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Selling Advice
stinkybeard
Posts: 35 Forumite
Hi There,
We would like to sell our property and as it is our first we are a little green and also have some awkward circumstances so would appreciate if anyone can offer any advice (we appreciate that any advice offered comes with a disclaimer and will of course seek to look into matters ourselves should the need arise).
I am self employed and and we purchased the property when self certs were ok we have not experienced any issues as we have been careful and I have had a steady stream of work. The house is in my name, although my wife who is in fulltime employment contributes 50% of the mortgage every month.
We are awaiting valuations and have > 20% equity on the purchase price as of 6 yrs ago. Obviously the current value etc and market will either enhance or degrade that - we will see!
I am worried that when we find a new property, I won't get a self cert again due to all the chaos with the economy. Does this mean that I will need to transfer the property into my wife's name and take the mortgage in her name?
If so, is this costly?
Also we are not wanting to rush finding our next property and would consider renting if we are lucky enough to sell our house - would this mean early repayment charges and a totally fresh mortgage application?
Sorry for all the questions, I wanted to check before speaking to mortgage provider etc... although I guess some of these things will be for them to answer.
Thank you
We would like to sell our property and as it is our first we are a little green and also have some awkward circumstances so would appreciate if anyone can offer any advice (we appreciate that any advice offered comes with a disclaimer and will of course seek to look into matters ourselves should the need arise).
I am self employed and and we purchased the property when self certs were ok we have not experienced any issues as we have been careful and I have had a steady stream of work. The house is in my name, although my wife who is in fulltime employment contributes 50% of the mortgage every month.
We are awaiting valuations and have > 20% equity on the purchase price as of 6 yrs ago. Obviously the current value etc and market will either enhance or degrade that - we will see!
I am worried that when we find a new property, I won't get a self cert again due to all the chaos with the economy. Does this mean that I will need to transfer the property into my wife's name and take the mortgage in her name?
If so, is this costly?
Also we are not wanting to rush finding our next property and would consider renting if we are lucky enough to sell our house - would this mean early repayment charges and a totally fresh mortgage application?
Sorry for all the questions, I wanted to check before speaking to mortgage provider etc... although I guess some of these things will be for them to answer.
Thank you
0
Comments
-
Have you got accounts for the last 6 years plus to show you much you earn?
if you self certed by making it up then you're probably doomed.0 -
No, nothing was made up. The figures were correct at the time.
Why would I be doomed?0
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