Hi,

First post so please be gentle with me!!!

We would like to move house (i can hear the gasps in the current climate) however,

We do not have a lot of cash, well none really but i think we have about 20k worth of equity in the house.

Would it be possible to move and have all these expenses coming out of the profits of the sale?

Anyone ever done this or anythinf similar?

Please only post if you have anything constructive to say, i posted this on another site , wont mention it, and got a torrent of nasty comments.

Many Thanks

You say you think you will be left with £20k. Out of that you will need to put down a deposit (most likely a minimum of 10% in the current climate), stamp duty (if applicable), solicitors costs (about £1000) plus other disbursements. Plus you are likely to have to pay an estate agents fee if you are using one. It's difficult to tell if it's possible as we don't know the value of the property you are thinking of. Also, if you currently have a mortgage, do you have an early repayment charge?

You may find that if you can find a property of the same value, you can 'port' your mortgage to the new property. Something worth investigating - call your current lender and find out.

thanks for your reply.

my house is worth around 100k with an outstanding mortgage of 78k.

my current mortgage provider will allow me to port the mortgage to another property. is this the same process as buying another home? sorry mortgages and moving house really confuse me.

my current provider has a 3k redemption if i leave them

You will be hard pushed to move house with no cash

Can you (shock horror) get a further loan / mortgage ?

You are looking at about £10k to move (plus your £3k redemption)

thanks, i know it looks a bit tight for a move really.

In all honesty im not sure who you pay and when you pay them when you move house. not sure if you have to have the money in the bank before you move or if the money is paid from your equity by the solicitor.

Hi,

I think your current lender is allowing you to move home using your current mortgage. This may save £3K redemption charges. However may charge you with administration charges like change of address on existing mortgage or differences on amount owe etc + (Solicitors fees )If you don't have cash for this, lender may top up your amount you are borrowing. (i.e from £78 to £83) depending on assessment. The more changes you make to your current mortgage, the more they will charge you for administration charges.

Or try a mortgage broker? Respectable one! I had use one before and manage to get a good deal, however that was when borrowing was easier.