Selling but not wanting to buy another home

autumnkat

Hi I am eight years into my mortgage (which is a 30 yr mortgage), but I am considering finding a privately rented accommodation. I have repayment mortgage. It was 100% mortgage with northern rock - now NRAM. Will I end up in any debt if I sell? The house does not seemed to have increased in value much since I bought it eight years ago. Thanks in advance for any advice or help

monty-doggy

Have you used the mortgage calculators on this site to workout how uh of the capital will have been paid off? Or have you asked your lender for this information?

redskyatnight_2

I think we need more info: figures etc.... Most people I know who bought around 2005 (which appears to be when you bought) are in serious negative equity! My friend's landlady paid £155,000 for her 3 bed semi, and the one across the road went for £99,000 the other week!!! Although it did need some cosmetic work, this woman's house is unlikely to fetch more than about £105,000 to £110,000.

autumnkat

Ah no I've not used the calculator. Ill try finding it on here. Yea have heard 2005 time was bad for buying homes as prices went up so much

R_P_W

Why you selling?

[Deleted User]

Hi,

hit the mortgages and homes button along top for calc.

autumnkat

Possible re location

R_P_W

Well how much do you owe and what do you think it would sell for?

yorkshire_terrier_owner

I bought in the back end of 2004 for £86500, sold in April for £77500. Fortunately, once the mortgage was settled, estate agent and conveyancing fees paid, there was some equity in it - all of £695!!!

To answer your question, you need to know the current balance of your mortgage (ring and ask?) and sold prices for similar properties in your area. Include fees, and you will have a rough calculation of whether you are in negative equity.

autumnkat

Hi thanks for advice. I will get valuation on house and see how much worth now. £109000 in 2005. And will contact mortgage company to see how much I still owe