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Is there a mortgage out there for us?

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  • riverboat2001
    riverboat2001 Posts: 476 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    Just an update to all who gave us thier opinionsand advice.

    Mortgage advisor arranged new mortgage on the flat to give us a large deposit on new property.
    Both mortgages fixed for two years, and on interest only 16 year terms.
    Was a 40 a day smoker for 20 years.
    Decided to give up, and haven't had a fag for 12 years.
    Halfway through losing six stone.

    Looking forward to early retirement.
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    Senior_Paper_Monitor wrote: »
    Sale of the other property is not always acceptable to all lender, you will not get interest only above 75% LTV (not many left who will do 75% IO + balance C&I), ages make it tricky but not undoable - there probably is a way (in fact 2 or 3 ways I suspect). Your broker will take you through the options - once he/she has all the background info.

    I suspect that the best answer lies in splitting the borrowing across the two properties.

    Can I claim my prize now ?

    Glad to hear you got it sorted
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • riverboat2001
    riverboat2001 Posts: 476 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    Senior_Paper_Monitor wrote: »
    Can I claim my prize now ?

    Glad to hear you got it sorted

    Yep, you were spot on.
    Was a 40 a day smoker for 20 years.
    Decided to give up, and haven't had a fag for 12 years.
    Halfway through losing six stone.

    Looking forward to early retirement.
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