Mortgage Advice Please

Dopple

A few years ago I moved in with my girlfriend.
She had just bought a semi-detached for about £41,000.
Today I reckon it's worth about £105,000 or a bit more.
It's her house and she pays the mortgage and I help with the bills.
The mortgage is fixed at 5.4% and is about £360 per month, with about 17 years left on it.

We are looking to move to a detached due to a noisy neighbour who moved next door a few months ago.
We have found a house on the market, which we think we can get for about £150,000.

Thing is, she has a good job (about £40k a year) and I only earn about £8K part-time,
but due to doing well on investments/gambling I can put down a £50K deposit, which would vastly reduce the mortgage we need.

But it would mean that she would own about two thirds of the new property and myself one third, which is fine by us,
and I assume we could get a socilitor to draw up an agreement to that effect.

So to re-cap:
Profit of about £60k on existing house if sold.
£50k deposit on new house possible.
Would leave about £40K left needed to buy new house plus moving costs.

I'm not sure how moving your mortgage or getting a new one works, so maybe I've mis-calculated somewhere.
Have I overlooked something?
What sort of new mortgage monthly amount would we be looking at?

Dopple

Anyone help with advice?

herbiesjp

How long is it fixed for?
What penalties are attached to it if any?
What mortgage amount is outstanding on the current property?

Robert_Sterling_3

"Which" ( not for profit ) has a book price £10.99 called something like "Buying, Selling and moving House".

Available free in most public libraries.

Dopple

herbiesjp wrote: »

How long is it fixed for?
What penalties are attached to it if any?
What mortgage amount is outstanding on the current property?

Fixed for 5 years (3.5 years left)
£3,000 to get out of the deal I think.
Not sure, but I would think about £35,000 with interest.

herbiesjp

What you should do is look at the options

SO you could port the mortgage and top up

Or close the mortgage down , and take out a new one.

You would need to look closely at the figures to work out which option would be most effective for you.

So you are probably better off getting a whole of maket adviser to look into this for you - if they recommend leaving make sure you are happy with the figures and that you will be better off