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Advice on new mortgage / getting out of old
new_home_wanted
Posts: 2 Newbie
Hi all,
Just wondered if anyone could give me some advice. I am currently in a home that I've had for 5 years, in that time we've seen it's value go up and sadly now back down again. But, on the positive note bigger houses in the area we really want to live in have come down also and are now reachable for us, whereas 6 months ago there wouldn't have been a chance.
Anyway, I am thinking about selling my house, probably either breaking even or even possibly making a small loss on what we paid in order to get a much better house. Any advice - good or bad plan?
Also, am in fixed rate mortgage till end of August 2009, can I get out of this to get a new, bigger mortgage or do I have to wait till it runs out?
Sorry if these sound like silly questions!
thanks in advance
Just wondered if anyone could give me some advice. I am currently in a home that I've had for 5 years, in that time we've seen it's value go up and sadly now back down again. But, on the positive note bigger houses in the area we really want to live in have come down also and are now reachable for us, whereas 6 months ago there wouldn't have been a chance.
Anyway, I am thinking about selling my house, probably either breaking even or even possibly making a small loss on what we paid in order to get a much better house. Any advice - good or bad plan?
Also, am in fixed rate mortgage till end of August 2009, can I get out of this to get a new, bigger mortgage or do I have to wait till it runs out?
Sorry if these sound like silly questions!
thanks in advance
0
Comments
-
You may not end up moving before August anyway!
Most mortgages are portable.
Your mortgage company may not even be willing to lend you more money. Have you asked them yet?Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.0 -
Thanks for ur reply, about year ago I looked into extending mortgage and wasnt a problem, I'm on a lo more money now than I was when I got the original mortgage so I think that side of it will be ok. Planning to book appointment to see them this week so will find out for definite0
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