...

We bought our first house 2 years ago for £150,000. We had £55,000 deposit and took out mortgage for £95,000. If we sold our house for only £140,000 and bought another house at the same price - how would that work?? Would we keep the mortgage the same and lose £10,000 we put down or reduce the mortgage but at what cost?? Totally confused as to how it all works!

Also roughly how much does it cost to move??

I really appreciate any feedback anyone has to offer - thank you.

poppysarah

You'd have two sets of legal fees to pay out of your £45k and any mortgage fees associated with either rmoving mortgage or getting a new one.

Why are you moving?

MKwife

Hi Poppysarah

We are expecting a baby and want to move to area with better schools....

Does that mean we lose £10,000 and we can pay legal fees out of rest of our money we put into house?

poppysarah

Unless you can sell the house for more than you paid for it, or the same amount you're going to lose money.

(Take away the little tiny bit you'll have paid off in two years)

You can probably get some figures from your mortgage company - as to whether they'll port your mortgage to a new property.

Will your income still support a big mortgage if one earner is going to be on maternity leave and maybe not want to go back to work?

MKwife

OK thanks thats what I thought. We have had some work done to it since we bought it so I am hoping we will get at least what we paid for it. Ideally we want to find a house that will cost the same price as what we sell our house for. We were considering moving in about 3 years but I am really worried the house prices will drop much lower than they are now by then and we will lose a lot more money....