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What's the best mortgage option?
Options
Andrew2503
Posts: 1 Newbie
Long time lurker, 1st time poster!
I'm just after a bit of advice on what my options are.
I own a 3 bed house, 50/50 with my mum. Value is £250k, so my half is £125k. I took out a 17yr mortgage 6 years ago, and have paid off around 40k of it so far. We rent it out, and both want to sell soon. She owns her half out right.
What I want to do should be quite simple- I want to buy a 1 bed flat. Cost will be apx £220k.
What's the best route?
The current mortgage is on 0.5% above BOE base rate for term. Yes, I know that's a FANTASTIC rate and I don't want to end the mortgage obviously! it's with A&L, now bought by Santander.
Im 30, earn around £40k, £50k with o/t. I have no dependants, no debts, but no savings.
What's the best/most economical way to get the extra £100k? Can I run 2 mortgages next to each other? Or Cash out, pocket the 40k, use that as a deposit? Or start another mortgage to run parallel? Is that possible? I guess that would be a 100% mortgage for the 2nd part?!
Thanks for any advice you may offer, I'm a little puzzled!!
Andrew
I'm just after a bit of advice on what my options are.
I own a 3 bed house, 50/50 with my mum. Value is £250k, so my half is £125k. I took out a 17yr mortgage 6 years ago, and have paid off around 40k of it so far. We rent it out, and both want to sell soon. She owns her half out right.
What I want to do should be quite simple- I want to buy a 1 bed flat. Cost will be apx £220k.
What's the best route?
The current mortgage is on 0.5% above BOE base rate for term. Yes, I know that's a FANTASTIC rate and I don't want to end the mortgage obviously! it's with A&L, now bought by Santander.
Im 30, earn around £40k, £50k with o/t. I have no dependants, no debts, but no savings.
What's the best/most economical way to get the extra £100k? Can I run 2 mortgages next to each other? Or Cash out, pocket the 40k, use that as a deposit? Or start another mortgage to run parallel? Is that possible? I guess that would be a 100% mortgage for the 2nd part?!
Thanks for any advice you may offer, I'm a little puzzled!!
Andrew
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