How’s this for a plan (just seeking advice/ideas) on house buying/moving

mamabuddah

I’m going to post this a couple of forums, 1) for general help and 2) help from some the mortgage brokers on here as there are financial implications and logistics involved, if this isn’t ok perhaps the mods can place it in the right thread…thanks for your help guys.

You’ll see from some of my posts how I’m struggling and stressing with house buying, probably down to my age (I’m 65 OH is 67) and last time we bought a house was 37 years ago, our only house purchase! We live in Northern Ireland, have a house to sell (no mortgage) and want to move to Northumberland.

So how’s this for a scenario?

We’ve found a development we like, family and OH will visit site in September and look at plots. (£159995)

Is it possible we can purchase house there, using £16k deposit (bearing in mind what restrictions we might have with age, and length of term, g’teed incomes from pensions etc approx £41k) make the mortgage payments, set up home there, simultaneously putting our home here on the market, living here until it sells…at that stage moving to Northumberland into our already prepared home…and paying off the remainder of the mortgage when we go.

We’d make sure home in Northumberland wouldn’t be empty as family members would be living in it until we’re ready to move.

Does it sound feasible, is it something that could be done? I’m sure it might have its own problems but in our minds it’s certainly less stressful and worrying than our other options.

SDLT_Geek

mamabuddah said:

I’m going to post this a couple of forums, 1) for general help and 2) help from some the mortgage brokers on here as there are financial implications and logistics involved, if this isn’t ok perhaps the mods can place it in the right thread…thanks for your help guys.

You’ll see from some of my posts how I’m struggling and stressing with house buying, probably down to my age (I’m 65 OH is 67) and last time we bought a house was 37 years ago, our only house purchase! We live in Northern Ireland, have a house to sell (no mortgage) and want to move to Northumberland.

So how’s this for a scenario?

We’ve found a development we like, family and OH will visit site in September and look at plots. (£159995)

Is it possible we can purchase house there, using £16k deposit (bearing in mind what restrictions we might have with age, and length of term, g’teed incomes from pensions etc approx £41k) make the mortgage payments, set up home there, simultaneously putting our home here on the market, living here until it sells…at that stage moving to Northumberland into our already prepared home…and paying off the remainder of the mortgage when we go.

We’d make sure home in Northumberland wouldn’t be empty as family members would be living in it until we’re ready to move.

Does it sound feasible, is it something that could be done? I’m sure it might have its own problems but in our minds it’s certainly less stressful and worrying than our other options.

You would have to budget for the extra 3% SDLT for additional properties on your purchase in Northumberland, though you should be able to reclaim it when you sell in Northern Ireland.

[Deleted User]

mamabuddah said:

I’m going to post this a couple of forums, 1) for general help and 2) help from some the mortgage brokers on here as there are financial implications and logistics involved, if this isn’t ok perhaps the mods can place it in the right thread…thanks for your help guys.

You’ll see from some of my posts how I’m struggling and stressing with house buying, probably down to my age (I’m 65 OH is 67) and last time we bought a house was 37 years ago, our only house purchase! We live in Northern Ireland, have a house to sell (no mortgage) and want to move to Northumberland.

So how’s this for a scenario?

We’ve found a development we like, family and OH will visit site in September and look at plots. (£159995)

Is it possible we can purchase house there, using £16k deposit (bearing in mind what restrictions we might have with age, and length of term, g’teed incomes from pensions etc approx £41k) make the mortgage payments, set up home there, simultaneously putting our home here on the market, living here until it sells…at that stage moving to Northumberland into our already prepared home…and paying off the remainder of the mortgage when we go.

We’d make sure home in Northumberland wouldn’t be empty as family members would be living in it until we’re ready to move.

Does it sound feasible, is it something that could be done? I’m sure it might have its own problems but in our minds it’s certainly less stressful and worrying than our other options.

How much is your current property in Northern Ireland worth?

mamabuddah

How much is your current property in Northern Ireland worth?

Hopefully £140k plus

[Deleted User]

mamabuddah said:

How much is your current property in Northern Ireland worth?

Hopefully £140k plus

I’d just wondered if you could have raised the funds by remortgaging your current property to purchase the second outright instead and then moved on but obviously the figures don’t work out for this.

mamabuddah

Deleted_User said:

mamabuddah said:

How much is your current property in Northern Ireland worth?

Hopefully £140k plus

I’d just wondered if you could have raised the funds by remortgaging your current property to purchase the second outright instead and then moved on but obviously the figures don’t work out for this.

Think it’s going to be a case of sell here and put the £140k into the new one...don’t want to be homeless 

[Deleted User]

mamabuddah said:

Deleted_User said:

mamabuddah said:

How much is your current property in Northern Ireland worth?

Hopefully £140k plus

I’d just wondered if you could have raised the funds by remortgaging your current property to purchase the second outright instead and then moved on but obviously the figures don’t work out for this.

Think it’s going to be a case of sell here and put the £140k into the new one...don’t want to be homeless 

Sorry what id meant was that you could have raised funds from your current home at a better loan to value to buy the 2nd property if the figures had worked.

.e.g. if you’re current home was worth £200k, then you could have mortgaged your existing property to raise £140k at a lower 70% ltv at a good rate. Add to it the £20,000 ish you think you have separately and then the English property could have been bought outright and ready for when you sold your existing home.

Same plan as yours but with raising the mortgage on existing home for a better ltv rather than raising it on the new home.

However as your existing home is cheaper then this doesn’t work.