Selling my house 1st time

22
Posted 23rd Oct
we have nearly finished decorating the house, valuation getting done on weekend.
I'm the owner and have 32k left on mortgage.
looking for a new home budget 165k and hopefully mine will get 110k price tag.
I am married and this time I will be listing him but the thing is I currently don't work. iv rejoined a agency but I heard I need 3 month slips for my self.
mortgage is with Halifax and have offered me 60k so I'm I working the maths right? hoping to pay 9k deposit so can I still get the house??
or shall I use a different mortgage broker?

help needed please.

also I'm thinking of using purple bricks
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Who's giving you the valuation? Purple bricks??
If you reckon your house is worth £110,000 and your mortgage has £32,000 left you have a lot of equity (just under 50%).

Can't you sell in 3 months in the new year? This isn't a great time to buy\sell anyway.

Assume this is a joint mortgage? Does your partner work?
Edited by: "darlodge" 23rd Oct
I’ve just sold mine very quick. Word of advice DO NOT use purple bricks you will be sorry and won’t sell .

I got 4 quotes of local agents price started at £1400 to £3500 . Agents will have people on the books already lined up for houses of certain types .

My first mortgage was with Halifax and couldn’t leave them quick enuff there absolutely stich you up in the long run with rates
110 - 32 = 78
78 + 60 = 148
148 - 165 = -17

Based on the facts you have provided you are £17k adrift from achieving your budget of £165k. So unless you can borrow more / sell for more or find the difference in savings etc... you are short on your budget.
In regards to borrowing there are tools on lenders web sites that will give you an indication of what they are likely to lend you, most of these allow two incomes to be inputted: do some comparisons and find a lender that is best value for you then call them to discuss the criteria they require.
I haven’t used purple bricks others will have more experience but if you want to sell quickly then perhaps paying for a more focused agent will help you achieve that... you could always try purple bricks for a bit if there is a no sale no fee option....
Good luck!
Try talking to nationwide. I’ve found them very good and more flexible than other lenders, they also have good rates too.

You still need all the same wage slips, statements etc as anywhere else (it’s standard practice for mortgages wherever you take one out ie affordability checks) but often they will offer a little more than say Halifax or Santander.

You also need to consider solicitors costs for both buying and selling, survey costs, stamp duty (if that applies check bands), estate agent costs, removal costs and any decorating/extra furniture you’ll need in the new house. As a rough guide you lose 25k of amount a bank will lend you for each child you or your partner have so bear that in mind if you have kids.

Running costs in the new house may also be higher such as council tax band, insurance, heating and lighting so remember to factor that into any expected expenditure/budgets.

Being honest I would probably stay put and overpay your mortgage each month to clear the £32k then think about moving. If your now working this could be achievable and would give you some time to get yourself into more permanent work.
ashmac23/10/2019 22:39

I’ve just sold mine very quick. Word of advice DO NOT use purple bricks y …I’ve just sold mine very quick. Word of advice DO NOT use purple bricks you will be sorry and won’t sell .I got 4 quotes of local agents price started at £1400 to £3500 . Agents will have people on the books already lined up for houses of certain types . My first mortgage was with Halifax and couldn’t leave them quick enuff there absolutely stich you up in the long run with rates


I paid fee of 0.5% or £900 whichever was highest when I sold my old house (I paid £900). I also had a quote from an agent that wanted 3% and the house I bought was through them and they were shocking. My agent was fantastic!
Edited by: "cmdr_elito" 23rd Oct
Re. Purple Bricks. I've just put my house on the market with a local agent. I looked closely at PB and in a poor selling market I didn't feel they would have much drive to get the house sold having had the money up front. Also, like Ryanair, everythings an extra. I think in a hot market it would be worth a punt, but unless you are super confident that your property will fly off the shelf a conventional agent (whos are very flexible on fees) may be a better bet.
Re. Mortgage Give London and Country (L&C) a go. Worked for me.
cmdr_elito23/10/2019 23:33

Try talking to nationwide. I’ve found them very good and more flexible t …Try talking to nationwide. I’ve found them very good and more flexible than other lenders, they also have good rates too.You still need all the same wage slips, statements etc as anywhere else (it’s standard practice for mortgages wherever you take one out ie affordability checks) but often they will offer a little more than say Halifax or Santander.You also need to consider solicitors costs for both buying and selling, survey costs, stamp duty (if that applies check bands), estate agent costs, removal costs and any decorating/extra furniture you’ll need in the new house. As a rough guide you lose 25k of amount a bank will lend you for each child you or your partner have so bear that in mind if you have kids.Running costs in the new house may also be higher such as council tax band, insurance, heating and lighting so remember to factor that into any expected expenditure/budgets.Being honest I would probably stay put and overpay your mortgage each month to clear the £32k then think about moving. If your now working this could be achievable and would give you some time to get yourself into more permanent work.


I also think overpaying and clearing off the £32k may be a better idea if possible, unless OP has already found their dream home. Even waiting 3 months to get the necessary pay slips would put OP in a stronger position.
Edited by: "jamie15" 23rd Oct
jamie1523/10/2019 23:42

I also think overpaying and clearing off the £32k may be a better idea if …I also think overpaying and clearing off the £32k may be a better idea if possible, unless OP has already found their dream home. Even waiting 3 months to get the necessary pay slips would put OP in a stronger position.


Agree. Also another thing to add is banks are very cautious about property values at the moment as they are falling, so OP may find that although their property initially sells for £110k, if someone is taking a mortgage the bank may value it at say only £100k and they may ask for £10k reduction to enable them to complete the sale, this could also apply in the OP’s favour for the property they are buying if that too is deemed lower value that what they initially agree and bank values it lower too.
Edited by: "cmdr_elito" 23rd Oct
Nationwide didn't ask for payslips, just a job offer was enough as long as permanent and stated in the contract.
darlodge23/10/2019 22:08

If you reckon your house is worth £110,000 and your mortgage has £32,000 l …If you reckon your house is worth £110,000 and your mortgage has £32,000 left you have a lot of equity (just under 50%).Can't you sell in 3 months in the new year? This isn't a great time to buy\sell anyway.Assume this is a joint mortgage? Does your partner work?


He works yea 9k a year. We also get child tax credit for 2 kids and he gets working tax credits.
It will have to be joint mortgage now
cmdr_elito23/10/2019 23:33

Try talking to nationwide. I’ve found them very good and more flexible t …Try talking to nationwide. I’ve found them very good and more flexible than other lenders, they also have good rates too.You still need all the same wage slips, statements etc as anywhere else (it’s standard practice for mortgages wherever you take one out ie affordability checks) but often they will offer a little more than say Halifax or Santander.You also need to consider solicitors costs for both buying and selling, survey costs, stamp duty (if that applies check bands), estate agent costs, removal costs and any decorating/extra furniture you’ll need in the new house. As a rough guide you lose 25k of amount a bank will lend you for each child you or your partner have so bear that in mind if you have kids.Running costs in the new house may also be higher such as council tax band, insurance, heating and lighting so remember to factor that into any expected expenditure/budgets.Being honest I would probably stay put and overpay your mortgage each month to clear the £32k then think about moving. If your now working this could be achievable and would give you some time to get yourself into more permanent work.


My son is sleeping in box room and just fits so a change is a must .
Thanks, I will ask nationwide too
Misslovely24/10/2019 01:28

My son is sleeping in box room and just fits so a change is a must . …My son is sleeping in box room and just fits so a change is a must . Thanks, I will ask nationwide too


Remember it kind of works like this (roughly):

Overall income for both of you multiplied by 4
Minus:
25k per child
existing debts including mortgages/loans/credit card/car finance etc
Regular Bills etc
Any other regular payments such as child maintenance

That will determine what they could potentially lend you and they will also apply further affordability criteria such as could you still pay if interest rates went to 6-8% when they are currently around 1-3%

It maybe cheaper to do a small extension if you have a house...
Edited by: "cmdr_elito" 24th Oct
cmdr_elito24/10/2019 05:58

Remember it kind of works like this (roughly):Overall income for both of …Remember it kind of works like this (roughly):Overall income for both of you multiplied by 4Minus:25k per childexisting debts including mortgages/loans/credit card/car finance etcRegular Bills etcAny other regular payments such as child maintenanceThat will determine what they could potentially lend you and they will also apply further affordability criteria such as could you still pay if interest rates went to 6-8% when they are currently around 1-3%It maybe cheaper to do a small extension if you have a house...



+1 for the extension.

Sounds like theres ample equity if this was feasible, sufficient land available, or loft conversion etc
cmdr_elito24/10/2019 05:58

Remember it kind of works like this (roughly):Overall income for both of …Remember it kind of works like this (roughly):Overall income for both of you multiplied by 4Minus:25k per childexisting debts including mortgages/loans/credit card/car finance etcRegular Bills etcAny other regular payments such as child maintenanceThat will determine what they could potentially lend you and they will also apply further affordability criteria such as could you still pay if interest rates went to 6-8% when they are currently around 1-3%It maybe cheaper to do a small extension if you have a house...


We dont have any debt or credit cards just this mortgage. House stinks of condensation and fed up of area. Also yea I can do extension at the side but they cost 30k too.

Is it best to get mortgage quotes 1st then put it on market?
Misslovely24/10/2019 07:22

We dont have any debt or credit cards just this mortgage. House stinks of …We dont have any debt or credit cards just this mortgage. House stinks of condensation and fed up of area. Also yea I can do extension at the side but they cost 30k too. Is it best to get mortgage quotes 1st then put it on market?


You can fill in online estimators on the banks website, it’ll ask the relevant info that’ll give you a guide figure which isn’t credit checked or you could go for mortgage pre approval or just book an appointment with a mortgage advisor at the bank and they will go through everything with you. Nationwide also do preferential rates on finance products for existing customers.

I just renewed my mortgage with them as I reached the end of my deal and was able to half the interest rate and shorten the term by 5 years all online (as didn’t want to borrow any additional), it took about 10 minutes and was fantastic. Rates were equal to or better than elsewhere for me. So if you do end up with them sign up to their online banking and when you reach the end of the deal if they give a good rate vs others you can benefit from going through a quick process to get a better deal.
Edited by: "cmdr_elito" 24th Oct
ashmac23/10/2019 22:39

I’ve just sold mine very quick. Word of advice DO NOT use purple bricks y …I’ve just sold mine very quick. Word of advice DO NOT use purple bricks you will be sorry and won’t sell .I got 4 quotes of local agents price started at £1400 to £3500 . Agents will have people on the books already lined up for houses of certain types . My first mortgage was with Halifax and couldn’t leave them quick enuff there absolutely stich you up in the long run with rates



I Second that, DONT USE PURPLE BRICKS!

Holy bloody hell, they are utterly useless!

They did no work and I mean no work. Trying to get them to do something was just a pain and it seems to inconvenience them!

I listed my house (a very similar figure you have) on the 22nd of August. They said to have an open house on the 7th of Sep which, I was fine about. The ad was live all that time and no viewings. that's fine, its a 1-bed semi-detached house in Bridgend so wasn't looking for a flow of people.

End of the open house on the 7th, we had an offer. Amazing but it was a little low so we negotiated.

...

Unless I asked Purple Bricks to chase the person who put the offer in, they wouldn't go and do it themselves which, I thought it was their job?

It took almost a month of hassling purple bricks to see where this person stood on the negotiated offer and finally, after bombarding them they finally admitted they knew he put an offer on another house and was waiting on that (believe it was in probate) before coming back to us. THEY KNEW THE WHOLE TIME he was doing this and didn't tell me and essentially putting us into limbo.

I got them to remove all offer and tweak the ad (BTW if there is an offer in on your house, they WILL NOT tweak the ad for additional info) and start pushing it again but in that time for a month we found a house and lost it all because no one did anything except me.

Well, what happened is that we managed to sell the house to our friend which is some good luck but do you know how long they took to "process" the house for being sold? A WEEK! A WHOLE WEEK and when I called them, they said they "forgot" to call the buyer. What agency forgets to call the buyer whos buyer a house from them?

I feel sick I have to pay their fees (you would have regardless if you sold or not btw) but at least that nightmare is over and it's all solicitors now which I hope (and so far so good) goes fine.

Tip: Shop around but try to find someone local and knows the area. You might pay a little more but they seem to go the extra mile (that's the experience I got for the house we are buying).

Hope this helps!
darthbacca3724/10/2019 07:38

I Second that, DONT USE PURPLE BRICKS!Holy bloody hell, they are utterly …I Second that, DONT USE PURPLE BRICKS!Holy bloody hell, they are utterly useless!They did no work and I mean no work. Trying to get them to do something was just a pain and it seems to inconvenience them!I listed my house (a very similar figure you have) on the 22nd of August. They said to have an open house on the 7th of Sep which, I was fine about. The ad was live all that time and no viewings. that's fine, its a 1-bed semi-detached house in Bridgend so wasn't looking for a flow of people.End of the open house on the 7th, we had an offer. Amazing but it was a little low so we negotiated....Unless I asked Purple Bricks to chase the person who put the offer in, they wouldn't go and do it themselves which, I thought it was their job?It took almost a month of hassling purple bricks to see where this person stood on the negotiated offer and finally, after bombarding them they finally admitted they knew he put an offer on another house and was waiting on that (believe it was in probate) before coming back to us. THEY KNEW THE WHOLE TIME he was doing this and didn't tell me and essentially putting us into limbo.I got them to remove all offer and tweak the ad (BTW if there is an offer in on your house, they WILL NOT tweak the ad for additional info) and start pushing it again but in that time for a month we found a house and lost it all because no one did anything except me.Well, what happened is that we managed to sell the house to our friend which is some good luck but do you know how long they took to "process" the house for being sold? A WEEK! A WHOLE WEEK and when I called them, they said they "forgot" to call the buyer. What agency forgets to call the buyer whos buyer a house from them?I feel sick I have to pay their fees (you would have regardless if you sold or not btw) but at least that nightmare is over and it's all solicitors now which I hope (and so far so good) goes fine.Tip: Shop around but try to find someone local and knows the area. You might pay a little more but they seem to go the extra mile (that's the experience I got for the house we are buying).Hope this helps!


I sold my house with purple brick it went on the market on the the 18 dec 2018 and sold on the 22 dec 2018 and I got 5k more than the home report so it worked great for me absolutely no hassle
Scotland131424/10/2019 07:46

I sold my house with purple brick it went on the market on the the 18 dec …I sold my house with purple brick it went on the market on the the 18 dec 2018 and sold on the 22 dec 2018 and I got 5k more than the home report so it worked great for me absolutely no hassle



You must have had some competent people looking after you, V lucky fair play
Misslovely24/10/2019 07:22

We dont have any debt or credit cards just this mortgage. House stinks of …We dont have any debt or credit cards just this mortgage. House stinks of condensation and fed up of area. Also yea I can do extension at the side but they cost 30k too. Is it best to get mortgage quotes 1st then put it on market?



If yours sells for £110k, once you clear the existing mortgage, £32k, pay estate agent etc £3k?, you should/could be left with around £75k to put on new house, if this costs £165k, you will have a mortgage of around £90k (this assuming you put all funds towards new house and don't keep any back for improvements).

OR

re-mortgage and extend your existing house, even allowing for £50k, this on top of your existing mortgage is around £82k.


New house, 'as is' with no improvements - £90k mortgage

Existing property extended to the way you want it, along with general repairs (damp?) new kitchen/bathroom - £82k mortgage.


I personally would opt for the extension, I've actually done this 2 years ago, and from what you've said about your financial/job position this should be the easier option by releasing equity.

It isn't a simple answer though, you, and your family need to asses what's best for you, now, and in the future, don't just look at the 'now', think about 2,3,5,10 years down the line.
darthbacca3724/10/2019 07:38

I Second that, DONT USE PURPLE BRICKS!Holy bloody hell, they are utterly …I Second that, DONT USE PURPLE BRICKS!Holy bloody hell, they are utterly useless!They did no work and I mean no work. Trying to get them to do something was just a pain and it seems to inconvenience them!I listed my house (a very similar figure you have) on the 22nd of August. They said to have an open house on the 7th of Sep which, I was fine about. The ad was live all that time and no viewings. that's fine, its a 1-bed semi-detached house in Bridgend so wasn't looking for a flow of people.End of the open house on the 7th, we had an offer. Amazing but it was a little low so we negotiated....Unless I asked Purple Bricks to chase the person who put the offer in, they wouldn't go and do it themselves which, I thought it was their job?It took almost a month of hassling purple bricks to see where this person stood on the negotiated offer and finally, after bombarding them they finally admitted they knew he put an offer on another house and was waiting on that (believe it was in probate) before coming back to us. THEY KNEW THE WHOLE TIME he was doing this and didn't tell me and essentially putting us into limbo.I got them to remove all offer and tweak the ad (BTW if there is an offer in on your house, they WILL NOT tweak the ad for additional info) and start pushing it again but in that time for a month we found a house and lost it all because no one did anything except me.Well, what happened is that we managed to sell the house to our friend which is some good luck but do you know how long they took to "process" the house for being sold? A WEEK! A WHOLE WEEK and when I called them, they said they "forgot" to call the buyer. What agency forgets to call the buyer whos buyer a house from them?I feel sick I have to pay their fees (you would have regardless if you sold or not btw) but at least that nightmare is over and it's all solicitors now which I hope (and so far so good) goes fine.Tip: Shop around but try to find someone local and knows the area. You might pay a little more but they seem to go the extra mile (that's the experience I got for the house we are buying).Hope this helps!


What area is that? My local agent are in leeds
Misslovely24/10/2019 08:40

What area is that? My local agent are in leeds



THis is Bridgend, South Wales.
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