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House no offers in one month. Options to get house we love with 25% deposit
petehere
Posts: 6 Forumite
We have had our house onthe market for just over a month with about 8 viewings and one 2nd viewing. No offers though.
We have an offer on a house we want to buy that runs out today. The sellers will put their house on the market again soon...
We have enough savings to pay off our mortgage and put down just over 25% deposit on new mortgage to buy the other house (or draw back our over payments and take advantage of current house mortgage that is on the old Nationwide SVR i.e. 2.5%ish).
Is it an option to get a 2 year variable rate no fee overpayment mortgage to reduce the mortgage when our house sells? Will we get hit with lots of tax selling effectively our 2nd house as at that point we would own two houses (I am married)?
We really like the other house and have dropped our selling price there are just no buyers at the moment.
Any ideas????
We have an offer on a house we want to buy that runs out today. The sellers will put their house on the market again soon...
We have enough savings to pay off our mortgage and put down just over 25% deposit on new mortgage to buy the other house (or draw back our over payments and take advantage of current house mortgage that is on the old Nationwide SVR i.e. 2.5%ish).
Is it an option to get a 2 year variable rate no fee overpayment mortgage to reduce the mortgage when our house sells? Will we get hit with lots of tax selling effectively our 2nd house as at that point we would own two houses (I am married)?
We really like the other house and have dropped our selling price there are just no buyers at the moment.
Any ideas????
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Comments
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There are buyers if a property is priced realistically - you have lost eight in a month. What feedback are you getting from the estate agent? Are you willing to post your Rightmove link? Have you researched land registry sold prices for your street?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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The estate agent has advised us not to drop price further as we are competative.
He has said that sales have just gone flat.
We are not doing anything right apparently.
Our kitchen needs doing up however we have dropped 8k below very similar properties.
Thinking of getting mortgage for other house. Either pull back existing house overpayments or clear current mortgage.
Looks like upto 3 years we can avoid capital gains tax so maybe an option to just move to new house by getting a mortgage that allows overpayments (I.e. Over 100k when our house sells)...0 -
There are buyers if a property is priced realistically - you have lost eight in a month. What feedback are you getting from the estate agent? Are you willing to post your Rightmove link? Have you researched land registry sold prices for your street?
I agree there are lot of us buyers out there with deposits. However we are not going to waste these hard earned deposit especially as their is a downward preasure on prices.
Price is everything, in this market you have to drop the price to tempt us:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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I agree there are lot of us buyers out there with deposits. However we are not going to waste these hard earned deposit especially as their is a downward preasure on prices.
Price is everything, in this market you have to drop the price to tempt us
Downward pressure on prices? Last time I checked, prices have been rising since early 2009, and in many areas at a double digit rate. With rates set to remain ultra-low and many mortgages below inflation, I fail to see where this downward pressure will come from.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Turnbull2000 wrote: »Downward pressure on prices? Last time I checked, prices have been rising since early 2009, and in many areas at a double digit rate. With rates set to remain ultra-low and many mortgages below inflation, I fail to see where this downward pressure will come from.
REALLY depends on the area, the sector of the market and the actual house itself....
For example in this area, large family houses with good size gardens are selling at about 10% higher than the same houses in Feb/Mar this year AND they are selling before the details get printed or are even put onto rightmove....
However 4 bedroom townhouses (identical to what I sold last year) are coming onto the market at the same prices as 14/15 months ago and are not selling quickly at all (ie on the market for 3+ months): suggests that they are over priced (wonder if they are receiving any offers...).
I think that it really depends on supply and demand in your sector of the Market in your area: the right property will fly off the shelves, the wrong one (at the wrong price) will be on the shelves for ages...0 -
I can understand that you cannot see the reasons. They include:Turnbull2000 wrote: »Downward pressure on prices? Last time I checked, prices have been rising since early 2009, and in many areas at a double digit rate. With rates set to remain ultra-low and many mortgages below inflation, I fail to see where this downward pressure will come from.- Removal of requirement for HIPs
- change to capital gains tax putting more houses on the market
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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