Selling House/Moving up the Ladder

alipops1986

Hello All,

I'm looking for some advice please.

I have a mortgage with HSBC which is fixed until Dec 2012, in my name, for 75k. My property has now been valued at 100k or thereabouts and we are contemplating selling up, as we do need more room now I have moved in with my Fiance.

So, if we tread cautiously and say we sell for 95k, then we're left with 20k. Less the fees, potentially 17k. We'd want to put this as a deposit for the next house, ideally a 3 bed property. This would mean that we would have a 10% deposit, so would need a 90% mortgage. [We're thinking we'd need at least £120-£130k].

We both earn £25,168 each before tax, the only loan we have between us, with HSBC, is £190 a mnth for my Fiance which he put towards a car [this loan is in his name]. Otherwise, we have no other debts at all.

So, my questions:
1. Do we seem on paper, potentially good candidates for a 90% mortgage?
2. Do we need to secure a mortgage in principle before putting our house on the market? [Don't want to sell up, then realize we can't get a mortgage for 90%!]
3. Any other advice is welcomed!

Many thanks,
Alipops x

Dave_Ham

Am I missing something, you both earn exactly the same income?

Side point, possibly yes and yes would check the 90% AIP first, remembering Halifax AIP is worthless.

Would not attack HSBC with this though as confident you will not meet their 90% criteria.

So long as credit files are good, I think you will be ok....

Good luck

Thrugelmir

Continue to pay down the mortgage as fast you are able. That will give additional funding when you eventually move.

mildred1978

They earn the same because they are both teachers

Surely there's a hefty charge for selling within the fixed term period (can't remember what it's called )

mildred1978

Fees will be higher than £3k when you take into account the mortgage cancellation charge (above) and stamp duty. That takes you below a 10% deposit.