selling house after 5 years

aspire2707

would you make any profit if you sell a house after 5 years?
how does it work?
when i purchased for 330K (280K mortgage) after 5 years if i sell for 370 would i make any profit?
what are the usual penalties for paying off earlier?
can you sell and pay your mortgage in total after 5 years?

thank you:)

G_M

aspire2707 wrote: »

would you make any profit if you sell a house after 5 years?depends what price you sell it for
how does it work? mathmatics
when i purchased for 330K (280K mortgage) after 5 years if i sell for 370 would i make any profit? depends if you are buying somewhere else, which will now cost you more than it would have done 5 years ago. Also depends if you buy somewhere in a cheaper or more expensive area
what are the usual penalties for paying off earlier? ealier than what? If you mean the mortgage, it depends what motgage product you have. I can't see yours from here. Look it up? Or ask your lender?
can you sell and pay your mortgage in total after 5 years?
Yes. subject to any early redemption penalties that might apply to your product, which I can't see from............ etc

thank you:)

you're welcome.

phatbear

aspire2707 wrote: »

would you make any profit if you sell a house after 5 years?

are you an estate agent? if so you will def make a profit on this sale

Innys1

aspire2707 wrote: »

would you make any profit if you sell a house after 5 years?
how does it work?
when i purchased for 330K (280K mortgage) after 5 years if i sell for 370 would i make any profit?
what are the usual penalties for paying off earlier?
can you sell and pay your mortgage in total after 5 years?

thank you:)

Sale price minus purchase price equals..................guess what?

phatbear

Innys1 wrote: »

Sale price minus purchase price equals..................guess what?

well points make prizes so ermmmm is the answer prizes?

konark

when i purchased for 330K (280K mortgage) after 5 years if i sell for 370 would i make any profit?

Not as daft a question as it sounds if you think about it. You'll have paid a lot of mortgage interest (maybe not that much nowadays) , I'm sure you've paid a bit to modernise and repair the property, plus all that council tax, insurance etc.,solicitors' fees and the lost interest on your £50k deposit. If you factor it all in you'll probably just about draw even.

Then again you'll have had free accomodation for 5 years!

mrsmazza

Why would an EA make a profit ? They still have to pay fees, stamp duty, solicitor s, etc like everyone else.

Unless when they bought the house the seller said to them , as your the EA I will sell it to you for 10% less than the market value.

eddddy

You probably need to make your question clearer. But here are some comments anyway:

aspire2707 wrote: »

would you make any profit if you sell a house after 5 years?

Say to some local EAs that you are thinking about selling your house, and you would like their opinions on what it would sell for. They will look at it and tell you.

aspire2707 wrote: »

when i purchased for 330K (280K mortgage) after 5 years if i sell for 370 would i make any profit?

So some people would call that a £40k profit.

But you will have paid legal fees, mortgage application fees, stamp duty (plus other expenses) when you bought.

And you will have to pay estate agent fees, legal fees, perhaps mortgage redemption fees (plus other expenses) when you sell.

Plus you will have paid mortgage interest in the meantime.

So some people might deduct all those costs from £40k to decide what the profit is.

aspire2707 wrote: »

what are the usual penalties for paying off earlier?
can you sell and pay your mortgage in total after 5 years?

You can definitely pay off your mortgage after 5 years. But you may have to pay redemption fees - it depends on the type of mortgage you have.

So you probably have to pay back less than £280k, but it could be more than £280k.

Contact whoever arranged your mortgage and ask them for a "redemption figure" - i.e. the amount you would owe the bank if you ended the mortgage.