Help please :-(

ukp3t3

I have a mortgage and want to move closer to my sons school.
My current house has no central heating and needs a little investement.

my first question is. as im a newbie to this.

1. When I want a new home. Do I put my house up for sale first before finding a new home.

2. Is it worth gettting central heating first. I really cant afford and need a quick move.

I bought the house for £45k about 7 years ago, and guessing its worth 75k now. If I put central heating in might get 80k.

Any help on this would be appreciated.

Regards

Pete

beecher

You need to sell yours before you can look for another place as only then will you know how much deposit you have, and only then will you have freed up the equity to use as a deposit.

First, find out from your lender if there are any Early Repayment Charges and if you can port your mortgage across to a new property.

Have a look at nethouseprices or ourproperty to get an idea of what the value of your house really is - alternatively phone up your lender of put your details in here

http://www.nationwide.co.uk/hpi/

If you're going to be applying for a mortgage with a new lender get a hold of your credit file, work out what your Loan to Value will be and either research deals yourself or go to see a broker.

As for the central heating, if it is only going to make 5k of a difference I wouldn't bother. It may cut down the number of potential buyers though.

natman

Hi, What I probably would do in your shoes would be to get three estate agents round and give you some advice.
i.e what the markets doing andhow much your house may be worth, they will probably give advice what may need upgrading / looking at prior to sale.

To be honest I would probably put it up for sale first and try and get a seller but keep aware of the area you want to live in, i suppose what i am trying to say, try to do it at the same time, get some advice from the estate agents.

I suppose theres nothing worse than finding a house you like, but your house is still on the market with no sign of selling.

In regards to the heating system, all I can say is personal, I wouldnt put in a system if i was going to move out, perhaps ask the estate agent, but with 000s of ponds coming off houses, £5000 is a lot to put into your house, with the risk that someone may reduce the price anyway.

Good luck, keep us posted!

ukp3t3

Many thanks for you quick responses.

Its a great help.

message for Bleeacher.

If you're going to be applying for a mortgage with a new lender get a hold of your credit file, work out what your Loan to Value will be and either research deals yourself or go to see a broker.

How do I go about this.?

beecher

ukp3t3 wrote: »

If you're going to be applying for a mortgage with a new lender get a hold of your credit file, work out what your Loan to Value will be and either research deals yourself or go to see a broker.

How do I go about this.?

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Read this for information on credit scores.

You can work out your loan to value yourself by working out how much mortgage you'll need as a percentage of your house value.

Ask family/friends for help on finding a broker.

ukp3t3

Many thanks.

Mrs_Bumble

www.zoopla.co.uk is another good site for house value.