Moving house

RebelRebel20

Registered User
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Hi, could I please get advise on: moving from current house valued recently 275,000 outstanding mortgage balance 185,000 with UB (caught up in tracker scandal so tracker reinstated) at ECB 1.15. 27years remaining. Married both 38, two kids 8&6. My salary 40k, spouse 40k. No other loans. 25,000 savings. UB advised we can bring balance of current mortgage for 10years with 1% added. Cost of new house 350,000. House is in an area we would love to live, 20minute drive from current house. How much will the actual move cost, estate agents soliciters etc? How do we make best use of the tracker for the 10years we can bring it with us? Thank you
 
Have they given you anything in writing on taking the balance with you at the tracker rate? I was with UB, also tracker and had a broker involved and a friend in UB and the rate to post was ECB + 3% so there was no point as i preferred the security of a 7 year fixed rate. I also think that you had two months to buy after you sold. So it was only helpful if you were selling and buying in the same transaction. We had to sell first to get the equity to use as the deposit so it was pretty pointless.

You've only 25k saved. Do they not want to see 70k?
 
Have they given you anything in writing on taking the balance with you at the tracker rate? I was with UB, also tracker and had a broker involved and a friend in UB and the rate to post was ECB + 3% so there was no point as i preferred the security of a 7 year fixed rate. I also think that you had two months to buy after you sold. So it was only helpful if you were selling and buying in the same transaction. We had to sell first to get the equity to use as the deposit so it was pretty pointless.

You've only 25k saved. Do they not want to see 70k?
Thanks. Yes have ECB rate in writing. Yes will have to sell house first to use the 70k towards new house. Better check the two month clause to be sure as we are hoping to buy but it may not be 2months. Should we estimate legal fees at about 15k?
 
Should we estimate legal fees at about 15k?
You'll make your solicitor very happy!!

Legal. C. 2k to sell, and another 2k to buy. Might be a bit more depending on title.
Stamp duty on purchase, 1%.
You'll also need building survey on purchase. Mate about 400. And you'll need a BER cert for you house to sell.

Estate agent, about 1.5% of sales prices, plus VAT. You'll negotiate with estate agent before you put on the market.

Budget for any small jobs / painting before you put your house up for sale.

Storage can add up if you've a gap between buying / selling. You've young children, so you'll probably have a bug declutter to do before you put house on market.

Do you have somewhere to stay, or need to budget rent?

Again, you might have some decorating to do in new house. And if you need to buy ant new appliances, etc., it all adds up.

I might have forgotten some things above.
 
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