Looking at moving but mortgage just breaking even

rancidflea

I bought a one bed apartment april 2008, just before all the prices crashed. I paid £109,000 for the property and took a mortgage for £104,000 with a 5k deposit given to me by george wimpey, which was the first time buyer offer at the time.

I am looking to maybe upsize now but my property is approximately valued at £105,000 so i am struggling to find anyone who will give me a mortgage without raising a deposit first. as I am getting married next year its difficult to raise the funds for both at the same time.

Any advice/suggestions?

Thrugelmir

Make a decision wedding or moving house. Only you and your partner can decide.

We sometimes want everything but its not always possible.

beecher2

I'd be surprised if your property was worth as much as you think - could well be in negative equity. You've no option but to overpay/save - go onto the debt free wannabee forums for help in cutting back on expenditure and/or increasing income.

geoffky

I think your sale price might be a lot less than 109k...selling prices are on average 13% less than asking prices according to home.co.uk

Henry_P_Chester

Unfortunatly long gone are the days when you could get married then move straight in to a nice little family home.

Weddings are expensive and houses even more so! I think you need to decide which is your priority, marrige or a bigger house, then concentrate on saving

Dabooka

What's your parnters current arrangements? Do they have a property to sell? If they were renting and now you're living together, can they're rent be used to overpay the mortgage or save for a deposit?

The advice on here already is bang on the button for my money, it's a tough choice but you'll just have to decide on the priority.

_Andy_

Bottom line is you won't get a mortgage anywhere with no deposit.

dimbo61

So in april 2008 you bought a flat with no deposit and two years later it may or may not be worth about what you paid for it.
Whats wrong with the flat ? Why not move your Other Half in and then build up savings and overpay the mortgage until you have saved a deposit and have some equity in the property.
Other than 25% extra council tax and a few pounds extra gas/electric you should have lots of spare money to save for a wedding and save for a bigger place.

dunstonh

I bought a one bed apartment april 2008

Apartments lose more money in a house price recession than a house. You may not even get £100k on the value based on your purchase price in 2008. However, without a deposit you wont get a mortgage and until you can buy out your negative equity, you are stuck. Sorry

hobbit84

Hi, I really feel for you. It's a really horrible time at the moment isn't it. We are in the same position (top floor flat with baby, same arrangement with a new build as you). It really is a hard pill to swallow but unfortunately the previous posters are right. I just want to try and offer something helpful!....can you budget in a way of overpaying your mortgage? It's what we're doing to try and get some equity in the property. It's tough but I've looked at so many options and goodold fashioned overpaying and savings seem to be the only option. Good luck with it.

property.advert

You do not need to get married and can easily do so for a few hundred pounds if you so wish. You do need a roof over your heads.

So if you need to be married just do it on the mega cheap. If you want to show off and have a party etc. change your priorities.