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Mortgage advice needed please.
Spuldoon
Posts: 5 Forumite
Hi all
I have an outstanding mortgage of about 31k on my 3 bed semi which has just been valued at £105,000, we will probably get around £95k so we will work with that figure. I have around 7-8 years left as I am overpaying a bit.
We have now seen a house which we have fallen in love with and have been told that we could get it for £115k, my dilemma is if I don't sell my house how can I get around it, what are my options etc.
I have been told I could let to buy but I don't know much about it although I am looking into it.
What I was thinking was to borrow around 19k from my house to use as a deposit, try and rent it out and change my mortgage to interest only for a few years then get a mortgage on the new house for around £95k.
Am I doing the right thing by thinking this way or is there another scenario, all help gratefully accepted and appreciated.
Many thanks.
Andrew.
I have an outstanding mortgage of about 31k on my 3 bed semi which has just been valued at £105,000, we will probably get around £95k so we will work with that figure. I have around 7-8 years left as I am overpaying a bit.
We have now seen a house which we have fallen in love with and have been told that we could get it for £115k, my dilemma is if I don't sell my house how can I get around it, what are my options etc.
I have been told I could let to buy but I don't know much about it although I am looking into it.
What I was thinking was to borrow around 19k from my house to use as a deposit, try and rent it out and change my mortgage to interest only for a few years then get a mortgage on the new house for around £95k.
Am I doing the right thing by thinking this way or is there another scenario, all help gratefully accepted and appreciated.
Many thanks.
Andrew.
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