Mortgages???

Question

I have a mortgage of 110,000E, my house is valued at 180,000, I am interested in a property at 165,000. I will have to pay 7% duty above 125,000 for 2nd time buyer fee. Where do I stand? This stuff confuses me, I might also be able to buy the property privately which saves the vendor 2% of the price. Where am I financially in this? Thanks

Answer 1

All house transactions are private so I don't understand the 2%, unless you mean not using an estate agent.

You sell for £180,000 and pay off mortgage of £110,000 this leaves you £70,000

You then use the £70,000 as your deposit on the £165,000 house and take out a new mortgage.

I don't know what you mean by second time buyer fee, I have never heard of that.

Answer 2

I'm sorry GER C but it sounds to me like you've been given some bad advice by someone who is tryin to con you. There are no such things as 2nd time buyer fees and 7% of 165,000 sounds like quite a high amount of money that you probably don't have. I suggest you speak to a high street bank to confirm what you have been told.

Answer 3

Do you live somewhere other than the US?  I've been everything from a processor to an underwriter over that last 12 years and a real estate agent before that, and I've never heard of a 7% duty for a 2nd time buyer.  What vendor will save 2%?  I really have no idea what you're talking about.

Answer 4

I'm wondering where you are geographically in this? 2nd time buyer fees? 2% vendor fee? Jeez, I'll never knock the good ole US of A again.

Good luck with that.