Advice required please - moving to lower/same value house

1978

Hello,

My wife and I are looking to move house.
We currently have a mortgage for less than £120k on a property we paid £150k for.
We have recently seen a property that we are interested in which is now on the market for OIRO £145k, reduced from £150k for a quicker sale.

Our house is not on the market as we're doing a few bits and bobs, although we will be in a position to get it valued and marketed next week. There are currently 3 houses on the market on our street all at the same price of £149,950.
We are wanting a quick sale, based on having an offer accepted on the £145k property. What are the dangers of putting our property up for sale at less than the other 3 (identical build) houses? I'm worried that if we even put ours on at say £147,950 folks will be wondering what is wrong with it.....?

I am going to enquire later today about porting our mortgage to any new property of the same or less value.... does anyone have any experience of this with A+L (our 'products' are with them, can we keep the same ones even though they are now Santander)?

We also have some debts to consider in the region of £15k which we didn't have when we moved into our current property. Will these prevent us from moving?

Thanks in advance.

Thrugelmir

Why do you expect an offer of £145k when 3 other houses are advertised at only £5k more. (Comment made on the basis that properties are comparable). Buyers market. So any vendor may take a lower offer to sell depending on their own personal circumstances.

If you have £15k of other debt. How are you going to fund the move?

Porting may be declined on basis of high LTV. Along with the issue of other debt. Underwriting criteria has changed significantly in past 18 months.

1978

Thrugelmir wrote: »

Why do you expect an offer of £145k when 3 other houses are advertised at only £5k more. (Comment made on the basis that properties are comparable). Buyers market. So any vendor may take a lower offer to sell depending on their own personal circumstances.

Wishful thinking on my behalf I guess... We were planning on putting the property up for sale by the end of this month regardless (at the same price as the others), but the recent reduction on the property we're loking at buying has me in two minds as to what to put ours up at.

Thrugelmir wrote: »

If you have £15k of other debt. How are you going to fund the move?

From a personal loan I still have enough remaining to fund the move (I realise that I should use this to chip away at the debt rather than just having it sitting in my account).

Thrugelmir wrote: »

Porting may be declined on basis of high LTV. Along with the issue of other debt. Underwriting criteria has changed significantly in past 18 months.

Thanks, I think part of the mortgage can't be ported anyway as it's on the SVR. We'd ported the other part from our original mortgage (before our current property) dating back a few years, hopefully that could be ported again.

_Andy_

If you're thinking of using money from a personal loan towards the deposit you'll probably find the lender won't be happy with it

1978

_Andy_ wrote: »

If you're thinking of using money from a personal loan towards the deposit you'll probably find the lender won't be happy with it

Thanks - I was going to keep servicing my own personal debt, and use all the equity from any sale towards the new property.

The extra money I have left in my account would be used for fees/solicitors/removals etc, no further personal loans would be required.

Thrugelmir

1978 wrote: »

From a personal loan I still have enough remaining to fund the move (I realise that I should use this to chip away at the debt rather than just having it sitting in my account).

Was the loan to consolidate exiting personal debt? How long ago was the loan obtained?

1978

Thrugelmir wrote: »

Was the loan to consolidate exiting personal debt? How long ago was the loan obtained?

Last 6 months, with a number of aims. Some consoldiation, change of car, and some wedding costs.

getmore4less

What sort of income do you have this extra debt may scupper a port or a new loan, criteria have got tighter.

1978

getmore4less wrote: »

What sort of income do you have this extra debt may scupper a port or a new loan, criteria have got tighter.

Joint income of just over £50k (almost 50/50 split), wife had to retrain so had no income from her for one year and she has been in employment for only the last 12 months if that would affect things. I have been in the same job for approaching 5 years.