Chain free House move - financing ?

omega2498

Hi All. We already own a property outright, and we want to move upmarket. We also have savings so that we could put down a 70% deposit on the new property, without selling the old house - ie we want to be chain free. We would then sell the existing property at our leisure in the next year or two, and repay any mortgage or other debt from the proceeds of the sale of the old house. We are also both newly retired. A few questions 1) does anyone have any advice as to the best `general' way to go about this 2) Can anyone recommend a decent Independent Adviser in the Hertfordshire area ? Regards

ACG

Effectively it will just be an application for a house purchase.

As you do not have a mortgage on the current property it should be easy enough.

The alternative would be to remortgage your current property for the 30% you need and then pay it off when selling. If you do it this way, it would be a good idea to look into any early repayment charges as they may have some impact if you do sell before the deal finishes (some deals do not have ERCs... although the rates may be higher).

omega2498

Thanks for comment. Not doing too well at present.
My Wife went into Nationwide and the chap behind the Counter was dismissive and pointed her to Barclays across the road ; and we bank with Nationwide :-( Mind you they do pay their Chief Exec a whole shed load of money, so obviously not enough left for the junior staff.
I went into Lloyds and the staff there could not even access the computer to book an appointment with their Mortgage Adviser .......Doh.
Really gives you confidence doesn't it !

witchy1066

you need an independent MB , not one attached to your bank

you could try one of your small local building society's

I don't understand why your bank has a problem with your request,

but I know nothing about getting a mortgage, other than my own personal experience

your situation sounds something like ours , without our added complications :rotfl:

ACG

Haha, this should be a doddle to sort.

You have probably worded it in a way that the staff do not understand (not your fault... just lack of training on their side most likely). You need to go in and tell them what you want and how you plan to do it probably - basically do the work for them.

Alternatively just get a real mortgage advisor on it, people in branch tend to be sales people.

GMS

How much do you need to raise?

What are your ages?

What is the source of your income and how much?

Do you have to sell the current property or would you consider letting it out?