Do we have any options?

claire16c

DAVESDON wrote: »

I spoke to the neighbours down the road who are also selling theirs... they are moving into rented in Scotland (we're in west mids) so have put it up for 100k as a 'quick sale' on the advice of their EA, so they say. Theirs is almost same size as mine, but not in as good condition and with smaller garden.

In theory, I need to sell to cover 88k mortgage, 3k redemption and I guess about 5k moving/selling fees, which means minimum 96k.... but then I'd have no deposit for a new house?

I feel like everyone is being a bit rude to me... we bought the house in a rush to avoid being homeless (nowhere suitable to rent within an hour's commute of hubby's work and the specialist hospital where I was receiving ante-natal care due to history of m/c) and we'd never bought before, our mortgage broker was obviously duping us into a higher rate but we didn't know any better!

I honestly thought doing up the house and garden would add value seeing as we bought it cheaply...

if I put it up for 100k and sell it at that price, is it going to be possible to buy again with no deposit? I could scrape maybe 5k if I had to but thats about all

The problem seems to be you bought the first house with no deposit, and now you are trying to move again - with no deposit saved.

Why havent you ever tried to save for a deposit? Its a normal part of buying a house. And on a second point - WHY would you want to buy without a deposit - even if you could - because youll get worse rates etc?

Surely there must be 1 property in the entire area that you could rent if you were to sell?

myhouse_2

I'm looking at houses now - always check the sold price and then compare to the asking price - most people seem to assume that they automatically deserve a nice 10% increase per year on their house. The few I go to view, I make sure I ask the vendor what they have done to the house while owning it. Nice carpets might make the house more appealing, but doesn't add hugely to the price - I didn't get to choose them and wouldn't pay huge amounts for 2nd hand carpets.
I think the OP's house falls into the category of a house I wouldn't even bother viewing due to price.

axisofunity

Feel sorry for the OP. But clearly based on the fact they have no savings after two years the mortgage lender was right to price in high interest rates to compensate for the risk of default.

OP, you've ot yourself in this position by assuming prices will always rise and that mortgages will stay available at a cheap rate with low deposit. This is not the case if you don't have security. My deposit after significant saving was 15percent and now I will pay down 30 percent on my new purchase. This gets cheaper rates and so on.

Some people here have good advice. Adapt your house to your needs an live there. You won't get the price you want based on your current strategy.

Good luck but I think you need a mindset change as you appear very stubborn.

Emmzi

Perosnally I'd spend the £5k you can scrape together making adaptations to the house to make it more suitable for you. Remove the bath and have a walk in shower. Ramp up hand rails. etc. I do not think you are going to get what you want.

Or, rent it out, and move into more suitable rented, and ride it out until prices rise again, in the knowledge that may be many years.