Help with a decision

mick_1967

My wife has a £61k outstanding mort with a property value of £71k so I reckon LTV OF 86%. I'm not on the mortgage. We intend to sell next year and buy a bigger place in the region of £130K. We will have savings of £25K + £8K equity (if it sells at £69K, ) My salary is £27K - would we get better deals if I go as first time buyer rather than us going as a joint??????. Ideally we'd be looking at deals in te region of 75% LTV. Any thoughts?

handytips

No is the simple answer, you will have access to most deals on the market if you have a 25%deposit. Good Luck

VT82

The main plus point of being a first time buyer is that you can buy a house without having to sell a house - you are the start of the chain, which is why sellers like selling to them. As your purchase would still rely on the sale of a house, this wouldn't be the case.

As far as I'm aware, there is currently another benefit to being a first time buyer - no stamp duty to pay on the purchase of houses in the price bracket £125k-£250k. This is only available if no named buyer has ever owned a property before. You might want to look into this.

Also, don't forget estate agents fees will need paying - so you will want to factor these out of either your equity amount or your savings pot.