Selling a car to release cash for house purchase

[mangos]

Potentially buying a house writhin next three months.

Currently have no debt, cash in bank for deposit and own a car.

Houses around my area of the sort I am looking at will need my total savings for a deposit leaving me short for stamp duty.

I can sell the car (currently worth £11k) and buy something for £5k and that sorts it.

But is there an alternative?

I assume I can't go and get a small loan for £5k against the car and use that for the house as my mortgage might then be refused?

[daemon]

mangos said:

Potentially buying a house writhin next three months.

Currently have no debt, cash in bank for deposit and own a car.

Houses around my area of the sort I am looking at will need my total savings for a deposit leaving me short for stamp duty.

I can sell the car (currently worth £11k) and buy something for £5k and that sorts it.

But is there an alternative?

I assume I can't go and get a small loan for £5k against the car and use that for the house as my mortgage might then be refused?

Any scope for a bit of hard negotiation on the price of the the house you decide on to get it down a bit, or slightly less of a deposit on the mortgage?

Also is your £11K valuation what you will really get for your car, as opposed to what people are asking?

[Turkish91]

Sell the car and put most of it into the house, get something for around a grand to cruise about in. You'll be suprised how much housey stuff can cost, trust me!

[anonymous-user]

I sold my car, used the money towards a deposit then as soon as my house came through took a small loan for the car ...

It wont be refused because you have credit, I have two mortgages with approval for a third, its just about affordability.

[mangos]

daemon said:

Any scope for a bit of hard negotiation on the price of the the house you decide on to get it down a bit, or slightly less of a deposit on the mortgage?

Also is your £11K valuation what you will really get for your car, as opposed to what people are asking?

Hard negotiated already - offer accepted at £30k under asking.

There are not a lot of my car about but the ones currently for sale vary between £12k for some thing slightly older with less spec to up to £15k from dealer. It may take some time to sell high as they aren't practicle or seemingly popular.
I have however, got the lowest milage, highest spec version in a nice colour currently out there

[mangos]

Turkish91 said:

Sell the car and put most of it into the house, get something for around a grand to cruise about in. You'll be suprised how much housey stuff can cost, trust me!

The house needs refurbishing and further down the line an extension, so I've factored that into my budgets.

I have a large Xmas bonus due which my boss has agreed to pay me early if I need it so I can use that for house bits.

Currently renting and the mortgage will save £200 per month compared to the rent so that will help with ongoing spending I hope