# Looking at a new house but need £30,000 advice needed please



## tmitch45 (Jul 29, 2006)

OK I was presented with an excellent opportunity at the weekend but its just come at the wrong time. Our neighbour who we get on with called round to say they were letting us know that they were intending to sell their house as they were buying a bigger house jointly with their parernts (don't think I could do that). They asked if we wanted first resusal on the house or knew anyone who would like it to avoid estate agent fees. The only catch is we need to let them know in the next 24hrs (Ideally by the end of today TUesday).

We live in a 3 bed semi joined to the neighbours but they had some extensive work done recently (last 18 months) which has doubled the size of their house:doublesho. We have tree bedrooms and family bathroom upstairs, kitchen, lounge and conservatory downstairs which is unusable in summer (too hot) or winter (too cold). They have 4 double bedrooms one with onsuit and a further room which currently an office but could easily be another double bedroom and family bathroom. Downstairs they have a large open plan kitchen dinningroom and lounge with separate utility and a snug/TV room which was the old kitchen. Both houses have off street parking for two cars and a single garage. Their house looks like a showroom with nothing to do not even paint and everything is new.

They are asking £245,000 which would mean us finding £60,000 ontop of the selling price of ours which to be seems excellent value what do people think?

£60,000 for an extra bedroom, office, diningroom, utility and TV room and access to the garage from inside the house.

We could not do this extension to our house because we have a narrow double shared drive between our house and our other neighbour. Now onto the problem, we already have a large mortgage which we agreed we would not increase for at least a couple of years. My wife is pregnant with our second child so the extra room is really needed particularly as the mother in law stays with us for a week every 3 weeks to help look after the children which when our second is born will mean her sharing a room with the new baby. But with my wife being on mat leave for 9-12months this will massivily reduce our income for a time. My parents (retired recently) have seen the house and think that it is a bargain and there is nothing with the same space in the local area below £340,000. With this in mind they have offered us £30,000 which is very very generous and not expected to help us buy it as a loan on the understanding that if we inherrit any money in the future it goes straight to them to repay the loan. This leaves us £30,000 to find. With my wifes mat leave I'm sure we cannot afford to increase the mortgage but could anyone give me an idea of how much more a £30,000 loan would add to our repayments? Or does anyone have any ideas how we could raise the extra cash without massivily increasing our monthly mortgage repayments??? Its such a shame if we cannot do anything as when the wife is back at work in 12 months we could prob manage it fine.

Any help or advice would be greatfully received.


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## bigslippy (Sep 19, 2010)

Hi , whats your outstanding mortgage term lender and current interest rate?


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## Stumper (Apr 5, 2009)

Call your mortgage company. Rather than approximate amounts you'll be given off here, they'll be able to give you some actual figures and advise whether or not they'd even be able to offer you the extra money.


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## bigslippy (Sep 19, 2010)

graeme_t said:


> Call your mortgage company. Rather than approximate amounts you'll be given off here, they'll be able to give you some actual figures and advise whether or not they'd even be able to offer you the extra money.


Hi, I'm a self employed whole of market mortgage broker ... no approximates.. just offering some help


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## lofty (Jun 19, 2007)

A loan will cost more per month than an increase in mortgage as it will be over a shorter period.Probably best to speak to a mortgage adviser and get some quotes for the additional lending.Bear in mind that even though you would be moving next door and won't incur removal costs you will still have to pay solicitors and stamp which could total around £4k.I would also get your house valued by the same estate agent who valued next door to make sure there is a £60k difference between them, people have a habit of over valuing their homes.


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## tmitch45 (Jul 29, 2006)

bigslippy said:


> Hi , whats your outstanding mortgage term lender and current interest rate?


I'm just getting all the mortgage paperwork out now while trying to get an estate agent round to value ours and getting my boy up and dressed! I'll put some figures on later.


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## redrob (Oct 8, 2011)

whatever you do, dont forget the surveyor........had our surveyors report today on a 250k bungalow that has had work done on it by the previous owner, and it says "if it was a detached property he would knock it down"!
best £300 we've ever spent.


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## tmitch45 (Jul 29, 2006)

Just to update you guys we are getting two valuations this evening and got an independent mortgage advisor booked who from what I told him thinks he can rework our mortgage so we are paying slightly less than we are now with the £30,000 and our currrent mortgage:doublesho. I've no doubt we are paying too much at the moment but that seems to good to be true. Oh well lets see what he says next monday when I've got the actual figures to hand!


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## PaulN (Jan 17, 2008)

Just to point out, not only do the valuations need to agree with your estimates but also you need to sell your house too.

Dont mention the house next door or theyll be in trying for a cut......


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## AaronGTi (Nov 2, 2010)

Good luck mate, keep us updated :thumb:


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## tmitch45 (Jul 29, 2006)

So after a mad day of having estate agents round for valuaions, phone calls the Nationwide and talking to a financial adviser we have decided not to rush into it and let them put it on the open market for a couple of reasons. Firstly the valuations on our house were a lot lower than we thought and even lower than when we moved in 2007. Secondly and with that in mind the estate agents also said than the house next door was worth about 20-30k less than they want for it which they are relying on for their purchase. Finally borrowing the extra would not be possible with our massivily reduced income when the wife is on maternity leave.

So the plan is sit tight what will be will be. If it sells at 240-250k then its a shame but if they are struggling to sell in a few months then a cheeky offer might just mean we gcould stretch to it! Thanks for the advice guys:thumb:


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## 20vKarlos (Aug 8, 2009)

well done for seeking the advice though, many wouldnt look too far into this


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