We bought in the wrong area

Posted on 16 October 2012 by William Thom

My wife and I bought a house about 4 months ago but have decided that it is not the area we want to live in. The area that we want to live in have more expensive houses. We also spent all our deposit when purchasing our current property. What are our options?

Without knowing the actual figures it's a difficult question to answer. However in general terms your two main options would be:-  

  1. Sell the current property and then buy a new one in the desired area, though most probably with a higher mortgage.
  2. Convert your existing property to a Buy To Let, raise some additional funds (subject to rental income / LTV) and then use the money raised as the deposit for the new property, and take out a new residential mortgage to facilitate the purchase.

We would need to have more detailed information around your personal situation before advising you which is the best option. If you would like to pursue this, then please let me know and I'll arrange for one of our consultants to contact you.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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