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buying a new home....help please
mrskpickles
Posts: 50 Forumite
Hi there
i have a 100% mortgage, for 96,500%. Bought the house 2 years ago in July, and want to move. The house according to the agent should be worth at least what we paid for it, they are coming to formerly value it next week.
Barratt are selling a home I want to but for £163k, and say that if I can sell mine and clear the mortgage they will knock 20k off and pay 5% deposit???
I have never sold a house before this is my first house that I am living in.
Should I hassle Barratt for an even better deal, are lenders giving out 95% mortgages and how much money should I put buy for buying selling costs??
What about a HIP, my house is a two bed terrace??
Thank you
Kirstie
i have a 100% mortgage, for 96,500%. Bought the house 2 years ago in July, and want to move. The house according to the agent should be worth at least what we paid for it, they are coming to formerly value it next week.
Barratt are selling a home I want to but for £163k, and say that if I can sell mine and clear the mortgage they will knock 20k off and pay 5% deposit???
I have never sold a house before this is my first house that I am living in.
Should I hassle Barratt for an even better deal, are lenders giving out 95% mortgages and how much money should I put buy for buying selling costs??
What about a HIP, my house is a two bed terrace??
Thank you
Kirstie
0
Comments
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i am not an expert but 95% mortgages are practically if not totally non-existent at the moment, as far as i am aware. also there are issues with 'vendor gifted' deposits which is what barratts are proposing.
i think you will also have problems as i assume that as you are buying from a developer the property is a new build. lenders are unwilling to lend as much on new builds because they are generally overpriced and more likely to lose value quickly. many lenders will only lend 75% LTV on new builds.
speak to an IFA would be your best bet. good luck.plus ça change........0 -
Why are you wanting to move already? Houses aren't a short term thing!!!
Have you looked on www.houseprices.co.uk to see what properties in your postcode have been selling for recently, and how many properties have sold?
Was your 100% mortgage a repayment one?
Could you not partexchange your property for this new one?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
So you have no deposit?0
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mrskpickles wrote: »i have a 100% mortgage, for 96,500%. Bought the house 2 years ago in July, and want to move. The house according to the agent should be worth at least what we paid for it, they are coming to formerly value it next week.
I think your agent is lying. If you bought at 100% at the peak in July 2007, you are almost certainly deep in negative equity, unless you have made significant improvements to the house.poppy100
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