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remortgage or use savings?
allisonw
Posts: 56 Forumite
I have sold my house and am buying another for a little less than I am getting for my house.
However the difference will be wiped out by costs and stamp duty.
I still have about £20,000 to pay on my mortgage so I will have to either remortgage for £20,000 or use my savings of £19,000 plus £1,000 borrowed from a relative.
I have an endowment maturing in Jan 2012 with a maturity value of £25,000 so I will be penniless and savings less until then, unless I remortgage.
The endowment is costing me £80 per month.
What would you do, be penniless and mortgage free for 14 months or remortgage?
However the difference will be wiped out by costs and stamp duty.
I still have about £20,000 to pay on my mortgage so I will have to either remortgage for £20,000 or use my savings of £19,000 plus £1,000 borrowed from a relative.
I have an endowment maturing in Jan 2012 with a maturity value of £25,000 so I will be penniless and savings less until then, unless I remortgage.
The endowment is costing me £80 per month.
What would you do, be penniless and mortgage free for 14 months or remortgage?
0
Comments
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What is your potential remortgage rate, and what are the savings raes that you have?_____________________________________________Mortgage 1 £80k paid off july 2014Mortgage 2 £213k paid off May 20210
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