Need to Get out of Current Situation - Advice Please

Dopple

My partner and myself want to move house, mainly because of idiot noisy neighbour but also because we need a bigger place.

The current house belongs to my girlfriend (I moved in after she bought it).
I've never had a mortgage.

Our thoughts at the moment is that we will put the house up for sale, and rent somewhere to get ourselves out of a possible chain, and then look for somewhere to buy or get a new build from a bulilder that will take the current house as part-ex.

Once we find somewhere (£170,000 - £200,000 price range) we are not sure what sort of mortgage to get. My girlfriend's house should sell for about £115,000 (Mortgage was for £40,000) so she will have the profit to put into the new place.

I also will have about £50,000 of my savings to put down as a deposit because we want to keep the monthly mortgage payment as low as possible.
It will probably be the case that my girlfriend will own most of the new house (about 65%) but we will get a legal argreement to that affect.

We don't have any kids to leave the place to, so we could do with being able to release some of the equity in house in 10-15 years time.

So, my main question is what sort of mortgage would be best?
Perhaps an off-set mortgage?

Cheers.

Thrugelmir

Dopple wrote: »

My partner and myself want to move house, mainly because of idiot noisy neighbour but also because we need a bigger place.

The current house belongs to my girlfriend (I moved in after she bought it).
I've never had a mortgage.

Our thoughts at the moment is that we will put the house up for sale, and rent somewhere to get ourselves out of a possible chain, and then look for somewhere to buy or get a new build from a bulilder that will take the current house as part-ex.

Once we find somewhere (£170,000 - £200,000 price range) we are not sure what sort of mortgage to get. My girlfriend's house should sell for about £115,000 (Mortgage was for £40,000) so she will have the profit to put into the new place.

I also will have about £50,000 of my savings to put down as a deposit because we want to keep the monthly mortgage payment as low as possible.
It will probably be the case that my girlfriend will own most of the new house (about 65%) but we will get a legal argreement to that affect.

We don't have any kids to leave the place to, so we could do with being able to release some of the equity in house in 10-15 years time.

So, my main question is what sort of mortgage would be best?
Perhaps an off-set mortgage?

Cheers.

Why tie up all your assets in a house if you intend releasing the equity at a later date?

Off-set is fine if you actually use the facility.

As for which sort of mortgage. I assume you are refering to variable or fixed. Its really down to personal choice. If you intend making overpayments the mortgage in the short term then variable rate may be best.

ViolaLass

Dopple wrote: »

So, my main question is what sort of mortgage would be best?
Perhaps an off-set mortgage?

Is your income irregular?

Dopple

ViolaLass wrote: »

Is your income irregular?

My girlfriend has a good regular income. Mine is irregular.