Turns out portable mortgage isn't....what to do?

Thrugelmir

007Mole wrote: »

We are considering selling up and renting until such time as we have saved more money, but I am not sure if there are any other options that we could be exploring.

Is your mortgage currently interest only?

getmore4less

007Mole wrote: »

Exactly! Peak District and hills win anytime over the flat lands of Cambridgeshire. We have no ties here, the area we want to go to is equidistant between both sets of parents, schools are better, scenery is better, and business prospects are better (Manchester, Sheffield, Stockport, Liverpool, etc)....all-in-all, a no-brainer, apart from the slight mortgage hiccup!

So if money is not a deal breaker.

Find out how much some one will lend you and buy to that level till you can prove you are a risk for more.

sell and rent(you need to find someone that will rent to you)

rent and rent (if you can get concent to let on the current deal)


Is your business portable that is another factor that may hit lending criteria if you are using that as a basis for the income and lending.


If the business plan stacks up borrow against that to top up the personal plan.


As has been said why on earth are you overpaying a 1% debt?
That could send alarm bells to an underwriter.

007Mole

Many thanks for those points re paying off more; probably should have put it into other things, but have just had other priorities, and also liked the idea of paying it off early.

Business is not something we can borrow against as it is a management consultancy so has v little in the way of assets (apart from our intellect of course!). However, it is portable, and would actually be better positioned near a metropolis!

Mortgage is a full one (don't know the name of it, but it is not interest only!)