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To buy or to stay?
GemmaPowell
Posts: 47 Forumite
Wonder if anyone could give me some advice.
Couple in our early 20s moved into our own home start of 2012 (£97k) and obviously used most of our savings for deposit and buying everything for the house. We always knew we wasn't going to stay here for ever as not big enough for a family. However a beautiful detached house has gone up for sale by us, which we would love and would suit us... its up for £150k but we wouldn't have the '10%' (£15k) to put down on that. Would a mortgage lender give us the extra on our mortgage now to reach 10% for this house? Or is that idea not possible? We know we would be able to afford monthly payments its just the moving. Like how much would an estate agent charge us to sell our house?
We do have some savings left, but not enough for stamp duty, solicitors fees and aswel as topping up deposit. I just know long term this house would be a good investment.
Hope this all makes sense.
Couple in our early 20s moved into our own home start of 2012 (£97k) and obviously used most of our savings for deposit and buying everything for the house. We always knew we wasn't going to stay here for ever as not big enough for a family. However a beautiful detached house has gone up for sale by us, which we would love and would suit us... its up for £150k but we wouldn't have the '10%' (£15k) to put down on that. Would a mortgage lender give us the extra on our mortgage now to reach 10% for this house? Or is that idea not possible? We know we would be able to afford monthly payments its just the moving. Like how much would an estate agent charge us to sell our house?
We do have some savings left, but not enough for stamp duty, solicitors fees and aswel as topping up deposit. I just know long term this house would be a good investment.
Hope this all makes sense.
AmyKnowles
0
Comments
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You need to establish the chances of selling your home and covering the costs of that before you think about your onward purchase. Get the property valued and obtain quotations for estate agency and solicitor fees - the latter for a sale and a purchase.
If you can find a lender willing to lend 95% you would need a 5% deposit, not 10%.
The Help To Buy scheme due in January may help with that.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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