Mortgages

[Borvad]

First time buyer, bought my place May 2014 and moved in Aug 2014.

From what Ive been told I 'won a watch' as it was reduced from its value.
From what I've done to it its now gone up in value.

The reason why I'm looking to possibly move is that the house I have although me and my neighbour have our own driveways with enough room for 1 car, the entrance is communal and as a result of it being semi-detached, he has to park across my living room window.....which although no fault of his, is starting to annoy me. pic attached.

The place I have spotted is only ten mins along the road from where I am and has its very own long driveway enough for poss 3 cars.


I am happily paying what I am monthly as a result of putting a large deposit on my house at the time, and I dont want to be in the position I have to put down a deposit again if I can help it. (dad died and left us some cash in 2013).
I've heard I could just use money I get from my own house as its now worth more? I dont know, being a first timer.

Any help/advice would be greatly appreciated. Thanks.

[Crombers]

As a second time buyer you'll use the equity (sell your house minus estate agent, legal fees etc, minus what your current mortgage balance is now) from your current home.

For example : buy at 100000, sell at 115000 (less fees, say 3000 as above) & use the balance of 12000 towards the mortgage of your new home.

I'm sure someone can explain in greater detail but that's the basics

[Borvad]

As a second time buyer you'll use the equity (sell your house minus estate agent, legal fees etc, minus what your current mortgage balance is now) from your current home.

For example : buy at 100000, sell at 115000 (less fees, say 3000 as above) & use the balance of 12000 towards the mortgage of your new home.

I'm sure someone can explain in greater detail but that's the basics

my brain hurts

[MINI William]

As a second time buyer you'll use the equity (sell your house minus estate agent, legal fees etc, minus what your current mortgage balance is now) from your current home.

For example : buy at 100000, sell at 115000 (less fees, say 3000 as above) & use the balance of 12000 towards the mortgage of your new home.

I'm sure someone can explain in greater detail but that's the basics

Not a bad way to describe it.

[MrMischief]

What they said above is pretty much bang on, shop around for mortgages although I guess you may be tied to a lender just now, check with them what deals they'll do for you (don't accept the initial deal, push them hard!)...have you got an IFA? They can get some better deals that would otherwise be "hidden"...I have 4 on the go just now & looking for another property

[CiderFex]

We always use a mortgage advisor when we move house.
The cost is around £250 and the deals she has found us in the past are just unreal.
She has been more than worth it for the £750 that we have paid her the last three times that we have used her services.
The best deal that I can remember is when we remortgaged for an extra £15K to have double glazing and uPVC fascias fitted to the four bed that we were in.
The length of the mortgage stayed the same and so did the monthly payments.
Basically we were given £15K for swapping our mortgage.
Result.
:)


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[MrMischief]

Good IFA's shouldn't request a fee from you, they'll take it from the lender

[bpirie1000]

Just tell neighbour to sell his car... Easier....

good of luck with the possible move....

[Ivano]

or swap spaces with your neighbour and you can look at your MINI all day long. Can't argue with that!!