PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Buying and selling

John_Jizzle
John_Jizzle Posts: 364 Forumite
Tenth Anniversary 100 Posts Combo Breaker
in House buying, renting & selling
Hi long time reader first time poster :j

After a bit of advice and guidance. First off I'm looking for advice on selling. My brother is buying my house. Him and his girlfriend have a combined wage of about 26k (she works part time and looks after their 2 kids). Would this be enough to buy my house (selling at 110k and they have 5% deposit)

I'll be back with more .....

thanks in advance
Jizzle

Comments

  • DannyboyMidlands
    DannyboyMidlands Posts: 1,880 Forumite
    The income multiple of 4 seems ok(ish) but with only 5% deposit they are likely to get shafted on the interest rate.
  • John_Jizzle
    John_Jizzle Posts: 364 Forumite
    Tenth Anniversary 100 Posts Combo Breaker
    yeah the interest rate is around 5-6% for 95% mortgages.

    Second question. We want to sell around December (my contract is extended then) but.... we've seen the house we want already. What should i do now? should I bid and tell them, Just bid? not do anything until Dec?
  • DannyboyMidlands
    DannyboyMidlands Posts: 1,880 Forumite
    I'd wait until December. Even if you were selling now I wouldn't take your offer seriously until you had the cash in the bank.
  • John_Jizzle
    John_Jizzle Posts: 364 Forumite
    Tenth Anniversary 100 Posts Combo Breaker
    DannyboyMidlands wrote: »
    I'd wait until December. Even if you were selling now I wouldn't take your offer seriously until you had the cash in the bank.

    Thanks - just hoping it doesnt sell in the mean time
  • DannyboyMidlands
    DannyboyMidlands Posts: 1,880 Forumite
    Squeaky bum time.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.5K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture