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We bought a house....now what?
Lickthelid
Posts: 1 Newbie
We just had an offer accepted buying our new family home for £235,000. Very very excited.
We haven't sold our house, it's in the market for 125k and we owe 15k on the Mortgage. We have a £125k deposit for the 2nd property, so need a mortgage for the remaining money, then once we sell our current house our mortgage will be low again.
We loved the new house that much we thought it would be worth paying the 2nd property stamp duty, then claiming it back once our house sells (as long as it sells within 3 years)
So I guess the question is.......:what's next?
I've been looking for a website to outline how things work once you bug a property but they all seem to link to mortgage loans and perhaps not outline the key points.
Doea anyone know a good resource of information?
We saw a mortgage provider prior to making an offer who recommended we pay off the mortgage on our current home. Then using the remaining money for the deposit. :j
We haven't sold our house, it's in the market for 125k and we owe 15k on the Mortgage. We have a £125k deposit for the 2nd property, so need a mortgage for the remaining money, then once we sell our current house our mortgage will be low again.
We loved the new house that much we thought it would be worth paying the 2nd property stamp duty, then claiming it back once our house sells (as long as it sells within 3 years)
So I guess the question is.......:what's next?
I've been looking for a website to outline how things work once you bug a property but they all seem to link to mortgage loans and perhaps not outline the key points.
Doea anyone know a good resource of information?
We saw a mortgage provider prior to making an offer who recommended we pay off the mortgage on our current home. Then using the remaining money for the deposit. :j
0
Comments
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MSE's house buying timeilne is useful:
http://www.moneysavingexpert.com/mortgages/buying-a-home-timeline0 -
Will you be able to get (and afford to pay) a mortgage on the second property while you still have one on the first property? What's your reason for not selling and buying at the same time as most people would do?0
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Is there any prepayment charges for your £15k mortgage?0
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Whilst communing with solicitors, Update Your Will.0
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