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Please talk to me like I’m a child about house move

2 replies

Fuddyduddy2 · 09/10/2022 14:12

Long story short, we want to sell our house next year. We will have only been living here for 18 months but it’s just not ‘the one’. I know the market is expected to crash / or prices will drop. We will have done some work, but not really enough to ask for more money than we paid in my opinion. My thinking was that as long as we don’t end up in negative equity we’ll be ok (can port the mortgage and any house we bought would be equally as reduced as the one we sell). Have about 80k equity and I can’t see prices dropping by that much but who knows 🤷‍♀️ Mother seems to think that it’s an awful idea and we’ll lose money as the market will be slowing but wouldn’t that only be the case if we were in negative equity? Can’t work out who’s right!

OP posts:
SheWoreYellow · 09/10/2022 14:14

If you buy something by for the same value as your current house, then the only money you’ll lose is fees and stamp duty. Check you can port your mortgage.

Fuddyduddy2 · 09/10/2022 14:17

Thank you, this was my thought but I didn’t know if I was missing something! Yes, good idea about the mortgage. I know it is a portable one, but I guess as we secured at a low rate the bank could be very awkward / reluctant to let us port it

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