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Advice please!!! Desperate seller to be!

(5 Posts)
AKissIsNotAContract Sun 10-Feb-13 06:56:12

So you reckon it would sell for 90-105k and you only have 5% equity - so 5k. I think you have little choice but to stay put. For a 120k house you will need 12k deposit at the very least, plus fees and stamp duty. I would say your best option is to stay put for a few years and continue over paying. If you sell now and rent how easy will it be for you to triple your 5k equity?

yawningbear Sun 10-Feb-13 06:37:39

We rented in between selling and buying and it didn't seem to make a difference, most important thing was having the deposit.

No harm in getting someone round to value it, and then have a think about what you want to do.

Sparkle86 Fri 08-Feb-13 20:38:20


I wondered if renting if we sold an hadn't found somewhere would make it more difficult to get a mortgage or not also?

jaynebxl Thu 07-Feb-13 14:54:11

There's no harm in getting an estate agent in to value the house now, just for an idea. Then maybe it would be best to wait until your partner's income can be taken into account too and what you can afford to buy instead makes more of a difference?

Sparkle86 Thu 07-Feb-13 14:45:14


I'm new here, a bit of a lurker but you all give fab advice so I wanted to ask for some help.

I bought a small, 2 bedroom semi detached house as a repossession, FTB around 6 years ago

I previously had an interest only mortgage, but it is now on repayments and I overpay on this. Very little equity in the property - maybe 5% maximum at a total push.

I hate the area the house is in. I knew this when I bought it - but I was young, naive and thought that getting onto the property ladder was the be all and end all. I also thought it would be a good starter property & I could sell it on in 2 years or so for something else - but the market crashed nicely just after I bought.

I'd like to sell the property - and from looking on rightmove prices vary wildly from 55k for absolutely ruined repossession properties up to 100-120k for slightly bigger properties making it difficult to value it myself. Houses are selling, albeit slowly. I'd guess I'd probably look for between 90 and 105k for the house but the estate agent may disagree.

I suspect the area will limit my pool of buyers - and many people who want to buy may struggle for a mortgage due to the location and property type. I'm probably looking at a maximum of £120k mortgage on my wage so I'm not going to be able to upgrade massively - but in 2/3 years will be able to take my partners wage into consideration for a mortgage. It can't be sooner.

Is it worth getting the house valued now- and seeing what the agent suggests, putting it on the market if its enough cash for us to pay mortgage & have small 'earning' for a deposit and if it sells before we are able to find something else renting a house - effectively becoming FTB types again or will this make it harder to obtain a new mortgage?

Would I be better off to wait 2/3 years, market this house and hope for a quick sale to secure a bigger/better house using both wages and being part of a chain?


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