I've never sold a house before but now I may want to. Please help organise my thoughts(3 Posts)
I live in a semi I owe approximately £70,000 on mortgage. At a rough guess ( comparing houses in our street) ours may go for £150,000.
I have seen a house for £150,00 so how does the mortgage bit work. Is it that I'm putting a 70,000 deposit down and would need a mortgage of £80,000.
I live in a nice semi. We've spent about £40,000 doing it up and it's been extended and looks nice. We did it out of savings so not on a mortgage or loan. I love the house but one bedroom is way too small and the neighbours are ok but a bit noisy ( not too bad tbh)
The house I've seen Is detached, slightly smaller but we could extend and make it really contempory. I can afford to do this over the next 3 years, again out of earnings and savings. This means that DS could have a decent size room and not a shoe box.
The other thing is, an offer has gone in that has been accepted but the buyers have been dragging their feet and haven't done anything in the last month so the vendor is still taking viewings.
You need to get 3 estate agents round to discuss marketing your house and then get it on the market ASAP. Then discuss the financial side with your mortgage provider.
You will then know exactly where you stand financially. If you make an offer on a house before you have sold - at least exchanged, you probably wil not be seriously accepted.
Whether you move depends on your need for a different house / area.
I think first, you have to accept that the house you like will probably have been sold by the time you have found a buyer and are able to make an offer. If this were the case, would you still want to sell up?
Yes, if buying a £150k house and you have £70k you need a mortgage of £80k. You will have fees for the mortgage but they can be added to the loan. Also stamp duty, solicitors, EA fees to pay in cash, so this may reduce the deposit and increase the mortgage.
The easiest way to get a mortgage usually is to stay with your current provider and 'port' the loan to the new house. See if you can get a Decision in Principle to do this. You will need a DiP from someone (lender) before you are taken seriously as a buyer anyway.
The other thing to do is get 3 agents round to give you a valuation, Id include the EA selling the house you want.
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