Homeowner-Mortgage Advice

frazoz

Hi

Why is it every new scheme being set-up to help people move seems to be geared at first time buyers...don't get me wrong I realise how important they are to getting a market moving but why it there nothing being done to help those who want/need to move.

I've been in my house 1 bed house for 4 yrs and bought it 6 months before I met my husband so at the time of buying it was big enough for me.

I bought it in 2008 when house prices in our area where the highest so at the moment we are in negative equity by approx £7-£8k.

We really need to move as the house is just too small and we have coped for the last 4 yrs but our patience is running out. We also eventually would like a family but can't even consider that until we have an extra room.

We earn about £70k between us and have some savings but because we need a 10% deposit, stamp duty, estate agents fees, money to pay off old mortgage at the moment we can won't have enough money saved until oct 14.

Why is there not any schemes or 5% mortgages for people that have clearly shown they can pay a mortgage as they already own a home so that they can move up the ladder.

It seems that everything regarding the housing market is based on pure luck and anyone that doesn't have rich parents is basically going to be stuck where they are.

Sorry if I seem like I'm ungrateful as I am lucky enough to have a home but seems like we wil be stuck in this tiny house forever....(it's driving me nuts)

Any ideas/advice or help would be appreciated.

Thanks

Dave_Ham

I actually agree with you, although that does not mean I have a solution to hand..

Without undertaking a full fact find it will be difficult to offer up any solutions...

Depending upon lender, can you rent the property out and then rent somewhere to save up/look around.

There are 95% mortgages about potentially for people with your levels of income (income multiples are tight and credit scores is high)

In the current climate money does talk and deposit is therefore king

Thrugelmir

Ask yourselves where your £70k salary goes. There's the answer to your question.

Simon_gloster

Thrugelmir wrote: »

Ask yourselves where your £70k salary goes. There's the answer to your question.

Mmmmm I was thinking that.

How much is owed and who is the lender?

Some lenders do an equity supporf scheme for those in -ve equity who need to move. You can't borrow anymore and there has to be a good reason for the move ie job relocation. They can go up to 120% LTV.

Not ideal but could be an option.