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Advice needed on buying house
nikci29
Posts: 4 Newbie
HI Everyone,
Just wondering if anyone had some advice.
My partner and i currently own a 2 bed terraced house, which is worth 145-150k. We owe about 106k on the mortgage.
I want to move but my partner is a bit reluctant due to interest rates etc....
I have found a house (oeio) 179,999 which would be ideal and would mean we could grow old there. What would be the best thing to do, we dont have a deposit.
We could sell current house and buy new house or ideally id like to buy new house and rent current house but using some of the value of current property as deposit for new house.
Anyone able to give me some advice on what would be best to do.
Many thanks
NIkki
Just wondering if anyone had some advice.
My partner and i currently own a 2 bed terraced house, which is worth 145-150k. We owe about 106k on the mortgage.
I want to move but my partner is a bit reluctant due to interest rates etc....
I have found a house (oeio) 179,999 which would be ideal and would mean we could grow old there. What would be the best thing to do, we dont have a deposit.
We could sell current house and buy new house or ideally id like to buy new house and rent current house but using some of the value of current property as deposit for new house.
Anyone able to give me some advice on what would be best to do.
Many thanks
NIkki
0
Comments
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Hmmmm looks like you need to have a serious chat with your husband about moving. If you're looking at property and haven't even got your property on the market, you're a long way off moving forward.
Suggest you sit down and establish some common ground. I was reluctant to move at first, the missus was all for it, but when I saw a place I liked it was all systems go. Have you shown him the house?
If you sold for full asking price of £150k meaning that with a mortgage of £106k you have £44k of equity, which can be used for deposit, paying for fees for sale / purchase (solicitor, EA, stamp duty etc), paying for any early redemption fees on the mortgage and putting a bit aside to do some enhancements to the place you may buy. So, say you take out £10k from the equity to cover fees etc etc, this leaves you with £34k deposit (just under 20%, which is reasonable. But you have to sell first...! If you rent your current place then this will mean a full mortgage (unless you have savings for a deposit), plus all the hassle that goes with renting. Why not put it on the market see what interest you get and if no joy look to rent it. However, you both need to be fully behind the move before you proceed or it'll all end in tears and your husband will dig his heels and dismiss everything you put in front of him. Best of luck.0
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