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Can you point me in right direction?
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dazed04
Posts: 11 Forumite
Hi.
I've been watching an empty house I'd love for months and it's finally on the market. Repossessd being sold via estate agent for £172,000. I'm in Scotland if that's important?
I'm mortgage free
. House worth £210,000. I estimate costs for gutting new house about £50,0000. I'll put this house on market but know it may take months to shift and I need to buy fast if builder Oks new house. I have £80,000 savings but that's it.
Good income so don't think lending will be a problem. Should I mortgage this house or get mortgage for new house? Which type of product best and where from?. I'd hope to pay of all lending as soon as possible when this house sells.
Thanks in advance for any help
I've been watching an empty house I'd love for months and it's finally on the market. Repossessd being sold via estate agent for £172,000. I'm in Scotland if that's important?
I'm mortgage free
. House worth £210,000. I estimate costs for gutting new house about £50,0000. I'll put this house on market but know it may take months to shift and I need to buy fast if builder Oks new house. I have £80,000 savings but that's it.Good income so don't think lending will be a problem. Should I mortgage this house or get mortgage for new house? Which type of product best and where from?. I'd hope to pay of all lending as soon as possible when this house sells.
Thanks in advance for any help
0
Comments
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Why would you struggle to sell your property?0
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House movement still very slow here. House next door on the market for 6 months now, price seems fare. Also my house needs stuff done-new kitchen, new boiler which I think will put some off and makes me keen to move!!0
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Don't they still do bridging loans?0
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I had heard about bridging loans but friends also advised that would be very expensive - not that my friends are much more savvy than me on the subject!
I've met with HBOS who suggest remortgage this house(14yr term-I'm 51) , fixed rate for 2 years then repay whole amount. 3.99%0 -
Right idea.
The rate's not great though.
Shop around more. You should be able to get a lot closer to 3%, with minimal/low fees too.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Look at offset mortgages0
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Thanks. I'll do some reading of stickies re offset mortgage-afraid is all a bit gobbledegook to me for now but I'm a quick learner!0
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post 8 is good advice0
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Mortgaging your house is going to be much easier and more flexible.
An offset will allow you to keep the money ready without paying interest until you buy the other house.
The other house may not be mortgagable, anyway, if it needs gutting.0
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