HELP! Advice Please? HELP! Advice Please? HELP!

[DopeyDawg]

Sorry for melodramatic title but feeling very panicky...

Live in house HAVE to move from for both personal (health reasons) and financial reasons.

Just valued at £200K.
Likely to sell around £175 as market poor here.
Outstanding debts £135 Mort, (int only) £10K cc.
Income: H: 25K, me none to due illness.
The mortgage compared to the income is ridiculously high.
We got into this mess due to ill health and we want to get out.

DESPERATE TO SELL HOUSE.

Have seen another house: £100K and suitable for health needs (adapted)
It is a repossession and not likely to hang around long.

Would we get a mortgage for around £80K if we could pay the balance as deposit, do you think?

Could we bridge????

Isn't the value and the likely price it will sell at the same thing?

So you think the house sale will leave you with £30k after clearing debts? Then you would need mortgage of £70k to purchase the adapted house? This seems reasonable for a salary of £25k. Whether you'd be able to bridge...hmm I don't know. It's a bit of a risk for lender if you're already in financial difficulties.

If your house is truly worth £200k (as opposed to 175k & the estate agent is trying to bump up commission) then you probably would be able to sell to a one of those instant buy companies for around 175k. My brother did the same with similar figures as he was desperate to move.

Hi youllLikeIt

thanks for replying.

The valuation was done by a local Surveyor, not an estate agent, so I think it is 'real' iyswim?
Take your point about 'value being what it will sell for' tho.
In Scotland so still have Home Reports here.
The HR says £200K but I reckon we'll only get around £175K ish as market here slow.

Called an 'instant buy' company.
They don't want crumbly Victorian houses.
They offered us £140K, which wouldn't cover the debt and would leave NO equity.

Oh that's no good then. Would you be keeping your mortgage with the same company? They might be able to give you an indication over the phone.

It's possible. We have a mortgage of £95k with nationwide based on dhs salary at the time of £17k. Taken out 3 years ago. We did have quite a good loan to value ratio (house valued at 160k) but it's definitely worth asking and doing some research.