To sell my home after 2 years

[Pontoon10]

Have paid the required mortgage payment every month for the last 24 months, 35 year term however because of the interest I've only actually paid off about 1k of the total balance which is disappointing..
My deposit was 15%, flat was bought for a very low price. It needs a couple of window repairs, it's a very old property and there are two windows which do not open, I need to get this sorted beforehand, it also needs a new oven.
Other than this the property is in good condition and is in a nice area and quiet. Not had an official valuation yet but according to the online one it's gone up at least 10k since I bought it.

I know nobody can tell me for sure on here but based on what I've said, would I even make a few thousand on it? I'm planning to sell as a chain to buy something with my partner, it's the only way I can raise a deposit.

I'm new to all this and just scared I won't even make back the deposit.

Have you factored in estate agents' fees and solicitors' fees? These could easily add up to 5-10k depending on the value of your home. And if you're tied in to a fixed rate mortgage deal you will have a redemption penalty.

A higher proportion of mortgage payments go towards interest in the early years which is why you haven't noticed much reduction in the mortgage balance, especially with such a long term the repayment is spread over.

But none of that really matters. If the house is no longer right for you and your circumstances, then sell it and find something more suitable

This doesn’t sound right - what interest rate are you on?

Most people use the equity in their home for the deposit of their next home, so even if you've not paid off alot of the mortgage you may have more equity if the value increased
However factor in stamp duty on your next property and as pp have said too legal fees for buying and selling and estate agent fees.

5-10k 😮 I had a 2 year fixed rate which has just ended,

This website can give you no obligation quotes for buying and selling

www.reallymoving.com/quote-forms/conveyancing?utm_source=google&utm_medium=cpc&utm_campaign=21415652045&utm_content=&utm_term=&loc=&refID=ggle_conv&gclid=CjwKCAjwy7HEBhBJEiwA5hQNolTkl5kpKVxoQ7obpuzi5THxwhDBrqzoPATJFaLEv_tRN1jGlIzyYxoCqEkQAvD_BwE&gad_source=1&gad_campaignid=21419694880

Won't be stamp duty luckily as under the price

I don't know where you are based, but in many areas most people (unless they have done significant work themselves) would struggle to make money after 2 years in the current market. However, if you want to move then you just have to accept what you can get for it.

Make sure you double check the stamp duty limits as they all changed in April and not for the better and if only one of you is a first time buyer unfortunately you get charged the full rates.

Estate agents fees are typically 1.5 percent now lowest unless you do a fixed price but there’s no motivation for them to sell it now. Stamp duty, solicitors for buying and selling 2k min moving fees, then your survey, etc easy 5k with hidden little costs here and there

Deleted. Hadn't read the OP's first post properly...

Are you sure that’s right? My niece bought less than a year ago on a single salary and has already paid off £5k.

Online valuations are total hogwash and give people a completely unrealistic impression of the value. The only way to get an accurate valuation is to get at least 2 local EAs to go round and appraise it.

Why do you want to sell? It’s highly unusual to sell up after only 2 years unless there’s a compelling reason. Moving house is a costly business every time you do it: stamp duty, legal fees; survey; EA fees; removal costs, and then additional costs of de orating the new home, etc. It’s financially foolish to do it too often.

Also, it’s very much a buyer’s market currently across the country, and you may well struggle to sell at the price you want.

Can you rent it out? If you’ve only been with your partner less than 2 years is there a big rush to buy somewhere together? What is your partners financial situation? Does he currently own?

Have 3 EAs to value it, so you can at least get the mean and median averages.

Check with your mortgage lender about the amounts.

When I sold my last house, I paid 1% to the EA. I think solicitors’ fees were about £1000 (small house) but this was 10 years ago.

Chances are you're going to break even on it, but considering you'd otherwise be £k down on renting, it was still good to buy.

But nobody here can really tell you about the value - I bought my house 2 years ago and it's gone down a little according to a couple of online websites, my friend brought elsewhere exactly the same time as me and recently sold for £40k up on a £280k property. She spent £12k on a kitchen but did nothing else. So it's just regional etc.

We sold in March, we’d been there 2.5 years, zoopla said our house was worth £505k we sold for £475k so I wouldn’t get your hopes up about the online valuations. We also sold at a small loss, but we moved because of neighbours. As others have said stamp duty, estate agent (1% plus vat) solicitors, removals etc. in total I think we spent a good £15k moving!

I didn't see a real dent in the mortgage amount left for about 10 years on my 35 year mortgage. Then it started to drop gradually each year. What made a huge difference was overpaying by £50 a month.
After only two years you're probably going to break even if you're lucky. Can you look to get consent to let from your lender and rent out?

online valuation had my house at over 300k its not that at all

do you have to buy right now-and why have yourn payments not knocked anything off the mortgage do you have an interest only one

I agree. Consider renting it out even if it's just short term.

Why do you want to move? Some people may be suspicious about the house if you’ve lived such a short time.

24 months into your mortgage will hardly make a dent to the outstanding balance. I thought tge same with my house,I took a 7 year interest only break. 5 years ago my repayments were a little over £100 per month so I paid off the balance in full. So 24 years with a 7 year break is doable.
Leave things as they are for now. If you're struggling, consider getting a lodger or Airbnb. A lot of medical practioners and specialist engineers need boarding ,usually on week days

You can usually take lodgers and students without consent from your lenders as they have,the lodgers have no statutory rights.

The first few years of paying a mortgage hardly touch the capital. You need to overpay to see any capital reduction in the first 5 years or so, even £50 makes a big difference. Use money saving expert overpayment calculator to see the impact it has. A 35 year mortgage will take years to feel like you’re making a dint unless you overpay. Seems an odd reason to move as it’s pretty common knowledge that you barely pay down capital in the first few years of a mortgage. This will be the case with any mortgage you get, on your current property or a new one.

It'll cost more than £10k to move. We are moving now and it's going to cost £15k. Estate agents, solicitors, stamp duty, removal fees.