Sorted thanks.

Bobby_Applejuice

Sorted thanks.

moneysavinghero

£2300pm is a meaningless figure without your income. If your income is £2500pm then things are going to be very tight, if your income is £10,000pm than it's very easy. But if you have been offered a mortgage then the lender must view this as affordable. As it's your dream home is it not worth maybe going without a few extra frills in life until you get your other homes sold?

There are 'we buy any home' type operations that allow you to sell quickly, but you would have to take a massive hit on the price. General view is to avoid these companies like the plaque.

Once your house is sold you can start overpaying your mortgage, but you may be limited to how much you can overpay without having to pay a penalty. You could try finding a mortgage that allows unlimited fee-free overpayments.

AdrianC

Get your flat on the market TODAY.
Get your partner's house on the market TODAY.
Price both to sell, and you should get offers in quickly.
Unless the EA listing the place you want to buy is actively incompetent, then list with them - and explain to them that you want to shift them quickly so you can buy this one. Get the agent on your side. You're almost certain to be offering asking price on your purchase, though...

If you get £15k equity out of the house, and £115k out of the flat, plus your £70k savings, that's £200k. £325k mortgage.
If the house doesn't sell, you've got two mortgage monkeys to feed - this is going to be your bigger problem.
If the flat doesn't sell, you've got a slightly bigger one, but you can afford that in the short term, then reduce the mortgage when you do have that equity.

I don't understand where your "two years" comes from - are you thinking you can't pay the equity from the sales in until the end of the fix? Of course you can. Even if you couldn't, you could invest that equity and be getting a return on it in the interim.

v_rouge

If you can get a mortgage without selling your properties could you get a mortgage with no ERC so that when you sell your properties you can remortgage to a better rate (even within the 2 year period)? 

Bobby_Applejuice

moneysavinghero said:

£2300pm is a meaningless figure without your income. If your income is £2500pm then things are going to be very tight, if your income is £10,000pm than it's very easy. But if you have been offered a mortgage then the lender must view this as affordable. As it's your dream home is it not worth maybe going without a few extra frills in life until you get your other homes sold?

There are 'we buy any home' type operations that allow you to sell quickly, but you would have to take a massive hit on the price. General view is to avoid these companies like the plaque.

Once your house is sold you can start overpaying your mortgage, but you may be limited to how much you can overpay without having to pay a penalty. You could try finding a mortgage that allows unlimited fee-free overpayments.

Thank you. income is approx 6.5k per month. Yes, think we'll research any fee-free overpayment lenders.

Bobby_Applejuice

AdrianC said:

Get your flat on the market TODAY.
Get your partner's house on the market TODAY.
Price both to sell, and you should get offers in quickly.
Unless the EA listing the place you want to buy is actively incompetent, then list with them - and explain to them that you want to shift them quickly so you can buy this one. Get the agent on your side. You're almost certain to be offering asking price on your purchase, though...

If you get £15k equity out of the house, and £115k out of the flat, plus your £70k savings, that's £200k. £325k mortgage.
If the house doesn't sell, you've got two mortgage monkeys to feed - this is going to be your bigger problem.
If the flat doesn't sell, you've got a slightly bigger one, but you can afford that in the short term, then reduce the mortgage when you do have that equity.

I don't understand where your "two years" comes from - are you thinking you can't pay the equity from the sales in until the end of the fix? Of course you can. Even if you couldn't, you could invest that equity and be getting a return on it in the interim.

We're fast tracking getting them on the market. Worried it might not be quick enough. 

Yes we figured we couldn't pay any off for 2 years.

Bobby_Applejuice

v_rouge said:

If you can get a mortgage without selling your properties could you get a mortgage with no ERC so that when you sell your properties you can remortgage to a better rate (even within the 2 year period)? 

Going to do some proper mortgage research tomorrow - thanks for the advice.

Drawingaline

Speak to the EA marketing this house. You have two properties to sell, they will like you 😜 

Price to sell. We priced 10k under valuation and were prepared to take 10k under that. We were in the same position as you, found a property before ours was ready (it was one of the EA doing a valuation who mentioned the house), we had an offer within days (5k under asking price, so 15k under valuation). And when that buyer withdrew (finance problems, nothing to do with the house) we remarketed on the sat, had an new offer on the Tuesday. Accept you may take a hit on price, but move quickly. If it doesn't work out because you don't get offers quickly enough you won't have lost anything.

Good luck.

SDLT_Geek

Do not forget the extra 3% SDLT if you complete the purchase while still owning the other properties.

dimbo61

If Halifax will offer you a mortgage with 10% deposit (£55,000) and the other £15,000 for stamp duty , legal costs then you will( should ) be allowed to overpay by 10% each year.
That would be £47,000 in the first year if you can sell the flat quickly.
Paying another 10% in the second year would knock another £40/45,000 off the mortgage debt.
Remortgage in 2 years time when your LTV would be below 75%.
If you sell both properties and using all the equity you may even hit 60% LTV 
First thing is to get your properties on the market 

Bobby_Applejuice

SDLT_Geek said:

Do not forget the extra 3% SDLT if you complete the purchase while still owning the other properties.

We did not know this - thanks (i think) for the heads up .