We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
How does it work? want to buy 2nd house
clairesolo
Posts: 88 Forumite
Now that we have a little one on the way we need to sell our house and buy one that's more child friendly. We bought our first house in May las year for £86K with us putting a £22K deposit down, the house we're looking to go for is £80K.
I have no idea of the logistics of the situation, I've tried googling and it's all geared up for first time buyers getting their first mortgage etc but I need to know how it works when you want to both sell and buy a new place, particularly how it works when the next house you want is less and also when you've previously paid a big deposit both houses are in the same area so i also gues i could get the same solicitor to the conveyencing for both ways? I really dont have a clue how this all ties up so any advice would be greatly appreciated.
I have no idea of the logistics of the situation, I've tried googling and it's all geared up for first time buyers getting their first mortgage etc but I need to know how it works when you want to both sell and buy a new place, particularly how it works when the next house you want is less and also when you've previously paid a big deposit both houses are in the same area so i also gues i could get the same solicitor to the conveyencing for both ways? I really dont have a clue how this all ties up so any advice would be greatly appreciated.
0
Comments
-
Not sure what you want to know.
You'll get some cash back unless you decide to reduce the size of your mortgageparticularly how it works when the next house you want is less
You find a new house to buy. You find a buyer for your house. You wait for your buyer and seller (and their buyers and sellers) to be ready. Then you sell your house and buy the new one.no idea of the logistics of the situation
same area, different area - why use 2 solicitors and increase the cost and communication problems?in the same area so i also gues i could get the same solicitor to the conveyencing for both
you'll need to either transfer your mortgage to the new house, or pay it off and get a new one. Depends what product you have, what tie-ins there are, and whether there are better deals around. Speak to your lender and then an IFA.getting their first mortgage0 -
Thanks for that, in hindsight it would've been easier for us to wait and buy the other house as first time buyers but we thought we'd buy whilst prices were fairly reasonable, it seems really complicated when you have to sell then buy somewhere not to mention its probably more expensive but thats the way it goes i guess.0
-
And double check your mortgage terms - early redemption, fees, portability, etc!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards