what mortgage do i need

bazzeredwards

hi all
i am mortgage free and want to buy another main house
i am very lucky to have a full deposit and cash to spare for refurbishment ,i intend to sell my current house as soon as we move in and pay off the mortgage we borrow but can someone tell me which is the best and cheapest option for us ,we have saved very hard over the years to get here and intend to stay mortgage free when we get the chance
many thanks guys
baz :T

LittleLawyer

Baz I assume from the way you are talking you are going to borrow the money on the second property? You could do that or mortgage your existing home and buy the second one "cash" with the money which would have obvious advantages as a buyer.

If you meant what type of deal, then you want something with no tie in period if you want to repay the loan quickly, most variable rates are low at present, so just look for low fees and no ties.

LL

bazzeredwards

thanks littlelawyer

bazzeredwards

which would benefit me best a repayment or interest only

LittleLawyer

In your situation (i.e planning to repay it very quickly with proceeds of sale) then interest only. Low monthly payments whilst you have the mortgage, but if you are going to have it long term then repayment would be a better suggestion.

good luck LL:j

BadgerFace_2

What's a full deposit?