Housing selling and buying process.

toffee87

Hi,

We're looking to put our house on the market next year and I'd like clarification on the process please.

Is it the case that we wait for ours to sell, then get mortgage advice and then start looking. Once we've found somewhere we get through mortgage promise and put an offer in?

Or do we seek advice before putting it on the market?

eddddy

It's probably worth talking to a mortgage adviser at the outset, to check that you're likely to be able to get a mortgage, how much you could borrow, that you're comfortable with the repayments etc.

- Then ask some EAs what your current property is likely to sell for.

- Then do your sums to work out how much you can afford to pay for another property

- Then have a look at Rightmove etc to see what type of property you could buy with that money.


If everything looks good, then instruct one of the EAs to sell your property.

AnotherJoe

toffee87 wrote: »

Is it the case that we wait for ours to sell, then get mortgage advice and then start looking. Once we've found somewhere we get through mortgage promise and put an offer in?

Look at it from the POV of a potential buyer. they are unlikely to make anything more than a very casual offer when it transpires that you haven't even started looking at other houses yet and have no idea how much you can borrow !! Your plans to move could turn out to be wholly impractical and the whole thing fall through.

As edddy says find out how much you could borrow and then use that as a guide along with how much equity is in your current property (sale price minus outstanding mortgage) minus the considerable costs of selling and buying, and see if that will let you buy the sort of property you'd like. You need to do all that as a minimum before you start really looking for a new place.

toffee87

Thanks :-)

Bigrachel

Hi,

It could be worth looking at going to a mortgage broker first and getting pre approval for a mortgage. That way you will know your exact budget and what you can and can't afford.

I would definitely go to a mortgage broker first.

Have a read of this article mybigmove.co.uk/How-long-does-moving-house-take It explains quite a lot. I found it really useful, I'm currently looking to move at the moment!
Good luck.