Please help!!!60% equity;our house not yet for sale;seen house we love on market NOW!

Cashwitch

I know this is going to be a strange post...although perhaps someone else has wondered/asked the same question???Long shot but here goes....

If we wanted to buy a house quickly (for which we'd need to get a large mortgage) is there any way forward, or would we need to do the sensible thing (!) and put our house on the market, wait then sell before purchasing a house?

Cannon_Fodder

Until you sell, you don't know what you will bring to the next property.

Put it up at a very realistic price. It might go quickly.

As the current market is flat, you'd be unlucky to have a raft of competitors for the one you like.

Note your interest, say you are putting a chain together.

Check with your lender for portability. Hopefully you bore that in mind when fixing for 2 years, instead of going for a headline rate bargain that you can't even port...

Cannon_Fodder

Well, you can go on the market fairly quickly - and you don't have to offer instantly. Have you done a second viewing, even a third? Make it clear how interested you are, so they don't think you might be a time-waster when they hear you haven't sold yet.

Consider putting it on with the same agent, and tell them that instead of haggling down their % fee, you expect a very rapid turn around to make the chain hold together, but a short (or nil) "lock-in" period to focus their attention.

The agents will be getting two fees for one deal, it should get you their best efforts.


Having said all which, I sense an over-keenness, almost desperation in your tone. Please don't rush in too quickly.

I note your signature - it would be a shame to have to edit that to something less positive this time next year.

struggling-breadwinner

Hi we're in a similar situation but we positively want to downsize. Our dream smaller house (if there is one) is on the market, has been for two years since June 07 without a change in price and 4 viewings no offers (it needs a lot of work!!) we have 58% equity in a £420k house. We viewed, put a daft offer in and said if they were sensible about our offer (ie prices have dropped over 15% since they valued, our martgage valuation was a lot lower and we didn';t want to increase our gearing etc) we would price ours to sell.
They accepted our 2expression of interest" and although they haven't taken theirs off the market it gives us some idea of how much of that precious equity we can preserve.
We ahvea 3 yr fix which has 2 years to run and a £6,600 penalty (its a 1/4 million mortgage!!!) and we are cosidering using some equity to change product with the same lender. (see my post Big House Bigger problem) hope this help,s even as a comparator for a similar situation

happybroker

Have you considered letting your current home?

Releasing some of the equity in it to use as a deposit on the new home could get you to where you want to be. It's a big step however and one you should take professional advice on.

Cashwitch

Thank you so much all for your replies...very interesting to think about the rental idea although the market around here is pretty grim at the moment, lots of rental property unfortunately.Also great to hear about someone in a similar position - wish you all the best, it sounds like you're really getting somewhere which is great.After discussing it we're probably going to err on the side of what for us, is caution....Heart says yes, head says no!As we're currently trying to rid ourselves of debt in loans + overdrafts (will take until the end of the year) maybe it's a risk too far...We'll just have to avoid the estate agents + papers for a couple years longer!
More than a hint of truth in Cannon Fodder's comment

Mrs_Bumble

Good for you cashwitch!! you go girl! x