do i need to get a new mortgage?

gehngus_2

Hi again.
This is the info my wife has found for me
We are presently with the skipton BC and are not tied into anything.

the rate we are paying is 5.89% monthly rp = £383.05

the mortgage amount (cost of land/barn and materials) is £58K and the conversion, now nearly complete has a value of £225k (possibly more)

Now then. this is where it gets complicated.

We want to sell the conversion within the year and to move nearer the school/shops/pavements etc.

so a fixed wont do.

My wife has found houses that would do for £130 and some she would like at around £160.00

At the same time ill be looking to start another project and will need to borrow money for a plot and materials

If we can save money NOW we would like to.

Is their some kind of flexible fixed mortgage (i.e one that can be transferred to the next property/project?)

lifetime tracker sounds interesting, what does it mean.

We have in the past discussed letting this one out and finding a renovation project which could be paid for with the additional rental.
Is this a financial nightmare that we should avoid?.

thanks in anti...
Steve

gehngus_2

forgot to add.
there is 22 years left on this mortgage and the amount does not include any other things such as insurance or protection etc. we pay these seperatley through norwich union & tesco.

homer_j_3

You can get a product that is portable which effectively allows you to transfer the mortgage onto a new property.

There are however considerations that need to be made when portability is being used and you would really be best speaking to a broker to ensure that whatever you do will work for the larger overall plan.

A good broker will check with your exisiting lender to see if they offer such suitable products and if they do - it may not be so painful .