please help - confused part/part mortgage?

nikym

Hi

We are unable to sell our house and an option is part ex. This means a bigger motgage for us as thedifferential between our house and the possible new one has to be 30%.

Anyway, the only way I would comfortably consider this is if we took some on as interest only. Is this possible? How do I get a product to cover the outstanding at the end of the mortgage? And where can we get advice from? Also, are we mad???!!!!

many thanks in advance

Nicola

Afro_Thunder

nikym wrote: »

Hi

We are unable to sell our house and an option is part ex. This means a bigger motgage for us as thedifferential between our house and the possible new one has to be 30%.

Anyway, the only way I would comfortably consider this is if we took some on as interest only. Is this possible? How do I get a product to cover the outstanding at the end of the mortgage? And where can we get advice from? Also, are we mad???!!!!

many thanks in advance

Nicola

The best person to speak to is your IFA, do you have one?

nikym

thanks - how do I get an IFA?

_Andy_

nikym wrote: »

Hi

We are unable to sell our house and an option is part ex. This means a bigger motgage for us as thedifferential between our house and the possible new one has to be 30%.

Anyway, the only way I would comfortably consider this is if we took some on as interest only. Is this possible? How do I get a product to cover the outstanding at the end of the mortgage? And where can we get advice from? Also, are we mad???!!!!

many thanks in advance

Nicola

If you can't afford capital repayment how would you afford the IO payment plus a suitable monthly payment into an investment vehicle?

nikym

Thanks Andy - you are right - we just can't afford it , I have beaten myself over the head in not realising the obvious. It's just selling the house is a nightmare so Part Ex seemed so easy in comparison, even if it was going to make us skint.

I am a wiser person now