We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help needed - first time selling and buying - total novice!
Hxnnxh
Posts: 8 Forumite
Hiya.
We bought our first house in feb this year. We bought it for £181,500 and put a 5% deposit down (£9075). Since moving here we have decided that this area is really not for us and are looking into moving. Trouble is I know nothing about selling. I am trying to work out how much money we will need and how much money we would potentially have invested in the house.
Our mortgage is a 95% mortgage (£172,425) over 25 years with a two year fixed interest rate of 4.79%. I have worked out that by May 2016 we will have paid off £4485 in capital off the mortgage. If we sold our house for £185,000 in May 2016 we would have made £3500 on it. So with our original deposit, the capital we would have paid off plus the increase in value could we potentially have £17,060 if we sold the house?
My next question is what actually happens to that money if we bought a new house at the same time of selling? If we transferred our mortgage over to a new property would that money just be absorbed into the mortgage or would we actually get any of that money in our pockets so to speak to help with solicitors/estate agents/ stamp duty etc?
Thank-you in advance to anyone who can help.
We bought our first house in feb this year. We bought it for £181,500 and put a 5% deposit down (£9075). Since moving here we have decided that this area is really not for us and are looking into moving. Trouble is I know nothing about selling. I am trying to work out how much money we will need and how much money we would potentially have invested in the house.
Our mortgage is a 95% mortgage (£172,425) over 25 years with a two year fixed interest rate of 4.79%. I have worked out that by May 2016 we will have paid off £4485 in capital off the mortgage. If we sold our house for £185,000 in May 2016 we would have made £3500 on it. So with our original deposit, the capital we would have paid off plus the increase in value could we potentially have £17,060 if we sold the house?
My next question is what actually happens to that money if we bought a new house at the same time of selling? If we transferred our mortgage over to a new property would that money just be absorbed into the mortgage or would we actually get any of that money in our pockets so to speak to help with solicitors/estate agents/ stamp duty etc?
Thank-you in advance to anyone who can help.
0
Comments
-
If your mortgage is fixed for two years, do you have an early repayment charge if you sell before then? Is your mortgage portable? If so then the rate can be ported but the amount you'll be lent for a new place will depend on whether you meet the lending criteria as you can't just automatically borrow the same amount again.Don't listen to me, I'm no expert!0
-
If your mortgage is fixed for two years, do you have an early repayment charge if you sell before then? Is your mortgage portable? If so then the rate can be ported but the amount you'll be lent for a new place will depend on whether you meet the lending criteria as you can't just automatically borrow the same amount again.
There is an early repayment charge yes, but the mortgage is portable. We would probably be looking to borrow more if we moved, but the amount we borrowed for this house was a lot less than they were willing to lend us, I don't know if that helps. Plus my partner and I are earning more money now than we were at the time of borrowing.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards