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Relocating with work
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LoopyPrune
Posts: 205 Forumite
Im going to be relocating to North East Derbyshire with work at the start of the year as our plant in the North East is closing.
The house Im in was a council house bought by us just over 5yrs ago. We currently owe around £32,000 on it, it was valued at £50,000 when we bought it (had a £16,000 discount applied). My current provider is Preferred Mortgages who are no longer in the business and wont let us port over to the next house.
Do I just sell up and pay back Preferred and take what ever is left down to Derbyshire and start again or do I change mortgages now to say Halifax and get something I can port over comes next year?
The house Im in was a council house bought by us just over 5yrs ago. We currently owe around £32,000 on it, it was valued at £50,000 when we bought it (had a £16,000 discount applied). My current provider is Preferred Mortgages who are no longer in the business and wont let us port over to the next house.
Do I just sell up and pay back Preferred and take what ever is left down to Derbyshire and start again or do I change mortgages now to say Halifax and get something I can port over comes next year?
Credit card and overdraft at 18. 2 loans and 3 storecards at 20. University education flushed down the toilet through debt at 22. Car finance at 23. Car repossessed at 24. Rock bottom at 25. Learnt my lesson 26-33. Now 34 with a mortgage on an affordable house, a car paid for with cash and a bank account in credit. I learnt the hard way.
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I would wait.
No real benefit in doing it now, what if you need a gap between sale and purchase say, it can be more difficult to port.0 -
Yer I would prefer just to sell and repay Preferred. Its my OH that is worried we maybe caught out by changing market conditions and unable to buy or we get refused another mortagage or whatever. I think she is just panicking.Credit card and overdraft at 18. 2 loans and 3 storecards at 20. University education flushed down the toilet through debt at 22. Car finance at 23. Car repossessed at 24. Rock bottom at 25. Learnt my lesson 26-33. Now 34 with a mortgage on an affordable house, a car paid for with cash and a bank account in credit. I learnt the hard way.0
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Do you have to pay any of the discount back to the council, I cant remember if there is a time of 6 years before it can be sold without
having to pay some back.
If so, could you rent the house out till that time comes and rent where you are going for the same amount of time.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Might be worth renting in new area first to get an idea of the community etc?0
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No discount to pay back to the council as the charge is removed on the anniversary of the 5th year. But Im sure I have read that I may have to give the council first refusal to buy it back again.
Tbh I would rather we rented for anything upto a year just to see how everything pans out.Credit card and overdraft at 18. 2 loans and 3 storecards at 20. University education flushed down the toilet through debt at 22. Car finance at 23. Car repossessed at 24. Rock bottom at 25. Learnt my lesson 26-33. Now 34 with a mortgage on an affordable house, a car paid for with cash and a bank account in credit. I learnt the hard way.0
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