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How to Finance - Please help
terryh_3
Posts: 1 Newbie
Want to buy a house for £385k plus 12k extra for StampDuty. Need to spend about 60k on extension. Scarey stuff !
Have 100k cash, and house worth about 350k (no mortgage).
My own house may take a while to sell, and/or I may want to keep it until sale of second home is complete along with building work (alternatively rent). Want to be mortgage free again within a year.
Thought an offset against current home to might be good - but which one is best ?
Posts here tend to prefer variable mortgages - again which one ?
Any other advice much appreciated.
Thanks
Have 100k cash, and house worth about 350k (no mortgage).
My own house may take a while to sell, and/or I may want to keep it until sale of second home is complete along with building work (alternatively rent). Want to be mortgage free again within a year.
Thought an offset against current home to might be good - but which one is best ?
Posts here tend to prefer variable mortgages - again which one ?
Any other advice much appreciated.
Thanks
0
Comments
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If you have a lot of money/income that you can use to offset it may indeed be an option.
HOwever if you do not have these funds, then I would suggest any other type of discount/tracker rate with no penalties would also be just as good for you.
I think you may need to run your scenario past a whole of market adviser for some professional advice, so that they can get a full grasp on what you are looking to achieveI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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