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Moving to a cheaper house on existing deal
Uncle_Mog
Posts: 1 Newbie
I currently have a mortgage with RBS that I have held since October 2009. It is a 2 year fix but I'm unexpectedly having to relocate.
Basically I owe just over £108k on the mortgage. The next property I'm going to buy is probably going to cost around £90-105k. Unfortunately my deal has an LTV ratio of 75% so I've been told for example if I buy somewhere for £100k I would have to finance 25k of that and also the difference between the £100k and the £108k - £33k.
Either that or I can pay the early repayment fee which is about £3k and take my chances on finding another mortgage.
Anybody been in a similar situation that can offer any advice? I stand to make a profit on my current property of around £42k but want to clear all my debts and start a new business with some of this money.
Basically I owe just over £108k on the mortgage. The next property I'm going to buy is probably going to cost around £90-105k. Unfortunately my deal has an LTV ratio of 75% so I've been told for example if I buy somewhere for £100k I would have to finance 25k of that and also the difference between the £100k and the £108k - £33k.
Either that or I can pay the early repayment fee which is about £3k and take my chances on finding another mortgage.
Anybody been in a similar situation that can offer any advice? I stand to make a profit on my current property of around £42k but want to clear all my debts and start a new business with some of this money.
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