Moving for the first time

lemon26

Hi all! As the title says I may be moving if I get a job I'm going for and, as it's my first move, I've got a few questions!

For information, the area where my current house is has been quite slow for selling houses this past year due to indecision over the RAF base in my town - now that's solved, it should start to pick up. My new job wouldn't be commutable from here so my other half and I would be packing up and moving. The island I'm likely to move to has virtually no rental market as it's quiet and a bit isolated!

We have seen, and viewed, a house there that we both like and would like to know if it would be possible to buy before selling my current house? I have £60000 equity in my current house and about £35000 remaining on the mortgage and I could 'port' the remaining mortgage when I move (BoE +1.24% lifetime tracker) but I will probably need to borrow an extra £20000 or so to get the house we like. I've been in my current house for just under 5 years and have got the mortgage from £90000 down to £35000 in that time, am 28 and the job I'm going for pays between £23-25000.

Sorry if I've posted in the wrong forum but I thought it was more 'mortgage' than 'buying and selling' - feel free to correct me though!

Thanks, L

kingstreet

lemon26 wrote: »

Hi all! As the title says I may be moving if I get a job I'm going for and, as it's my first move, I've got a few questions!

For information, the area where my current house is has been quite slow for selling houses this past year due to indecision over the RAF base in my town - now that's solved, it should start to pick up. My new job wouldn't be commutable from here so my other half and I would be packing up and moving. The island I'm likely to move to has virtually no rental market as it's quiet and a bit isolated!

We have seen, and viewed, a house there that we both like and would like to know if it would be possible to buy before selling my current house? I have £60000 equity in my current house and about £35000 remaining on the mortgage and I could 'port' the remaining mortgage when I move (BoE +1.24% lifetime tracker) but I will probably need to borrow an extra £20000 or so to get the house we like. I've been in my current house for just under 5 years and have got the mortgage from £90000 down to £35000 in that time, am 28 and the job I'm going for pays between £23-25000.

Sorry if I've posted in the wrong forum but I thought it was more 'mortgage' than 'buying and selling' - feel free to correct me though!

Thanks, L

Possibly. You'd need consent to let from your current lender if you intend to let it. You'd also need a deposit of at least 10% of the purchase price of the next property to get anything like a decent mortgage deal and you'd need to have a lender who would treat the existing mortgage as a credit agreement or perhaps even ignore it. If the lender takes the capital sum off your borrowing power you'll probably not have enough for the next mortgage.