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Buying a house and having a secured loan
papermoney
Posts: 583 Forumite
We have sold our house. We have enough money to pay the estate agent, solicitor and mortgage.
We will then have about 15k left.
We have a 30k secured loan on the current house.
I have 3 questions:
1. Would it be better to pay 15k off loan and have 100% mortgage?
2. Use 15k for deposit and keep 30k loan?
3. Would a lender not lend money for a mortgage if they know there will already be a second charge on it?
Any advice would be great.
Thanks
We will then have about 15k left.
We have a 30k secured loan on the current house.
I have 3 questions:
1. Would it be better to pay 15k off loan and have 100% mortgage?
2. Use 15k for deposit and keep 30k loan?
3. Would a lender not lend money for a mortgage if they know there will already be a second charge on it?
Any advice would be great.
Thanks
:rotfl:
0
Comments
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Surely the company you owe the £15k won't let you sell the house without paying them back first? What is the loan secured on?Well life is harsh, hug me don't reject me.0
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They will they just transfer the loan over to the new house. I have checked this out today.:rotfl:0
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