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Looking to Move - Advice needed
Tony_1969
Posts: 4 Newbie
Hi,
I am looking at relocating from North Yorks to Lincs due to work. I initially looked at Miller Homes for a Part Ex on my present home. The 3rd party they use to complete the Part Ex turned me down as no homes like mine have sold in the last 6 months so they have nothing to compare it against!! Even Miller Homes found this hard to believe. The bottom line is:
1. My present home is valued at approx £155k. Miller Homes are now marketing it for £145k and they will give me an additional £5k if it sells in 6 - 8 weeks (4 weeks already passed with 3 viewings).
2. The outstanding mortgage on my home is £154k.
3. I have £40k to clear the difference on my current mortgage and deposit on a new home.
4. To rent my current home would leave me about £200 a month short, rent £500, mortgage £700.
I have looked at other houses. One I did consider required the new home to be valued at 30% greater than my current home. Not really an option. I am considering porting my mortgage should my home sell, but this is only because I have no idea really about mortgages or options. Any advice will be greatly received.
I am looking at relocating from North Yorks to Lincs due to work. I initially looked at Miller Homes for a Part Ex on my present home. The 3rd party they use to complete the Part Ex turned me down as no homes like mine have sold in the last 6 months so they have nothing to compare it against!! Even Miller Homes found this hard to believe. The bottom line is:
1. My present home is valued at approx £155k. Miller Homes are now marketing it for £145k and they will give me an additional £5k if it sells in 6 - 8 weeks (4 weeks already passed with 3 viewings).
2. The outstanding mortgage on my home is £154k.
3. I have £40k to clear the difference on my current mortgage and deposit on a new home.
4. To rent my current home would leave me about £200 a month short, rent £500, mortgage £700.
I have looked at other houses. One I did consider required the new home to be valued at 30% greater than my current home. Not really an option. I am considering porting my mortgage should my home sell, but this is only because I have no idea really about mortgages or options. Any advice will be greatly received.
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