Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Belladonna14
    • By Belladonna14 17th Apr 18, 11:46 AM
    • 10Posts
    • 3Thanks
    Belladonna14
    Mortgage for moving house
    • #1
    • 17th Apr 18, 11:46 AM
    Mortgage for moving house 17th Apr 18 at 11:46 AM
    Iím confused! (It doesnít take much!)
    We are wanting to move house later this year if possible. We are looking for something with a better suited family layout. After getting house valuations and quotes for building work, making the changes to our house will cost more than what would add value to the house.
    I am so confused about working out what we can afford for a new house.
    I have rang my current mortgage company but they will only let us go ahead with an application if we have sold, and had an offer accepted on the house we want to buy (even though we havenít found one!).
    I canít really start looking at houses to buy until I have an idea what the mortgage company will offer!!!
    We went to look at new houses and were told again that we cannot consider until we have an offer on our house.
    Does this mean we have to sell our house, then apply for a mortgage, and then look for another house?
    The last time we sold, we sold quicker than what we expected so we did sell first and then buy, but as a result we panick bought this house with the wrong layout. I donít want to make the same mistake again!
Page 1
    • the_quick
    • By the_quick 17th Apr 18, 1:10 PM
    • 66 Posts
    • 37 Thanks
    the_quick
    • #2
    • 17th Apr 18, 1:10 PM
    • #2
    • 17th Apr 18, 1:10 PM
    Arrange a meeting with mortgage adviser, he/she would be able to assess your financial situation and tell you more less how much bank would lent you.

    But yes, you have to sell your house first (get an offer on it)
    • lena_halo
    • By lena_halo 17th Apr 18, 2:06 PM
    • 111 Posts
    • 88 Thanks
    lena_halo
    • #3
    • 17th Apr 18, 2:06 PM
    • #3
    • 17th Apr 18, 2:06 PM
    As the_quick says, you need to meet with a mortgage broker, preferably an independent one. Some of them "live" in estate agent offices, even though they're not affiliated with that estate agent, so might be worth popping into your local estate agents and asking to speak to one of the brokers there. They should be able to tell you how much you could afford and how much deposit you'll need etc, give you a much better idea of how things work.

    Good luck!
    • Belladonna14
    • By Belladonna14 17th Apr 18, 3:13 PM
    • 10 Posts
    • 3 Thanks
    Belladonna14
    • #4
    • 17th Apr 18, 3:13 PM
    • #4
    • 17th Apr 18, 3:13 PM
    Thank you. We did use a broker when we moved to these house but itís only after we moved that I found out that they didnít look at all the market.
    Iím not sure if we the fee we paid would cover advice about this too, I will have to dig out the original paperwork.
    I wouldnít even know where to start finding an all of market broker.
    It all seems so daunting!
    • sitesafe
    • By sitesafe 17th Apr 18, 4:02 PM
    • 448 Posts
    • 857 Thanks
    sitesafe
    • #5
    • 17th Apr 18, 4:02 PM
    • #5
    • 17th Apr 18, 4:02 PM
    I was asking the same as you a while back - was told by my current mortgage provider they would not give me an agreement amount unless I'd made an offer on and had an offer on my property. I needed to know how much I could borrow so I knew what price ranges were available to me before I went looking. I did see a broker and he was very helpful guiding me through the stages - I came across him by accident when I rang an estate agent about a house I saw and explained my situation. I think you are encouraged to at least have your place valued by 3 estate agents and then have your house on the market as you'll be taken more seriously. He said he could find mortgages and agreements in principle where I still hadn't made an offer or had an offer put in on mine though. I left it that I'd go away and get mine on the market first.

    If you google 'whole of market brokers' you should come up with lots of relevant info
    Last edited by sitesafe; 17-04-2018 at 4:05 PM.
    • Thrugelmir
    • By Thrugelmir 17th Apr 18, 6:51 PM
    • 58,892 Posts
    • 52,217 Thanks
    Thrugelmir
    • #6
    • 17th Apr 18, 6:51 PM
    • #6
    • 17th Apr 18, 6:51 PM
    [QUOTE=Belladonna14;74172978
    I canít really start looking at houses to buy until I have an idea what the mortgage company will offer!!!
    [/QUOTE]

    All the major lenders have online mortgage calculators. This wil provide you with a guide as to what you could potentially borrow.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

135Posts Today

1,648Users online

Martin's Twitter
  • We all knew we'd win in the end. Never in doubt! ....walks away whistling

  • Yeeesss. Phew. Wow. Uh. Oy yoy yoy

  • It's interesting that 80% of the crowd are young women... According to the close ups we keep seeing anyway.

  • Follow Martin