Equity in selling house

Richyd1404

Hello, apologies if this question has been asked before but I'm just after some advice.
I'm currently in the process of selling my house, I've accepted an offer of £155,000.
I have £54k left on my mortgage with Halifax which means I have £101k equity?
We have seen a beautiful house which we are going to view on Tuesday which is up for £210k, which of course the £101k would be used as a deposit.
My question is, because I'm halfway through a 5 year fixed term deal with Halifax, will I have to pay a fee to leave early and if so, how much roughly?
Another question (sorry) am I considered to be in a very good position to sellers as my property is under offer?

Thankyou

MWT

Richyd1404 said:

Hello, apologies if this question has been asked before but I'm just after some advice.
I'm currently in the process of selling my house, I've accepted an offer of £155,000.
I have £54k left on my mortgage with Halifax which means I have £101k equity?
We have seen a beautiful house which we are going to view on Tuesday which is up for £210k, which of course the £101k would be used as a deposit.
My question is, because I'm halfway through a 5 year fixed term deal with Halifax, will I have to pay a fee to leave early and if so, how much roughly?
Another question (sorry) am I considered to be in a very good position to sellers as my property is under offer?

Thankyou

Your equity in the sale will be reduced by any selling fees incurred (legal, estate agent etc.) so you will not net the full £101k.

With regard to the mortgage fix, you should be able to check if there is an ERC via your online account, or by checking the paperwork you signed at the time.

Do check if the mortgage is portable though as you may be able to avoid the ERC by transferring the existing product to your new property and then taking out an additional loan for the increased amount you need...

... but look at the costs of your current mortgage and the ERC to make sure it is worth transferring vs the current mortgage deals you could get...

For your final question, no, you are considered to be a buyer in a chain just like the majority of buyers.

If you had already sold your property then yes, as a cash buyer you would be in a very good position.

Redwino222

You in a slightly better position than a seller whose house isn’t on the market yet, or who is on the market but not sale agreed, but well behind a cash buyer or a first time buyer.