Moving House/mortgage query...

Mr_Fix_It

Afternoon all,

I was wondering if anyone could advise us on whats the best thing to do:

-im currently 3 1/2 years into a 5yr fixed mortgage deal with HSBC, with a rate of 5.89%.

-ive got £125k left on my mortgage and have this week had my property valued at £155 - £160k.

-im looking to buy a 50% share of my mortgage free aunties house, but the other 50% is in my fathers name, so i need to mortgage the 50% share with his name on it.

-the property im looking to buy the 50% share in is worth approx 180-190k.

-the new mortgage needs to have my fathers name on it, mine and my partners who will be moving in with me.

...whats the best way of going about this 'mortgage' wise?

-should i shop around for a new deal? the fee for redeeming my mortgage at this stage is around £2k. so i could sell mine, bank the money, then apply for a new mortgage?

-or can i switch it to a new property, lower mortgage figure and with 2 other names added to the mortgage?

-ive got an appointment with a IFA this week, but just wanted to get clued up first.

any help much appreciated, and im sorry if ive confused anyone or if the answer is blindingly obvious to all?!:cool:

GMS

Mr_Fix_It wrote: »

Afternoon all,

I was wondering if anyone could advise us on whats the best thing to do:

-im currently 3 1/2 years into a 5yr fixed mortgage deal with HSBC, with a rate of 5.89%.

-ive got £125k left on my mortgage and have this week had my property valued at £155 - £160k.

-im looking to buy a 50% share of my mortgage free aunties house, but the other 50% is in my fathers name, so i need to mortgage the 50% share with his name on it.

-the property im looking to buy the 50% share in is worth approx 180-190k.

-the new mortgage needs to have my fathers name on it, mine and my partners who will be moving in with me.

...whats the best way of going about this 'mortgage' wise?

-should i shop around for a new deal? the fee for redeeming my mortgage at this stage is around £2k. so i could sell mine, bank the money, then apply for a new mortgage?

-or can i switch it to a new property, lower mortgage figure and with 2 other names added to the mortgage?

-ive got an appointment with a IFA this week, but just wanted to get clued up first.

any help much appreciated, and im sorry if ive confused anyone or if the answer is blindingly obvious to all?!:cool:

What are you intending to do with your current property?
What are your intentions for the shared property?

Mr_Fix_It

GMS wrote: »

What are you intending to do with your current property?
What are your intentions for the shared property?

-plan is to move into the said property with the mrs and stay there long term and sell the property im in at the moment. cant afford both.

thanks for any help.

Thrugelmir

You'll need to sell your property first to redeem the mortgage.

Best to get this underway. Then look for mortgage options once you've received a serious expression of interest.