PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Selling HTB and Buying with Partner - Various Questions
DanielACB
Posts: 20 Forumite
Hi all,
Firstly, I apologise for the questions here and secondly, I would really appreciate your thoughts and responses on them!
I currently live in my own H2B property (moved in Nov 2020) and now looking to sell and buy somewhere with my partner (she will be first time buyer). I am on a 2yr fixed term with Halifax (due to end Nov 2022).
1) Firstly, how do I calculate how much equity I have in my current property? I assume that it is market price - outstanding mortgage (+ early fees) - HTB repayment. Essentially, whatever is left here, can I use this as a deposit on the new property myself and partner would be buying please? We are currently saving towards the new place but this could be the difference between 6 months and 2 years worth of saving.
2) In terms of timings, ideally we would like to move middle/end of 2022 should we have enough to put towards the new place. My 2YR fixed term comes to an end in Nov 2022. If we haven't moved by then, what would be the best thing to do in terms of fixed term/standard rate, assuming we would be moving (hopefully) within 6 months of this time (worse case mid-2023).
3) What are the thoughts on 'home-change' or 'part ex' on new builds? We would like to go into a new build (I actually had a really good experience on my current one!) and can see there are home-change and part-ex offers to ease the transition. Does anybody know how/if this would work with the HTB I am selling? DO they typically offer lower than valuation due to the 'ease' of the offer?
4) To help with this process, who would be best to talk to? Would it be a mortgage advisor and would they be able to provide advice on the above? I used one for my current property but was much simpler than this.
Thank you in advance and I look forward to the discussion!
Dan
Firstly, I apologise for the questions here and secondly, I would really appreciate your thoughts and responses on them!
I currently live in my own H2B property (moved in Nov 2020) and now looking to sell and buy somewhere with my partner (she will be first time buyer). I am on a 2yr fixed term with Halifax (due to end Nov 2022).
1) Firstly, how do I calculate how much equity I have in my current property? I assume that it is market price - outstanding mortgage (+ early fees) - HTB repayment. Essentially, whatever is left here, can I use this as a deposit on the new property myself and partner would be buying please? We are currently saving towards the new place but this could be the difference between 6 months and 2 years worth of saving.
2) In terms of timings, ideally we would like to move middle/end of 2022 should we have enough to put towards the new place. My 2YR fixed term comes to an end in Nov 2022. If we haven't moved by then, what would be the best thing to do in terms of fixed term/standard rate, assuming we would be moving (hopefully) within 6 months of this time (worse case mid-2023).
3) What are the thoughts on 'home-change' or 'part ex' on new builds? We would like to go into a new build (I actually had a really good experience on my current one!) and can see there are home-change and part-ex offers to ease the transition. Does anybody know how/if this would work with the HTB I am selling? DO they typically offer lower than valuation due to the 'ease' of the offer?
4) To help with this process, who would be best to talk to? Would it be a mortgage advisor and would they be able to provide advice on the above? I used one for my current property but was much simpler than this.
Thank you in advance and I look forward to the discussion!
Dan
0
Comments
-
Sorry for the bump! Just wondering if anybody has a view on the above at all please? 0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.9K Banking & Borrowing
- 252.4K Reduce Debt & Boost Income
- 452.7K Spending & Discounts
- 241.8K Work, Benefits & Business
- 618.4K Mortgages, Homes & Bills
- 176K Life & Family
- 254.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards