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    • AHIM
    • By AHIM 3rd Oct 17, 10:12 AM
    • 4Posts
    • 2Thanks
    AHIM
    Upsizing
    • #1
    • 3rd Oct 17, 10:12 AM
    Upsizing 3rd Oct 17 at 10:12 AM
    I purchased a property in 2009 for 200000 and am looking to upsize to a property worth about 550000. I have a number of questions regarding this which I hope you can help me with:

    A) The price of a nearby flat of exactly the same size and shape recently sold for 325000. Another flat of exactly the same size and shape went for 295000 in January 2016. Would it be reasonable to conclude from this that my flat would have increased to at least 325000? Also, I have paid 130000 into the flat. As such, could I conclude that the deposit for a new property would be 125000 [profit from flat] + 130000 [equity] = 255000?

    B) I don't have too much cash in hand at the moment (only 5000) so presumably I would need to save up for stamp duty (or could I use the profit from my existing property for this)?

    C) My salary is currently about 57000. I am guessing that I would be allowed to borrow about 4 times my salary from a bank. That would mean about 228000. Is this a reasonable assumption?

    D) Other expenses include solicitors fees, estate agents etc.... How much does this typically cost?

    E) I am 39 years old. Can I still get a mortgage as I have read in a few places that the payment for mortgages should be completed before the age of 65. Is this correct?

    F) Are there any other expenses that I have missed?

    Thank you
Page 2
    • Mutton Geoff
    • By Mutton Geoff 4th Oct 17, 6:20 PM
    • 1,144 Posts
    • 1,252 Thanks
    Mutton Geoff
    That is what bubbles (Ponzi schemes) do, they distort people`s idea of value.
    Originally posted by Crashy Time

    An economic bubble is nothing like a Ponzi scheme.


    I read your posts with interest but I wonder whether you've actually owned any property or seen real losses and gains in the property market?
    Compensations/Refunds from Banks & Institutions - 4,165 | Stooz Profits - 7,636 | Quidco - 4,014

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • Crashy Time
    • By Crashy Time 5th Oct 17, 12:26 PM
    • 6,245 Posts
    • 2,379 Thanks
    Crashy Time
    An economic bubble is nothing like a Ponzi scheme.


    I read your posts with interest but I wonder whether you've actually owned any property or seen real losses and gains in the property market?
    Originally posted by Mutton Geoff

    "A Ponzi scheme is a fraudulent investment operation where the operator (banks) generates returns for older investors (boomers) through revenue paid by new investors (FTB`ers)"


    (and in the process generate fat returns and bonuses for themselves until it all collapses and the taxpayer has to bail them out)


    "Liar Loans" were one of the main tools that got this madness going, you should google that as well
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