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moving house- do i need a deposit
baron777red
Posts: 426 Forumite
hi
we are thinking of moving house, and getting something bigger, and to be near a good school for our daughter, my question is we are currently in a 2 bed end terrace which was bought for 100k in aug 05, we are on a tracker mortgage,
if we move and stay with our current lender do we need to find a 5 or 10% deposit for the new house.
i calculate that with house prices at the moment we might make about 5k profit on selling, but if we need a deposit we will need about £12k (10%) or 6K (5%).
and there is the other problem of trying to get our lender to lend us another 20-25k on top of what they have already lent us.
any advice would be really appreciated
baron
we are thinking of moving house, and getting something bigger, and to be near a good school for our daughter, my question is we are currently in a 2 bed end terrace which was bought for 100k in aug 05, we are on a tracker mortgage,
if we move and stay with our current lender do we need to find a 5 or 10% deposit for the new house.
i calculate that with house prices at the moment we might make about 5k profit on selling, but if we need a deposit we will need about £12k (10%) or 6K (5%).
and there is the other problem of trying to get our lender to lend us another 20-25k on top of what they have already lent us.
any advice would be really appreciated
baron
its only a bargain, if you need it or will use it.
:beer:
:beer:
0
Comments
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Have you paid off any of your mortgage? if so how much, or just been on intrest only?0
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Unless you got a very good deal back in '05, I would be very surprised if you'd be 'up' on that amount now, much more likely you will be down on that figure. The key here is what is you're current mortgage and with lending criteria being severely restricted a tip top credit rating is also req.0
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we took out the mortgage for about 96.5k, (after paying a 5% deposit, and haveing some fees put on top) and i think we currently owe about 95k, after taking some payment breaks.
ive looked on zoopla and moseprice and the house is currently valued at over £100k, but i know that getting that for it is a different kettle of fish in todays market.its only a bargain, if you need it or will use it.
:beer:0
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