Help! selling house, buying another

tedglen

Hello. can anyone help

i purchased a house last year and have outstanding mortgage of 48000. If i wish to sell this now and move to a bigger house how do i go about this?

am i locked in with this mortgage, it with stander and on a 4 year fix, what kind of early payment fee would it cost. or would they port the mortgage to another house ?

what are options if my house sells and i still have not found a house ? can i take money and stay with parents for a bit ?

i am confused !!!

The_J

The mortgage will be portable, if you want to borrow more it will have to be with Santander and you will have to fit their current criteria. The property you move to will also have to be acceptable to them.

A non simultaneous sale and purchase (which is what you will be doing if you move in with parents) can be OK for a very short period of time. I'm not sure what that is with Santander, I think 3 months, call them to find out. You must have moved in inside that 3 months.

Thrugelmir

tedglen wrote: »

what are options if my house sells and i still have not found a house ? can i take money and stay with parents for a bit ?

Sometimes an easier option. Means a shorter chain of buyers and sellers to get into line.

The_J

Thrugelmir wrote: »

Sometimes an easier option. Means a shorter chain of buyers and sellers to get into line.

All for the cheap price of £1300.

I would strongly suggest simultaneous sale and purchase.

Thrugelmir

The_J wrote: »

All for the cheap price of £1300.

I would strongly suggest simultaneous sale and purchase.

With the fall back of parents to move into. Cheap living for a period. While waiting for the right property to come onto the market. Not always as straightforward.