Help !! Can I move house anytime soon

jencolescott

Hey,

Soa few years ago I bought a house with my husband for £125k. 100% mortgage. We now owe around £117k on it. If we sell we are hoping to get around £122k at least for it giving us a grand total of about £5k benefit.

So my question is my current mortgage lenders are Dunfermline building society. We are looking to purchase a house for around£160k as we need a bigger place. Is there anyway of transferring my mortgage and if so how does this work? Do we still need a deposit and if so how much around?

We have started saving in the expectation that we basically need to start again and save a least a 10% deposit.

Sorry not very clued up on this mortgage stuff

Thanks

Gary123456790

Hi,

Yes you need a deposit. Absolute minimum is 10%, ideally 15% or 20%.

From your 5k you should take off estate agent and solicitors fees for selling. On top of your deposit you also need money for stamp duty, removal costs and a bit extra just incase.

Give them a call but basically it is very likely they will say you need a decent deposit.

Gary.

somethingcorporate

Your 5k will just about cover your buying and selling fees.

You need 10% really although some are offering 95% LTV (but at high rates).

Very unlikely that the bank would want to increase their risks on you.

Thrugelmir

What rate are you paying on your current mortgage?

Initially it may be best to overpay it to increase and build the amount of equity available.