flexible deal/second home

Koicarp

We finished paying off our debt a while ago and have now started reducing our mortgage with overpayments of £1k per month, but can only pay off 10% per year without penalty. The fixed rate repayment mortgage is currently at 46k on a 125k house. Our main aim is to retire at 60 in 18 years time, to a small village on our favourite greek island which we have been visiting for the last 20 years. There is very little movement in these island housing markets and homes are usually up for sale for years before finding a buyer, but prices are falling on the one’s which owners now really want to sell.
Our current fixed rate mortgage moves back to the svr in july 2012 and we are planning to move to a flexible mortgage for our existing home. Will we be able to use this same flexible mortgage to buy the home abroad (approx 50k) or would lenders want us to borrow separately? Alternatively I think we could pay cash if saving up for 2 ½ years.

Wh05apk

If you have the equity in your property here, you could raise the funds against it, on the whole lenders don't care what you do with the money!