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Remortgage for Holiday Home
km0928
Posts: 11 Forumite
I have a mortgage of 35K for next 6 years but have now the oportunity of buying an unfinished holiday home. How likely are the lenders to give out money (about £30000) nowadays. Our house is worth about £150000.
Also I have debts of about 8500 but I have savings for a deposit which would cover this. Would I be better to pay off debts before appying for the mortgage and applying for £8500 more.
Thanks for any advice.
Also I have debts of about 8500 but I have savings for a deposit which would cover this. Would I be better to pay off debts before appying for the mortgage and applying for £8500 more.
Thanks for any advice.
0
Comments
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You may as well remortgage your existing house to buy your holiday house outright.0
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But from the lenders point of view does it make any differnce if I pay off my debts but require a larger amount of loan? Thanks0
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Clear your debts.
Worth reading up on tax treatment of holiday homes. As not attractive as once was.0
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