Sell/buy after just 1 year
Cluelessfirstimer · 22/09/2022 18:15
Looking to sell my house. Have literally been here 1 year but made a mistake - the area is too far away from my family and now I have a baby I'm just too lonely.
Anyone done this? Is it even possible? I've checked my mortgage and no mention of being able to port it so I guess would need to be a whole new mortgage. Likely to get accepted after such a short period of time with this mortgage ?
The whole process first time was confusing and long - and there were no chains involved. This time there will be as I would need to find somewhere first
Any advice welcome
Stripedbag101 · 22/09/2022 23:41
i assume you have a fixed mortgage? How long is it fixed for and what are the penalties for getting out early? Ring your mortgage provider and ask if you can port.
probably best to speak to a mortgage broker - especially with rates rising so rapidly now.
you will probably need to have your house on the market if you want to be taken seriously as a bidder for another property. Is the market moving quickly in your area?
TittleTattleOh · 23/09/2022 07:13
Yes it’s possible but it could cost you dearly.
I bought a flat and sold it six months later. Exiting the fixed rate mortgage cost £5000. In addition to that I had estate agent fees to pay and solicitors fees to pay.
I had the option of porting the mortgage but it had to be done within 6 months after selling the flat. I did not find anywhere suitable in time. Even if I had found somewhere suitable there were no guarantees as chains could collapse etc.
Cluelessfirstimer · 23/09/2022 09:54
Yeah its fixed until November 2023. That's what I'm worried about as I don't have loads of spare cash. I did get my house valued recently and they said i should be looking at marketing it for more than I paid for it (previous owner knocked a huge cunk off if we could move it faster which we ended up doing) so could I use that extra cash to help with costs? For ref - I paid £365k been told to market at £400k. Houses im looking at are about £350k in the area I want.
But I guess with interest rates at the moment It's probably not a good time..?
ChicCroissant · 23/09/2022 09:59
It's likely your mortgage has a financial penalty if it has a fixed-term element, I would check how much that is before making any decisions.
Cluelessfirstimer · 23/09/2022 10:12
Thanks - did chrck and its £7k yo pay it off early. Not horrific but still cash I don't really have :/ might have to wait it out for a bit..
Stripedbag101 · 23/09/2022 13:11
List all the costs, what a new mortgage would be at the higher rate then decide.
stamp duty £7.5k
estate agent £3k
so probably around £20k to move house. Then any cosmetic or other costs at the new place.
might be worth it if you are really unhappy In your current home
JauntyJinty · 23/09/2022 13:21
I think I'd see it as a red flag if someone was selling so soon after buying. Sure you say the area just doesn't suit you, but any buyer might be suspicious
You said the current seller dropped a lot, but a buyer will check what you bought it for online so might think you're trying to pull a fast one if there's a big increase.
Just think that's worth bearing in mind if you were thinking along the lines you could get back the £20k moving costs Stripedbag101 mentioned from the high sale price - it might not go for as much as you think.
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