Remortgaging/ selling first house and buying a new one

[mslava]

Hi,

We lived in our first house for a few years but never felt settled and are looking to move. We are due to remortgage in October. Do we have time to sell/ buy? What do we need to do first - call a mortgage advisor or have our house valued? It’s all a bit confusing.

We bought at a time where they weren’t any stamp duty concessions etc for first time buyers so remember paying a big chunk of our savings (2016). I imagine it’s going to be even more now. We have some savings but our income is a bit lower than before - how do we check what we can afford.

I appreciate any help. Many thanks.

I am in a similar situation to you and my mortgage is due in Feb next year, plan was always to sell as I hate the house/area.
Can you port your current mortgage to a new house?

I would start by having your house valued and then see a mortgage broker to see what you can afford. We are going to part exchange ours for a new build so we will do a similar thing.

You can take some money out of the equity to pay for stamp duty if needed rather than needing masses in savings, if that is an option ?

There are mortgages you can get that have no early repayment charges. We used one to tie us over for a month before we moved house and then got a new fixed mortgage.

You can just move onto the default rate without locking in if you e d up moving later than November. It will probably be more, but only for a few months.

Both, arrange appt with mortgage broker but get a local agent to value your house too. Then you will have most up to date figures for broker and can start to make plans.
You can move onto a product with no ERC's in Oct, or your broker can make sure you get a portable mortgage product. Be helpful to know roughly what you might be looking to buy when you move, if you need a lender that will stretch your incomes the most etc.