Need advice.. i am in my first house but want to sell and buy elsewhere

jamminjamaica

Hi there

i need advice on how you go about selling and buying another house. I know this is probably not difficult but I havent got a clue.

My husband and I are in our first house. we have been here for 2.5 years. we have a fixed rate for 3 years with abbey at a rate of 5.34% fixed.

we would like to sell and move to a bigger house. what is the steps i should be going through?

ie do we get house valued
put it on the market
what do we do about our existing mortgage?
what type of mortgage do we go for?
who do we need to talk to?

you see i really am clueless.

i would be grateful for any advice. also how much realistically could we get in our next mortgage? my husband and i have a combined salary of around £ 34k we bought our house for £53000. totally owing around £48000 similiar houses in neighbourhood selling for £80000

cattie

It's best to get at least 3 estate agents in to value the house, then go for the middle valuation.

Regarding your present mortgage, you need to check out if there are any early redemption penalties to pay beyond the 3yr fixed period. It will be more beneficial to you to sell once you are not tied in to any penalty.

If you are happy with your existing lender then ask them if they have any good mortgage deals to offer you when you come to sell your house. But to get an idea of what mortgages are out there & to find out what may be most suited to you, go to see a whole of market mortgage broker.

You'll no doubt be getting some very good advice to your post from some of the very well informed mortgage experts that hang out on this board.

jamminjamaica

i would like to try and get a mortgage rate a bit better that what i am getting at present.