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Advice needed re: moving house
eddiemacthedog
Posts: 97 Forumite
Hi All,
Looking for advice, looking to maybe move to a house in the country 200k approx, my current house is worth 185k.
my mortgage is 74k ish.
My questions are do i need a deposit for moving into the new house as i im still in my first house and have never moved before and what sort of money should i have behind me in contemplating this (have about 10k just now) and that would be to cover most things hence the question regarding the deposit. Maybe need a few more quid behind me before i consider this but thats what i hope the forum with help with
Looking for advice, looking to maybe move to a house in the country 200k approx, my current house is worth 185k.
my mortgage is 74k ish.
My questions are do i need a deposit for moving into the new house as i im still in my first house and have never moved before and what sort of money should i have behind me in contemplating this (have about 10k just now) and that would be to cover most things hence the question regarding the deposit. Maybe need a few more quid behind me before i consider this but thats what i hope the forum with help with
0
Comments
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Hi,
Are you planning on selling your first home in order to buy the second?
If this is the case you would generally coincide the sale and purchase of the two properties. Your deposit would then be your sale price minus your outstanding mortgage. Your £10k would hopefully go to cover your moving costs such as estate agents, stamp duty etc.
Hope that answers your question0 -
yes, sell the first to buy the second. thanks for that.0
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This might be obvious, but...
You will need to speak to your lender about making up the £15k difference. This can be via "porting with a top up", or "complete remortgage", depending on how good your current deal is, lender's terms and conditions etc.
It will also depend on when your mortgage product was taken out whether there may be more stringent credit checks than previously, or if any change has occured to your income etc, as to whether you will get approved for the total amount required.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
currently an ing flexible mortgage.0
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moving house is my dream house:beer:0
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