Part Repayment/Interest Mortgage

loonygooner

Please can anyone help me out trying to come to terms with the best mortgage available to me with the following details:
House Purchase Value: £340,000
Present Mortgage: £60,000 Interest Only
House Value (Present House): £215,000
I therefore have made approx £140,000 on present house.

I think I need to get a Part/Part Mortgage using the existing Endowments as the Interest Part and a Repayment vehicle for the remainder of approx £200,000 (£340,000 - £140,000).
Does anyone have any advice concerning present banks to use, mortgages to suit my needs etc.
Thanks in anticipation.

herbiesjp

The banks that you should use will depend on your circumstances:

i.e. your income, other financial commitments, preferences on rate types etc.

As far as part/part mortgages go - most lenders will be able to accomodate the split mortgage for you.

You need to narrow down what kind of deal you want i.e. fixed/variable and over how long you would like the incentive period for i.e. a 5 year fixed rate

I would suggest having a chat with a whole of market mortgage adviser to explain your situation in detail, and then let them come up with suitable product to recommend