Hi,
I'm new here, a bit of a lurker but you all give fab advice so I wanted to ask for some help.
I bought a small, 2 bedroom semi detached house as a repossession, FTB around 6 years ago
I previously had an interest only mortgage, but it is now on repayments and I overpay on this. Very little equity in the property - maybe 5% maximum at a total push.
I hate the area the house is in. I knew this when I bought it - but I was young, naive and thought that getting onto the property ladder was the be all and end all. I also thought it would be a good starter property & I could sell it on in 2 years or so for something else - but the market crashed nicely just after I bought.
I'd like to sell the property - and from looking on rightmove prices vary wildly from 55k for absolutely ruined repossession properties up to 100-120k for slightly bigger properties making it difficult to value it myself. Houses are selling, albeit slowly. I'd guess I'd probably look for between 90 and 105k for the house but the estate agent may disagree.
I suspect the area will limit my pool of buyers - and many people who want to buy may struggle for a mortgage due to the location and property type. I'm probably looking at a maximum of £120k mortgage on my wage so I'm not going to be able to upgrade massively - but in 2/3 years will be able to take my partners wage into consideration for a mortgage. It can't be sooner.
Is it worth getting the house valued now- and seeing what the agent suggests, putting it on the market if its enough cash for us to pay mortgage & have small 'earning' for a deposit and if it sells before we are able to find something else renting a house - effectively becoming FTB types again or will this make it harder to obtain a new mortgage?
Would I be better off to wait 2/3 years, market this house and hope for a quick sale to secure a bigger/better house using both wages and being part of a chain?
Thanks
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Advice please!!! Desperate seller to be!
4 replies
Sparkle86 · 07/02/2013 14:45
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