Looking to move, again.

Swans1912

Hi All,

My Partner and I bought our first house last year when we were both on a far lower wage, £14K for me and around £16K for her. We have a mortgage for £100K with the house on the market for £115K this time last year.

We would like to move to a house on the market for £150K as we are now both on 23K. However based on the current market I would guess we would of lost money on our 2 bed mid link + garage house.

If I'm thinking of moving what do i need to bare in mind? I'm currently on a 10 year fixed mortgage so will there be fees that i need to pay?

Any help would be great!

beecher

Have a look at your mortgage offer and see what the early repayment fees are. They're likely to be fairly large after only 1 year into a 10 year fix. However, check to see if your mortgage is portable as then you may be able to move it over to your new property.

Obviously you have to factor in estate agent costs, solicitor fees, stamp duty, removal costs etc too.

I'd also maybe get your house valued, as it is possible that it is now valued at less than £115. This may mean you have a high LTV and can't get any of the better mortgage deals.