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Remortgage advice
superdon
Posts: 317 Forumite
We are approaching the end of the fixed rate period of our first "homestart" mortgage from HSBC. The mortgage is fixed at 5.39%.
We have just over £109,000 outstanding, and the house is now worth approximately £135,000.
We have also comitted to another property purchase in Spain for which we will need a mortgage of just under £50,000 at the end of this year.
We were thinking of finding a broker to help find the best solution for us.
Any thoughts? And, any thoughts on which broker might be able to visit us to go through the options.
We have just over £109,000 outstanding, and the house is now worth approximately £135,000.
We have also comitted to another property purchase in Spain for which we will need a mortgage of just under £50,000 at the end of this year.
We were thinking of finding a broker to help find the best solution for us.
Any thoughts? And, any thoughts on which broker might be able to visit us to go through the options.
0
Comments
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As far as HSBC mortgage is concerned you should see what the HSBC will offer you to keep your custom and then see an independent broker to see if he has better.
The property in spain it is best to see a broker who understands foreign mortgages as in Spain they are somewhat different from over here.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0 -
Right, I wasnt sure if we were better looking to somehow try and combine the two mortgages at all?
When is best to approach HSBC about a new deal? The fixed rate ends at the end of July.0 -
In theory you could re-mortgage a property in the UK to raise the £50k.
However you do not have £50k equity in your property
THere are lenders that can lend over 100%, but whether this is a wise move for you would need carfeul analysis of your scenario
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Don't over mortgage you home to fund the spanish property, if things ever went belly up you would want your home secure!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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