Moving house

rharwin

I am after a little advice and some re-assurance.

We are looking at moving from Stevenage to Enfield for a number of reasons. We were going to delay the move until hosing market settled down but we do have to move now.

We have an offer of £203000 on our house with an outstanding mortgage of £173000, currently on Nationwide's BMR of 2.5%. Have spoken to Nationwide who say that we can borrow additional funds and purchase house to value of £260000.House we are looking at is on market for £279995 and is our ideal one for schools etc.

What offer would be appropriate to start on?

Additional funds would have interest rate of 7% over 2 years. Would it be wise to take this one over the 2 years.

We have 18 years left on our mortgage and don't really want to extend that.

Our monthly income is £4477 (including £361 DLA which is reviewed Sept 2011) and outgoings at the moment are £1568 including mortgage and all other direct debits.

I suppose I just want a little re-assuarance or general advice.

Any help would be most appreciated.

CloudCuckooLand

If you want get it for £260k, don't start above £250k.

7% ? Ouch. Awful deal. Shop around.

bilbo51

...and don't forget to factor in the higher stamp duty for purchases over £250K

dimbo61

You have a good interest rate on your current mortgage on the Nationwide BMR of 2.5% for the £173,000 you still owe.
Will you be able to keep the £173,000 at this rate ? I dont think so as high LTV and Nationwide will want you to have a more expensive deal for the whole £230K they have said they will lend you.
Now you also have an offer of £203000 on your current home so £30K profit before COSTS of selling and moving !
As others have said if you pay more than £250K for your next home you will also pay over £8000 in stamp duty ( do you have a spare £8000 PLUS)
If your income is £4477 each month and you spend £1568 what do you do with the other £3000 each month ? ( have you been overpaying the mortgage ?)
With a £250K property you seem to only have a 10% deposit and will then be looking at a 90% LTV mortgage which is hard to get in the current climate.
Sorry to spell it out like it is but you need to know before you sell your current house