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moving house question
ian_ditch
Posts: 9 Forumite
we bought our house in 2001 and currently owe 50k on it, however, if we sell now it would probably bring around the 150k mark....
my question is that is we sell our house now for 150k and then pay back the mortgage of 50k then, as i see it, we have 100k to put down on our next house.... if we then buy a house for 200k and we put down our 100k then we only need a mortgage for the 100k difference, plus charges..
am i correct in this or does work in a way that i'm overlooking???
my question is that is we sell our house now for 150k and then pay back the mortgage of 50k then, as i see it, we have 100k to put down on our next house.... if we then buy a house for 200k and we put down our 100k then we only need a mortgage for the 100k difference, plus charges..
am i correct in this or does work in a way that i'm overlooking???
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Comments
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That is how it works.0
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Although saddling yourself with £100k mortgage in the current economic climate might not be the smartest move you ever thought of. Also consider what your repayments are likely to be when interest rates climb up again.0
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ok ta, but we only remortgaged a few months ago to a 2 year fixed rate mortgage,
my wife was advised at the time that if we were to move then we would have to take on a new mortgage, basically taking on 2 mortgages side by side one for the original 50k that we currently pay on our house and then a new mortgage for the 100k difference.
is this correct? if so, is there anyway around this?0 -
You could have problems. You may have hefty penalties on your present mortgage if you sell now. However you may be able to port your mortgage to your new house but most lenders wont allow increased lending and porting. You cannot have a mortgage on a house you no longer own!0
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Not correct. The original mortgage is paid back from the proceeds of the house. If you port, it really is the same as a new mortgage on the new house for no more than the amount of the old mortggae.ok ta, but we only remortgaged a few months ago to a 2 year fixed rate mortgage,
my wife was advised at the time that if we were to move then we would have to take on a new mortgage, basically taking on 2 mortgages side by side one for the original 50k that we currently pay on our house and then a new mortgage for the 100k difference.
is this correct? if so, is there anyway around this?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Magic really how paying £100k extra for a house worth 50k more than yours almost makes sense.0
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You're not paying 100k more though are you, as you've not paid for the current one yet.0
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