part exchange on new-build

elrick

2 bed semi apparently is worth too much to exchange for 4 bed detached:eek: as they want 30% differential in the prices. It means upping to a house that's bigger/more expensive than we wanted and therefore having to increase mortgage payments beyond what's affordable. But with a baby on the way we need away from noisy neighbours through the wall AND an extra bedroom.

Any suggestions???

lowtidesurf

Exchanging your house will never get the maximum value out of it. Why cant you just sell it and use the money as a deposit to a new mortgage.

I am assuming it is for a new build development and you are using your old home as a deposit,

purplebuzz

sell your house first, then use the money as a deposit for the new build that you want to buy, if that's the one you want.

DVardysShadow

Can you provide some figures, so we can see what the gap is that has to be bridged?

Rockporkchop

Agree with the other posters.

Otherwise you could stay where you are and get your own back on the noisy neighbours when your new baby arrives!

How far away from the 30% differential are you? If it is only a matter of a few thousand then you could accept a lower price for your own house to make up the difference, rather than going for a more expensive house. Only worth it if you are really desperate to move, got a great deal on the new house, really in love with the new house and don't mind losing a bit of money to move before the baby arrives.