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Procedure for selling one house, buying another

What is the best way to attack this keeping costs down and not having to live in a tent at any point.

Outgrown current house and need to get something bigger but have no idea how to go about it, do you sell your place first and try find something in between sale point and exchange date.

Also can you move the mortgage from one house to another keeping existing fixed rate or do you have you wipe out current mortgage on point of sale and get another once move.

Located in Scotland and mortgage via Nationwide at moment.

Thanks

Comments

  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    You find another house to buy whilst selling your current house. When selling your house and buying another your existing mortgage is paid off, and a new one started for your new house - it's unlikely you'll be able to keep your existing fixed rate mortage in place for your new house.
    "You were only supposed to blow the bl**dy doors off!!"
  • confused31_2
    confused31_2 Posts: 1,272 Forumite
    nationwide let you port your mortgage over, well they told me i could port my fixed rate over, but obviously anything extra you borrow as to be a on one of nationwides current deals.

    confused
    I am not a Mortgage Adviser
    You should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • beecher
    beecher Posts: 2,497 Forumite
    I'd contact Nationwide to see if you can port your existing mortage over and check if you can borrow enough to buy somewhere bigger. Then make sure you've got a solicitor in place whose advice you trust - they're invaluable!

    You really have to sell before you start putting offers in for other places so maybe just keep an eye on properties you're interested in once you've got yours up for sale. Your solicitor will be able to make sure that the entry dates tie up for the house you're selling and the house you're buying. Good luck
  • gogsboy
    gogsboy Posts: 527 Forumite
    Thanks for the advice, I guessed the ideal way would be to make sure the dates tie in but in reallity that is not guaranteed, so wondered what the implications are there for example if your sale was to fall through.

    Nationwide did tell me I could take my mortgage with me if you like but were not specific on this so guess there will be bells and whistles attached.

    Doubt they would want to leave me on the 5yr 5.44% fixed I am currently on with 4yrs remaining.

    Situation is current mortgage at about 58k, value of property around 170-180k maybe less if what they say about the market is true, hoping to buy something around the 210k mark.
  • confused31_2
    confused31_2 Posts: 1,272 Forumite
    im in a similar situation to yourself i have my house up for sale 170,000 and i owe about 50,000 on my 5 year fixed rate at 4.69, which has 2 years to run october.

    Hopefully i will sell in the next 2 years, but the nationwide said i could keep my fixed mortgage and port it over, they then told me any additional borrowing would have to be one of their current deals.

    I was going to borrow another 50,000, and worked it out with the fees that i might aswell just go on there svr for the time being, and if theres a sign of it going up jump off onto a fixed rate which you can do at anytime.

    But im sure they will let you port it over, if your like me and you have never missed a payment since ive had my mortgage im sure they will want to keep you.

    confused
    I am not a Mortgage Adviser
    You should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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