We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
New property mortgage advice
v5076
Posts: 252 Forumite
Hi all
My husband and I are interested in a new build property which is up for £175k. The developer is offering part exchange (we hope!) which will literally just clear the mortgage we currently have. The part exchange is only about £75k.
This means that we have very little or no deposit and we are wondering if we could get a mortgage. My OH earns £20k and I earn £22.5
We really want to move so we can move on with our lives as where we live is gradually getting worse and if we leave it much longer feel hat the only option is to let it get repossessed.
Thanks for any help.
My husband and I are interested in a new build property which is up for £175k. The developer is offering part exchange (we hope!) which will literally just clear the mortgage we currently have. The part exchange is only about £75k.
This means that we have very little or no deposit and we are wondering if we could get a mortgage. My OH earns £20k and I earn £22.5
We really want to move so we can move on with our lives as where we live is gradually getting worse and if we leave it much longer feel hat the only option is to let it get repossessed.
Thanks for any help.
0
Comments
-
We really want to move so we can move on with our lives as where we live is gradually getting worse and if we leave it much longer feel hat the only option is to let it get repossessed.
Seems a little OTT!2014
No Debts except Mortgage :beer:Mortgage Term End Feb 2043 :mad:Savings Goal £11,000/£50,000:T0 -
Trust me it's not!0
-
If you don't have around 15K available (and no - or at least very little - debts, loans, CCs or dependents) its not going to happen.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
If you let it get repossessed then make sure you find a nice place to rent as you'll be there for a while...The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards