someone with experiance?

walesbuyer

hi all hope you can help, we currently own a property which has about £1000 equity. its valued at 100,000. we are looking into part ex for a house valued at £170k. i dont work (full time parent) i have an income of £5000, not sure whether this would be included as this is child benefit and child maintenance. my partners basic income is 27k, however the last three years he has earned 43k. we have four children. and £1500 is our only debt which is a credit card. could you please give me a rough idea of how much mortgage we would be able to lend? also some advice on how the part exchange scheme works? (its not a new build house its a private seller who rents out properties for a living). Or would we be best part ex'ing for a new build? really don't want to get 'ripped off' many thanks and look forward to hearing from you.

go_cat

Is the £100k valuation from an estate agent?

Part exchanges tend to come in under ths value as that's where they make their money, I hope it works out for you

walesbuyer

yes its from an estate agent, does that mean we will lose on the property?

also does anyone know what the chances are of getting a 100% mortgage these days?

thanks again

DannyboyMidlands

I don't get this. If you don't have any equity, what is there to part exchange? You'd be needing a mortgage in excess of 100%.

Even at 100% that's never gonna happen I'm afraid.

Why not just sit tight and save a deposit?

arbrighton

walesbuyer wrote: »

yes its from an estate agent, does that mean we will lose on the property?

also does anyone know what the chances are of getting a 100% mortgage these days?

thanks again

Pretty much nil these days

walesbuyer

kind of 'have' to move at the mo.. renting the house we are in from mother and father in law..

no written contract..

the house is riddled with damp and mould (so much so i have had to condemn two rooms myself due to a white fungi sort of stuff growing from the wooden floorboards), one floorboard fell through in the main living room it was that damp, front door is about to fall off, rendering is crumbling from all places (kids cant even use back garden anymore), electrics are running off three fuse boxes- all faulty (there are no lights on the stairs, in the nights the kids have princess lanterns to get to the toilet), a plumber friend of ours condemned two of the radiators due to how rusty they were.

my sons has severe chest problems and has just been discharged from hospital for the eighth time (damp obviously making it 100 times worse) hes 7 months old. we have lived here for a year and a half now being promised everything would be fixed and things are getting worse and worse. this month i have refused to pay the rent - i dont think these are acceptable living standards by far!

father in law is just concerned about his wallet and actually had a go at us saying 'you cannot expect to live rent free' (knows the doctors have said the damp is making the babys health worse, and havent even asked if hes ok!)

havent really got a leg to stand on




sorry rant over just dont understand some people!

cootuk

So what property do you own if you are 'renting'

walesbuyer

we own a 3 bed terraced as u can imagine too small for family with four kids!

ViolaLass

I suspect you may have to rent somewhere else and sell the house, if you can, then start saving again.


Or: a 3 bed house means you get the kids to share the rooms (two to a room). Sounds better than your current situation.

walesbuyer

yeah i thought as much .. looks like a move is on the cards then!!

WILL NOT be renting from family again thats for sure!

R_P_W

Sounds like you have a lovely family from what you describe! NOT!