Whats my best option? Transferring mortgage

Andrew1981

Hello,

I need a bit of advice as to my best move, in your more experienced opinion.

I currently own 1/2 a house, my mum owns the other half. Currently it's rented out as a house share.

For my part of the house, I took out a £125k mortgage 7 years ago, and have 10 years left. I think I've paid back around £35k of the mortgage, and am on a fab rate, 0.5% above BOE base rate until the mortgage ends. I really don't want to lose this mortgage!

This mortgage was taken when I was on £25k/yr. now I'm on £35k, up to £45k with o/t

I want to get enough money to buy a 2 bed flat, maybe £220k.

Would you suggest sell?, and get a whole new mortgage? (on a far worse rate) or get another mortgage on the extra £90k? Is that possible? I could afford the extra £90k mortgage easily, as my current mortgage costs just £700/month, and I get £450 back in rent. Even if I started again, could I even afford £220K? Seems not as 4x £35 is just £140.

Any thoughts please people!!!

Thanks in advance

Andrew

Dave_Ham

Hi there,

Get some decent advice and you could save a fortune on your next step..

I am a little confused though, did your Mum put in 50% cash and you took on the mortgage and if so what does she want to do or happen...?

Andrew1981

Hi, thanks for your reply.

Mum owned the house outright, no mortgage, so when I took a mortgage out for £125k she got that as cash she's not fussed what happens!

Wheres the best place for advice then-free-my current mortgage provider to see what options I have? Any moves won't happen for a year or so-I'm just looking to see what my options may be :-)

Andrew

Dave_Ham

Absolutely, given your current rate will be best to see what they will or will not allow