Selling HTB & buying with partner

DanielACB

Hi all,

Sorry in advance for the long essay!

I recently moved into a property with the HTB equity scheme (November 20). I purchased alone as the situation wasn’t right to buy with my partner at the time. Things have taken a positive turn and a change in work locations (permanent WFH and all that) means we can look to buy somewhere together and bigger than what I have today (also helped by recent promotion woohoo!).

I am currently on a 2 year fixed term HTB mortgage with Halifax and have also been making overpayments on mortgage (c.10% extra on monthly amount).
My partner will be a first time buyer and we would be looking to buy a new build together.
Im a bit stuck on where, when and how to start this process and to get the ball rolling. Is anybody able to help outline the steps or provide some clarification please? Would it be worth getting a mortgage advisor for this due to the complexity? If so, are you able/allowed to recommend any please? 

Many thanks,

Dan

K_S

@danielacb Unless I'm missing something obvious, you're looking to sell your current H2B equity loan property and buy a new-build (which can't be using an H2B equity loan anymore as you are no longer an FTB) with your partner. If that's accurate then the rough steps are -

- understand what your realistic budget will be for the new house (net proceeds from sale of house plus any cash deposit available plus new mortgage)

- put your current house on the market. You can sell an H2B equity loan property whenever you want. However, when you do, you will have to repay the equity loan and mortgage on the completion of the sale. All this will be handled by the conveyancer.

- when you have an offer accepted, find a house to buy

- once you have an offer accepted on the house you want to buy, apply for a mortgage

For less hassle you may also be able to "part-exchange" your current home though it may come at a cost of a lower price.

DanielACB

K_S said:

@danielacb Unless I'm missing something obvious, you're looking to sell your current H2B equity loan property and buy a new-build (which can't be using an H2B equity loan anymore as you are no longer an FTB) with your partner. If that's accurate then the rough steps are -

- understand what your realistic budget will be for the new house (net proceeds from sale of house plus any cash deposit available plus new mortgage)

- put your current house on the market. You can sell an H2B equity loan property whenever you want. However, when you do, you will have to repay the equity loan and mortgage on the completion of the sale. All this will be handled by the conveyancer.

- when you have an offer accepted, find a house to buy

- once you have an offer accepted on the house you want to buy, apply for a mortgage

For less hassle you may also be able to "part-exchange" your current home though it may come at a cost of a lower price.

Thank you so much for your help! Its really appreciated.