Bowfin Property

Property Solutions to Sell Your House Fast For Market Value

Property discussion

What Happens If You Sell Your House and Don’t Buy Another?

If you sell your house and don’t buy another home in the UK, you must pay the balance of your mortgage on the property and then bank the remaining equity. The good thing about selling and not buying again in the UK is you don’t pay Capital Gains Tax as long as the house was your your main residence.

Do I Have To Sell My House Before Making An Offer For Another

It’s best to sell your house before making an offer for another, as although you can make an offer on a house before selling yours, most sellers will only consider an offer from cash buyers, chain-free buyers or those who have already accepted an offer on their existing property.

How Is The Mortgage Stress Test Calculated? (Stress Test Calculator Included)

A mortgage stress test is calculated using the stressed mortgage rate to stress mortgage payments against monthly rent should interest rates rise. The stress test calculation takes account of interest rate cover ratio (ICR) which is 125% for basic rate tax payers or 145% for higher rate tax payers.

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