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!
Help required!
seng1984
Posts: 10 Forumite
I was hoping someone could offer a few suggestions on my options to end the ongoing nightmare of selling my property!
I am planning to move in with my girlfriend and we both have our properties on the market with the intention of buying a larger property between us.
My property was bought for 109k in 2011, I placed a deposit of 25k and have now paid off a further 7k of that's totalling 32k. It's currently up for sale for offers over 115k having been dropped from £125k since first going on the market
My girlfriend's property was bought at a similar time for 53k, an 8k deposit was paid and in total a further 2k has been paid off totalling 10k.
My property has been on the market for 18 months and despite viewings on a weekly basis I've never had an offer. I get nothing but positive feedback about the property but people stop short of making an offer! The property is in a popular student/young professional area and I would expect to make £650-700 PCM by renting the property.
My girlfriend has had a handful of offers but the area isn't as popular and would bring in about £450 PCM
I was initially against the idea of renting either out but I am now thinking it is my only option as we are losing a lot of money each month which is making life every expensive. I contacted my current mortgage dealer several months ago about remortgaging in order to rent the property out but they said they would not let me do this. Would it be possible with other mortgage companies though?
We are looking to buy a property around about 160-170k but we require a deposit to do so, the only capital we have is tied up in the houses (about £42k).
If anyone could help to suggest possible options based on the information I have given that would be massively appreciated to end this ongoing headache
Thanks
I am planning to move in with my girlfriend and we both have our properties on the market with the intention of buying a larger property between us.
My property was bought for 109k in 2011, I placed a deposit of 25k and have now paid off a further 7k of that's totalling 32k. It's currently up for sale for offers over 115k having been dropped from £125k since first going on the market
My girlfriend's property was bought at a similar time for 53k, an 8k deposit was paid and in total a further 2k has been paid off totalling 10k.
My property has been on the market for 18 months and despite viewings on a weekly basis I've never had an offer. I get nothing but positive feedback about the property but people stop short of making an offer! The property is in a popular student/young professional area and I would expect to make £650-700 PCM by renting the property.
My girlfriend has had a handful of offers but the area isn't as popular and would bring in about £450 PCM
I was initially against the idea of renting either out but I am now thinking it is my only option as we are losing a lot of money each month which is making life every expensive. I contacted my current mortgage dealer several months ago about remortgaging in order to rent the property out but they said they would not let me do this. Would it be possible with other mortgage companies though?
We are looking to buy a property around about 160-170k but we require a deposit to do so, the only capital we have is tied up in the houses (about £42k).
If anyone could help to suggest possible options based on the information I have given that would be massively appreciated to end this ongoing headache
Thanks
0
Comments
-
If you want to avoid all the tax and regulatory headaches of being a Landlord (additional stamp duty on second purchase, income tax, capital gains tax (potentially)) then you'll need to drop the price more to achieve a sale. If you post the link to the property people can see what work (if any) needs doing and how overpriced it is.0
-
Thanks for your reply but the house is priced to sell and we are considering bringing it down one final time. I was specifically looking for remortgaging advice here. Thanks0
-
If it hasn't sold in 18 months, I'm pretty sure it's not priced to sell! Try the mortgage board for mortgage advice.0
-
As stated I am looking for remortgaging advice rather than selling advice. Thanks.0
-
So as stated, you need to be on the mortgage board. This is the buying, selling and renting board.0
-
LTV for BTL tends to be 75% so, if yours is valued at £115k you may be able to increase your mortgage from the current £77k to £86k freeing up £9k towards deposit (if you can find a lender that will not require you to have a residential property)
however you would need to read up on the stamp duty as it could potentially be £6k on a £170k property rather than £900 if you were to sell first0 -
Then the mortgage and endowments board would be the place to ask. This is the board for House Buying, Renting & Selling.
Neither of you has enough equity in the properties (well you might be able to release 2-3% but not your gf) to remortgage with let-to-buy mortgages (usually max 75% LTV). You could look at bridging finance but that would be expensive. I think the others are right in that a lot of interest but no offers means the properties are overpriced.0 -
If I wasn't getting so much interest I would agree that it was overpriced but I am of the belief people would make an offer regardless of the price. An identical property sold for the same price ours is selling for several months ago so in no way do I think it's over-priced
I have posted the question on the other board, thanks.0 -
If I wasn't getting so much interest I would agree that it was overpriced but I am of the belief people would make an offer regardless of the price. An identical property sold for the same price ours is selling for several months ago so in no way do I think it's over-priced
I have posted the question on the other board, thanks.
This is the most obvious over-priced house ever in the history of everything.0 -
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards