We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
We're aware that some users are currently experiencing errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.
remortgage existing property or new mortgage
Gregm
Posts: 151 Forumite
The house next door has just come on the market, the house itself is in a poor condition and needs a lot of work. We have thought for quite a while that if it came on the market we would look at whether it's worth us investing in.
Our thoughts are to either just take a strip of land to give us the option to extend our house and then resell the property, or to demolish the house and merge the two plots giving us both space for extending and a larger garden.
Before we can do anything we obviously need to look at how to finance it. We have a Self Certificated mortgage as I am self employed with much of my sales and commissions income coming from the US. Even with the current house prices we have equity in our house, athough not enough to cover the new purchase and we have little in the way of savings.
How would we go about mortgaging the purchase, would we re-mortgage on our property, or would we need to have a separate mortgage.
Our thoughts are to either just take a strip of land to give us the option to extend our house and then resell the property, or to demolish the house and merge the two plots giving us both space for extending and a larger garden.
Before we can do anything we obviously need to look at how to finance it. We have a Self Certificated mortgage as I am self employed with much of my sales and commissions income coming from the US. Even with the current house prices we have equity in our house, athough not enough to cover the new purchase and we have little in the way of savings.
How would we go about mortgaging the purchase, would we re-mortgage on our property, or would we need to have a separate mortgage.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards