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Moving house process
welshlad_82
Posts: 4 Newbie
Bought my first house in Nov 07 (highest peak time before crash/credit crunch) as a FTB for £66,500 (this is the average where I live and all I can afford for a terrace house) and I had a mortgage for £58,500.
Had it on a 2 years tracker, 0.13% above the BOE rate, first rate was 5.88 and I think it was £372 repayment, after that the rates dropped and it was capped at 2.13%. Tracker ended in Nov 10 and decided not to go for another product because I took out a product with Nationwide before April 10 I would revert to it's BSR which tracks 2% above BOE and taking out a new product say fixed, would then revert to the SVR when that ended. I did not wish to get the SVR rate or pay £999 for a new product as it's lot for a single person every 2-3 years.
My current repayment is £257 and I pay an extra £143 as overpayment to make it to £400.
Now at the moment my house is small, and I have seen another house on the market which I'm very interested in, and it's empty and I knew the previous deceased occupant very well and been in the house many times. The house is owed by a landlord (which we didn't know but found out later) and is up for sale with an estate agent for £65,000 - it's bigger and less than what I paid for mine.
Now the "fun" part which I don't clearly understand and I have a few questions:
* I know before putting my offer in, my home needs to be up for sale and have a potienal buyer, but what if this takes a while and the house I'm interested in sells in the meantime, do I keep mine up for sale and hopefully find a bigger house than mine for around that price?
* I have no interest in being a landlord, as I know a bit about the laws etc and it's more hassle than it's worth and I would need money aside in case anything happens.
What type of mortgage would I need for the new home, is it a re-mortgage?
* Would I lose my current BSR rate 2.5%? Is a depoist required?
* I suspect my current home is in negative equity, at a guess I would say £50,000 (as this appears to be the average), Would this have a major impact on the LTV mortgage required for a new home?
* Would solictor fees be more to cover buying and selling? How does an Estate Agent get paid? Any other fees?
Any other tips/advice? As I have no clue about selling a home and buying a home at the same time with a mortgage, it seem it was easier being a FTB.
Sorry for the long first post, but I thought if I covered everything it would help.
A very last resort would be sell my current home, move back in with parents and save a lot more for a deposit, but it's like taking a step backwards.
P.S. Just checked my mortgage balance online and it's £47,443 if that helps.
Had it on a 2 years tracker, 0.13% above the BOE rate, first rate was 5.88 and I think it was £372 repayment, after that the rates dropped and it was capped at 2.13%. Tracker ended in Nov 10 and decided not to go for another product because I took out a product with Nationwide before April 10 I would revert to it's BSR which tracks 2% above BOE and taking out a new product say fixed, would then revert to the SVR when that ended. I did not wish to get the SVR rate or pay £999 for a new product as it's lot for a single person every 2-3 years.
My current repayment is £257 and I pay an extra £143 as overpayment to make it to £400.
Now at the moment my house is small, and I have seen another house on the market which I'm very interested in, and it's empty and I knew the previous deceased occupant very well and been in the house many times. The house is owed by a landlord (which we didn't know but found out later) and is up for sale with an estate agent for £65,000 - it's bigger and less than what I paid for mine.
Now the "fun" part which I don't clearly understand and I have a few questions:
* I know before putting my offer in, my home needs to be up for sale and have a potienal buyer, but what if this takes a while and the house I'm interested in sells in the meantime, do I keep mine up for sale and hopefully find a bigger house than mine for around that price?
* I have no interest in being a landlord, as I know a bit about the laws etc and it's more hassle than it's worth and I would need money aside in case anything happens.
What type of mortgage would I need for the new home, is it a re-mortgage?
* Would I lose my current BSR rate 2.5%? Is a depoist required?
* I suspect my current home is in negative equity, at a guess I would say £50,000 (as this appears to be the average), Would this have a major impact on the LTV mortgage required for a new home?
* Would solictor fees be more to cover buying and selling? How does an Estate Agent get paid? Any other fees?
Any other tips/advice? As I have no clue about selling a home and buying a home at the same time with a mortgage, it seem it was easier being a FTB.
Sorry for the long first post, but I thought if I covered everything it would help.
A very last resort would be sell my current home, move back in with parents and save a lot more for a deposit, but it's like taking a step backwards.
P.S. Just checked my mortgage balance online and it's £47,443 if that helps.
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