What are our options?

Georgiejoe

We really need to move house to a different area to be nearer to family. We have had our house valued at 150k expecting to achieve 140k-145k. Our outstanding mortgage is 137k and is at the end of the term so we aren't tied in. It is portable.

We have no savings so is our only option to rent? If we achieve 145k we would only be left with about 3k for a deposit after estate agents/solicitors fees have been taken. Are there any 5% mortgages for home movers so we wouldn't need to raise as much to meet the deposit amount? We would be looking to purchase a property at about 130k.

Thanks

The_J

With all the associated fees, even at the top end I think you will struggle. I would suggest a rent of 6 months in a cheap property, ringfence the deposit, save hard and look to buy thereafter.

I generally suggest a 6 month rental period for relocations anyway to get a feel for the area and where you'd like to live although given you'll be moving towards family you probably have a good idea.

bigadaj

Have you got a contingency if it is any less, ie less than 142k and so potentially leaving you with debt. THis would only be around five per cent below asking price, would presume you would hang on for this as a minimum but need t consider how long you can accept this.

Georgiejoe

The_J wrote: »

With all the associated fees, even at the top end I think you will struggle. I would suggest a rent of 6 months in a cheap property, ringfence the deposit, save hard and look to buy thereafter.

I generally suggest a 6 month rental period for relocations anyway to get a feel for the area and where you'd like to live although given you'll be moving towards family you probably have a good idea.

Yes I think that is a good idea. We know the area generally but I think you get more of a feel for it once living there.

Georgiejoe

bigadaj wrote: »

Have you got a contingency if it is any less, ie less than 142k and so potentially leaving you with debt. THis would only be around five per cent below asking price, would presume you would hang on for this as a minimum but need t consider how long you can accept this.

I think we will hold out and if all else fails possibly rent it out. Let's hope the property market begins to recover!