trying to move, few questions

debtblonde

Just a few questions for starters before i really start to look into it,

okay weve bought a house in 2007 100% mortgage 103k, and obviously we will be in negative equity, original didnt really stretch ourselfs that much with being our first house so bought a 2 bedroom semi since then we now have a 5 year old daughter and a new born so realy need to move somewere bigger, we have been slightly overpaying on the mortgage aswell. So i need to get a vauluation on the house to see were we stand, If we were to sell the house and break even or pay the remaining mortgage off. Would we be any better off than a first time buyer? ie in getting a new mortgage, or would we still be classed as a first time buyer, i know this is probably a stupid question.

We have been currently saving aswell really for a deposit on another house, what is roughly the current deposit rate needed? 15%? as a rought figure i would like to be able to buy a house in the region off 150k.

am i going about this wrong should i be paying off my mortgage with my savings? or is there something else i should be considering

Thrugelmir

What rate of interest are you paying on your current mortgage?

Minimum required deposit is 10%. Though at this level will give few options and rate of interest will be high.

debtblonde

5.74% but need to double check and fixed till march next year.

Thrugelmir

debtblonde wrote: »

5.74% but need to double check and fixed till march next year.

Worth overpaying the mortgage if you are allowed.

Jimbo1976

Its a good idea to speak to your existing lender as well. Existing lenders tend to be surprisingly accomodating for those in negative equity.

If you did leave them and move to another lender you would not be first time buyers.

Also be slightly cautious of any "valuation" figures given to you by estate agents. They will typically tend to give you a high figure to win your business. It would be a good idea to spend time checking rightmove etc for recently sold prices as these are what most "mortgage valuations" are based on.