+ Post New Thread
Results 1 to 5 of 5
General Chat Thread, Moving House in General; We now have a baby so would like to move from a top floor flat (2nd floor). This was bought ...
  1. #1
    nicholab's Avatar
    Join Date
    Nov 2006
    Location
    Birmingham
    Posts
    1,468
    Thank Post
    4
    Thanked 97 Times in 93 Posts
    Blog Entries
    1
    Rep Power
    50

    Moving House

    We now have a baby so would like to move from a top floor flat (2nd floor). This was bought in September 2010 for 101,500 do people think there is like to have been an increase in value? The single bed across the way went from 66K to 78K in a year! We would like to buy my brother in laws house this is likely to be 115-120K. What are the best ways of mortgage stretching? Is it worth paying the sofa from Next off early (125 left)?

  2. #2

    Michael's Avatar
    Join Date
    Dec 2005
    Location
    Birmingham
    Posts
    9,262
    Thank Post
    242
    Thanked 1,568 Times in 1,250 Posts
    Rep Power
    340
    The only way(s) are either talking to your bank or an independent financial advisor.

    As for Next, it depends how much interest you're paying. If it's zero, there's no point paying it early.

  3. #3

    sonofsanta's Avatar
    Join Date
    Dec 2009
    Location
    Lincolnshire, UK
    Posts
    4,943
    Thank Post
    862
    Thanked 1,442 Times in 991 Posts
    Blog Entries
    47
    Rep Power
    616
    Depends on where you live - the housing market varies across the UK - and what significant work you've done since having it, but I wouldn't get your hopes up. There are online calculators about - Nationwide is one - but when I last remortgaged, Nationwide's calculator said my house had gone up 10k in value and the surveyor reckoned it had gone down 10k, despite the work we'd done.

    The only way to stretch a mortgage, as far as I understand what you're asking, is just to reduce the relative worth of your capital. After the surveyor stuffed us over last year, we ended up opting for an 80% mortgage instead of a 75% and therefore paying more interest.

    As has been said, though, talk to a proper adviser - Countrywide or someone - as we are far from experts!

    (Don't forget to factor in how much it costs to move as well - estate agents, solicitors, removal men, stamp duty, the cost of doing up your new place to look alright..."

  4. #4

    Join Date
    Nov 2009
    Location
    Manchester
    Posts
    1,049
    Thank Post
    6
    Thanked 199 Times in 179 Posts
    Rep Power
    52
    Think positive, you shouldn't have lost money, you bought when houses weren't at the top.

    The rest depends on a lot, how much equity you put into your house to start with. If you had a 25% deposit on your 100k house and you sold and got your money back. You will probably have enough to put down a 15% on your new house, if you only put down 10% then your obviously in a different situation.

    As for the sofa, well it would remove it from your affordability calculator, freeing up about 20 a month maybe. But then every penny could count.

    Edit: Also ignore the house price calculators, because some areas have gone up even when the region has gone down. Technically you can buy a house for 50k that had no roof and needed everything doing to it, then the house calculator will tell you your house has gone down by 10% still... they aren't accurate. Neither is Zoopla etc. Best way to get a valuation is an "expert" or just look at nearby properties that are similar.
    Last edited by Achandler; 6th June 2012 at 01:47 PM.

  5. #5
    JoeBloggs's Avatar
    Join Date
    Jun 2010
    Location
    Leeds
    Posts
    544
    Thank Post
    160
    Thanked 75 Times in 52 Posts
    Rep Power
    35
    I would speak to your current mortgage provider. Then speak to someone like mortgagetalk

SHARE:
+ Post New Thread

Similar Threads

  1. Moving House
    By Millgate in forum General Chat
    Replies: 7
    Last Post: 30th August 2011, 12:08 PM
  2. Storage space, moving house
    By maestromasada in forum General Chat
    Replies: 0
    Last Post: 26th November 2010, 08:14 PM
  3. Yay..house moving time !
    By Jake in forum General Chat
    Replies: 21
    Last Post: 30th April 2007, 07:11 AM

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •