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Seen a house we like, but we've not got the ball rolling. Advice?
advice_please_2
Posts: 461 Forumite
Wife is currently on maternity leave expecting our second, so was thinking of house stuff later on the year, however a potential house we like has gone back on the market.
Our current house probably around £230k value.
Coming to the end of our 5yr fixed £100k mortgage (£616/month)
House we have seen is advertised £315k
Savings £25k (Could be used for stamp duty, legal and remainder as deposit)
So would need to borrow an extra £60k at a guess
What are the things to consider or is it even worth thinking about as I assume selling agent won't be interested nor would the sellers as we haven't got ours on the market.
Our current house probably around £230k value.
Coming to the end of our 5yr fixed £100k mortgage (£616/month)
House we have seen is advertised £315k
Savings £25k (Could be used for stamp duty, legal and remainder as deposit)
So would need to borrow an extra £60k at a guess
What are the things to consider or is it even worth thinking about as I assume selling agent won't be interested nor would the sellers as we haven't got ours on the market.
0
Comments
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any thoughts?0
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Yes. It's Saterday night and you've waited...41 minutes between posts.
Be patient?0 -
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advice_please wrote: »24hrs+41mins LOL
but thanks
:rotfl:
Get your house on the market or you won't be taken seriously.
You knew that already.
What else is there to know?0 -
We dont know your income but I would check with your current lender how much they might lend you today!!!
Its a world of difference what lenders will lend now compared to only a few years ago
Your wife is not working and with 2 young kids may not want to return or pay all the childcare costs?
You then have 3 dependants and has your inconme gone up much in the last few years £55/60K a year 3.5X salary ??0 -
thanks for the responses
just been doing some maths, mortgage calcs etc.
salary has increased then i think from around £20k to now close to £50k.
SMP + adjustment of maternity, year would be around £6k, otherwise part time basis £10k.
need to check our latest statement but having paid some capital from the 5 years the original £100k is around £92k (I think)
Been doing some rough calcs £300k value, £150k mortgage therefore 50% LTV
nationwide mortages 4.19% (as an example as coming to the end of our 5 year fixed)
5yr fixed £924 @ 20 years, additional £300/month
5yr fixed £808 @ 25 years, additional £200/month
Based on rough calcs on how much we can borrow is £170-190k, so it's below threshold (based on £48k+£5k)
but yes need to consider childcare, and 2 young kids and wife on maternity.0 -
Go and view the house, if you like it get an offer in. Dont expect the seller to take it off the market until you have sold though. Also go on the market with the same EA and tell them you are only selling so you have a shot at this house, this will make them less inclined to help other viewer of the house and concentrate more on selling your house. Good luckI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
We were going to view a house before to check area and type of houses but the EA didn't seem too interested themselves as ours wasn't on market.
Going with the EA on this basis removes negotiating on price/cost/commission?0 -
Well it wont help! but you can still negotiate if you play it right. maybe I have overestimated how much you want this house?advice_please wrote: »
Going with the EA on this basis removes negotiating on price/cost/commission?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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