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Linz81_2
Posts: 1 Newbie
Hi! This is my first ever post (hope I'm doing this right!) 😊
We are hoping to sell our current home to possibly part exchange for a new build but not sure how it works, our home is valued at £125k we have £49k remaining but have a large loan of £48k secured on our property 😲 so max £28k equity, the price of the new build is £269,995 do we need to find out from a mortgage company if we can borrow this amount first before we even speak to the builder about part ex or does the builder do this for us? my partner is self employed so not sure if that makes the mortgage application more complex? I have no idea currently how much we could borrow just wondering what first steps are. Hope this makes sense, financial matters make my head hurt 😦
We are hoping to sell our current home to possibly part exchange for a new build but not sure how it works, our home is valued at £125k we have £49k remaining but have a large loan of £48k secured on our property 😲 so max £28k equity, the price of the new build is £269,995 do we need to find out from a mortgage company if we can borrow this amount first before we even speak to the builder about part ex or does the builder do this for us? my partner is self employed so not sure if that makes the mortgage application more complex? I have no idea currently how much we could borrow just wondering what first steps are. Hope this makes sense, financial matters make my head hurt 😦
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Comments
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I would recommend consulting a mortgage broker. They will be able to tell you how much you are likely to be able to secure on a mortgage.
Once you know how much you are able to borrow you can see if the figures add up.0
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