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I have a mortgage - can I also have a joint mortgage?
misslizzard
Posts: 1 Newbie
Hi there!
I'm new on here and get easily confused, so please bear with me
.
I would really appreciate some advice.
Currently I have a mortgage on one property - it is out of the fixed term period and just currently tracking the base rate - this mortgage is with the alliance and leicester and is made up of 2 amounts one from an earlier purchased and sold property. I have paid off 3 years taken out over 25 year period - hope I am making sense! - probably about 90k to pay off in total.
The property is valued at just shy of 110k. In and ideal world I would like to sell this property (as it is too small for us) and purchase a new property with my other half. It has been on the market for a couple months but I am a little impatient!:rolleyes:
If I sell my property we should be good for a deposit. However, we are saving frantically to obtain 10% deposit for a property in the region of 170k - 200k. We should hopefully hit this by mid next year we have a joint income of approx 74k.
I dont really want to rent my property out but I suppose I have little choice if we find our dream home before I sell
.
I was just wondering how it would all work with the different types of mortgage, whether there are any other options or pitfalls that I need to be aware of from a tax, legal or any perspective. I'm afraid I find it all a little confusing :eek:.
Any advice would be greatly appreciated. Many thanks in advance.
I'm new on here and get easily confused, so please bear with me
.I would really appreciate some advice.
Currently I have a mortgage on one property - it is out of the fixed term period and just currently tracking the base rate - this mortgage is with the alliance and leicester and is made up of 2 amounts one from an earlier purchased and sold property. I have paid off 3 years taken out over 25 year period - hope I am making sense! - probably about 90k to pay off in total.
The property is valued at just shy of 110k. In and ideal world I would like to sell this property (as it is too small for us) and purchase a new property with my other half. It has been on the market for a couple months but I am a little impatient!:rolleyes:
If I sell my property we should be good for a deposit. However, we are saving frantically to obtain 10% deposit for a property in the region of 170k - 200k. We should hopefully hit this by mid next year we have a joint income of approx 74k.
I dont really want to rent my property out but I suppose I have little choice if we find our dream home before I sell
.I was just wondering how it would all work with the different types of mortgage, whether there are any other options or pitfalls that I need to be aware of from a tax, legal or any perspective. I'm afraid I find it all a little confusing :eek:.
Any advice would be greatly appreciated. Many thanks in advance.
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