Mortgages

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Mortgages

Postby RagDoll » Thu Apr 29, 2010 2:12 pm

Hi,

This is probably a daft question, but work with me, haha. Say you're looking at a 90% mortgage deal and you have 80% of the 10% deposit required in cash (if that makes sense.. to make life easy, if say, 10% is 10,000, you have 8,000 already), but the other 20% is tied up in the house, does this matter? or can a mortgage be agreed on the principle you'll get the money when the house is sold?

Thanks!
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Re: Mortgages

Postby Bel Bel » Thu Apr 29, 2010 4:44 pm

Any equity in your current house will count towards a depoit on the next - I think that's what you asked
However you can't guarentee what you will sell your house at so make sure you do your sums based on teh minimum you are willing to accept for the current house. Also rememebr all the fess you have to pay for survey, solicitors, estate agents selling and buying fees.
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Re: Mortgages

Postby RagDoll » Fri Apr 30, 2010 3:14 pm

Yeh, that's what I was asking :)

Our situation is slightly complicated by the fact we don't currently have a mortgage, so it's more a case of selling the house, paying his Dad back the money we owe him and keeping the money that's left over that we've already paid him back, to use as a deposit for the next house. Hope that makes some sense!
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Re: Mortgages

Postby Bel Bel » Fri Apr 30, 2010 3:34 pm

As long as the house your selling is in one of your names it will be fine.
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Re: Mortgages

Postby RagDoll » Thu May 06, 2010 5:18 pm

Thanks for confirming :) We're going to see a mortgage adviser on Sat.

Just wondering if anyone has recently marketed their property and how they found it? I know the housing market is supposed to have picked up a little bit since the huge slump. Would be curious to know people's experiences?

I'm concerned we won't be able to sell ours for what it was bought for (was purchased in Sept 2008), which means we can't move :(
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Re: Mortgages

Postby Bel Bel » Fri May 07, 2010 12:43 pm

I just sold within 2 weeks of putting on the market. However I do live in an affluent area and my buyer has come form London so they are getting substantial more for their money than they can get in their own area. I did have lots of viewings from both Londoners and local people.
We sold ours for the same amount we paid in October 2008 although we had made some improvements.
I think realistically you will probably get less.
Get an estate agent to give you a valuation, it should be free and with no obligation to market the property with them.
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Re: Mortgages

Postby RagDoll » Fri May 07, 2010 2:59 pm

Thanks.

We can't afford to make a loss, so if people are offering less than what we paid for it, we'll be stuck where we are until the property market picks up. We have too made some improvements, so we might be able to get back for it what we paid. I hope so anyway.

We're obviously going to get estate agents evaluations, but I was just after people's personal experiences.
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Re: Mortgages

Postby Bel Bel » Mon May 10, 2010 11:16 am

If you need a minium amount then I would put it up for sale "Offers in excess of £xxx"
The estate agents valuation will give you the best guide to what you're likely to get
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Re: Mortgages

Postby RagDoll » Thu May 20, 2010 10:36 am

Just thought I'd come back and let you know that so far, the estate agents have been valuing our house a little above what we paid for it in 2008, so that's good :)

It's likely it'll go on the market next week, though we don't know whether to hang on as there's a good chance Home Information Packs (HIPs) will be scrapped by the new Government. When is another question though!!
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Re: Mortgages

Postby Bel Bel » Thu May 20, 2010 11:58 am

Most estate agents will do a deal where when you sign up with them you can get the HIP for £99. Is it worth delaying selling to save £99. As you say when will it happen

Good news on the value :D
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Re: Mortgages

Postby RagDoll » Thu May 20, 2010 1:26 pm

looks like I was right, had a sneaky suspicion it might be sooner rather than later:

http://business.timesonline.co.uk/tol/b ... 131575.ece
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Re: Mortgages

Postby Bel Bel » Thu May 20, 2010 3:28 pm

Woo that was quick.
Well that's great news for you.
Good luck with the sale
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