Advice for clueless seller desperate to move and no deposit

elliewild

i bought my house in the boom getting a small terrace cheap at 79,000 with 100% mortgage. i borrowed 83,000 to pay off debts etc and so even though ive been paying it off i currently owe 81,000. when i bought my house i earnt 9,000p/a and my husband earnt 12,500p/a. now my wages are at 24,500 and yet were struggling to buy!

the house was valued at 80,000 and so i'll have negetive equity. i havent sold a house before and am completely clueless as to the process. because of my situation the advisor at Allitt said i'd need at least 6,500 as a 5% deposit. but i owe 4,000 now so will have to save up 10,000 as a deposit which will take forever.

i'm absolutely desperate to move as i want a family home where i can start to have a family, live in a nice area without the problems my current house has. plus my renting neighbours next door are terrible, they are vile and i had to call the police out to sort out their wild party last night. its just getting on top of me and i just want to get away.

i was considering getting a loan for the deposit but i dont really think thats a good idea. buy to let option would probably cause more trouble as i want to move areas completely. the thought of staying in this house for another year would kill me.

since having the valuation, she hasn't said anything about advertising my property for sale (as we don't have a deposit) and i don't know what i can do.

any suggestions? does anyone know if 100% mortgages will be coming back? or whos doing 95% mortgages? or any information about personal loans being used as deposits would be helpful.

Thanks

elliewild

there's actually a house down the road for sale (end terrace) for 55,000 (its a repo) and i suggested maybe i could sell my house and move in there for awhile instead. after all i would lower my mortgage and it seems in better nick than mine as it has central heating.

thats another option.

Accountant_Kerry

you will need at least a 10% deposit at the moment, there are a few 95% mortgages but the are mostly for first time buyers only. Personl loans are not accepted as deposits now, you will need to save, speak to a mortgage broker they will give you a clearer picture. sorry but these are the facts.

BitterAndTwisted

No personal loans for deposits.

You'd be lucky to find a 90% mortgage these days, never mind a 95% in the current climate.

You need to cut your expenses down to the bone, overpay the current mortgage and get saving, saving, saving.

RAS

head over to the DFW forum and put up an SOA. You would be amazed at how much those guys can help you find to pay off debts (or sort a deposit).

PasturesNew

You afforded it when you earnt £9k, now you earn £24k. Even if you ONLY saved the difference between the two that'd be your £10k in just one year.

poppysarah

elliewild wrote: »

i'm absolutely desperate to move as i want a family home where i can start to have a family, live in a nice area without the problems my current house has. plus my renting neighbours next door are terrible, they are vile and i had to call the police out to sort out their wild party last night. its just getting on top of me and i just want to get away.

You're not in a position to sell or move.

Stay put. Solve the neighbour nusiance problem (Lots of advice in other threads about that)

You've complained about your neighbours so you probably technically have a neighbour dispute.

They rent. They'll move sooner or later.

Save. You need to sort your debts out. (More debts in your sig when yuo said you borrowed more on the house to pay off debt = warning sign that you can not manage)

If you sell at a loss you'd have to get a loan to cover the difference.

BitterAndTwisted

OP took out a mortgage for more than the property was worth at the time and is still in £7k-worth of debt. They ain't going anywhere soon.

elliewild

RAS wrote: »

head over to the DFW forum and put up an SOA. You would be amazed at how much those guys can help you find to pay off debts (or sort a deposit).

i have already put up a SOA but noone has responded to it, that was a few months ago.

elliewild

the thing is i really want to move away from blackpool, my street is full of renters and they are horrid, they have no respect for people or property and i cant stand living where i am right now.

but i guess youre right i should stay put, its just trying to get my head around staying here in this hell hole.

i have made a payment plan to pay off my 4,000 debt by the end of the year, whether i'll be able to get a deposit is another thing altogether. i dont spend much, mainly petrol for getting to work, bills and direct debits etc.

elliewild

Another thing is im worried about house prices dropping further this year.

and i know that everyone else is struggling to sell their property too, with many houses being on the market for quite a while. so in a way i think that even if i did have my deposit, i probably wouldn't be able to move as quickly as i'd like.