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Selling and buying mortgage help
triffid123
Posts: 70 Forumite
Hiya everyone,
I am after a bit of advice here. I have a property, purchased about a year and a half ago with a 15% deposit. My circumstances have changed and i am considering moving to another town with a view of buying a similar priced property.
My deposit is tied up in the house i currently own and was wondering if its feasible to approach the bank first before selling my own house for a mortgage offer with the view of telling them that the deposit i have is tied up at present.
I wish to know how much of a mortgage i would be offered before putting my house on the market to see if its worth my while as the houses in the town i wish to move to are a little higher than the house prices here.
thanks for your replies.
I am after a bit of advice here. I have a property, purchased about a year and a half ago with a 15% deposit. My circumstances have changed and i am considering moving to another town with a view of buying a similar priced property.
My deposit is tied up in the house i currently own and was wondering if its feasible to approach the bank first before selling my own house for a mortgage offer with the view of telling them that the deposit i have is tied up at present.
I wish to know how much of a mortgage i would be offered before putting my house on the market to see if its worth my while as the houses in the town i wish to move to are a little higher than the house prices here.
thanks for your replies.
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Comments
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You need to sell your property, or obtain consent to let if you do not plan to buy another property.
If you do decide to sell, the eventual selling price, less any selling costs will be your deposit for your next home, on top of any savings you choose to contribute.
Your current lender's affordability calculator will tell you how much you can borrow for your next purchase and by "porting" the rate from the current mortgage to a new one, will help you avoid any early repayment penalties.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 -
Thanks, you answered exactly what i needed to know, and something else i didn't think about
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One does one's best!
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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