Part Exchange

glen8

No phone call today...maybe tomorrow

glen8

GSCSwad wrote: »

Around £105k.

You should just be able to do it

They should offer you £115,000 for yours which means you have 10k equity

If you can secure a mortgage for 150k you have 160k to spend

They should drop there's to 160k no problem and you could even push for stamp duty and/or legal fees

The only problem is going to be this 30% as you are 10k down

Speak to them

GSCSwad

If I brought the house for £160k then the 30% is cleared.

I'm going to pop down and see them tomorrow, and see what they say. Thanks for your help.

peter1910uk

We are also in the process of a negoiating a possible part exchange. The builder has already said the price of the new house is "flexible" so I am going to go for the jugula! They are falling over themselves to sell.

I except they will probably offer less for our exisiting house - as long as this is reflected in the discount from the new house I don't really care!

Remember it is the end of the month coming up and they all work on montly targets! It could even be there financial year end (if they tie up with the tax year, and some companies do!).

Good luck with your deal.

GSCSwad

Did you get a mortgage offer before you enquired?

I have been waiting on the mortgage side of things until I know what my house will be sold for.

I'm not nervous about selling my house under price, because from reading this forum it seems I will definately get the price knocked down. I am however nervous that I wont get a mortgage high enough to get the new house.

I have been told by our mortgage advisor that things are changing daily.

glen8

The builders should get their mortgage broker to ring you and find out the maximum you can afford. You'll get a verbal mortgage offer in principal and they'll let the builders know. You don't have to go with them!
They are all different, ours told us we could take out £191,000 :eek: No way am I taking on a debt of that amount. Still, it tells the builders we can afford the house we are looking for.

You can always go to a few banks websites and fill the online calculators in to find out yourself. I'd visit 4-5 to get a rough idea.......westbrom are pretty tight, abbey and britannia seem ok

GSCSwad

Another slant on my situation, is that on joining the company I am now with I was offered £5k on my salary or a company car. Because of car problems with the last one I brought I took the car option.

Now I will get a pay rise this month which I can prove, but is there any way I can prove that I took the car option which monthly saves me money? maybe a letter from my employer?

The reason I ask this is that it must be a common problem.