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RBS mortgage advice needed please!
Garbs_2
Posts: 12 Forumite
To give you a bit of background info:
My current outstanding mortgage is £87,000, with my property being valued at £100,000.
I am currently on the SVR with RBS at 4% and am looking to sell my property to buy another at £125,000 [to avoid stamp duty].
RBS have stated I can borrow another £25,000 and keep it at the 4% rate.
If I was to get £100,000 for my property and borrow the extra £25,000, am I right in thinking I would break even [obviously not including legal fees etc] or would I still need to borrow extra to get the 10% deposit for another 90% deal?
I hope I've worded the above in a clear manner!
Many thanks for any help and advice.
My current outstanding mortgage is £87,000, with my property being valued at £100,000.
I am currently on the SVR with RBS at 4% and am looking to sell my property to buy another at £125,000 [to avoid stamp duty].
RBS have stated I can borrow another £25,000 and keep it at the 4% rate.
If I was to get £100,000 for my property and borrow the extra £25,000, am I right in thinking I would break even [obviously not including legal fees etc] or would I still need to borrow extra to get the 10% deposit for another 90% deal?
I hope I've worded the above in a clear manner!
Many thanks for any help and advice.
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