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Selling two flats and buying a house, confusing mortage situation
SRJ1
Posts: 1 Newbie
Hello,
We are new to the forum and have a puzzle to solve, hopefully you can help!
I bought my first home in 2010 with a 25% deposit and 2 yr fixed rate with bank A. Remortaged to bank B in 2012 to a better tracker rate having made a capital repayment to get the mortgage down to 60% of current value.
My partner bought her first home in 2009, with a deposit of 40% and a parental loan of 60%. She remortgaged half of that parental loan (30%) also to bank B in 2011.
Now we would like to buy a house. To get what we want we would need to sell both flats and also increase our borrowing. So do we:
1. Pay off our existing mortgages upon the sale of our flats and go for a joint mortgage for the whole loan.
2. Try and transfer our existing deals to keep the good rates and apply for a 3rd 'top up' mortgage jointly or is there another option?
Thanks!
We are new to the forum and have a puzzle to solve, hopefully you can help!
I bought my first home in 2010 with a 25% deposit and 2 yr fixed rate with bank A. Remortaged to bank B in 2012 to a better tracker rate having made a capital repayment to get the mortgage down to 60% of current value.
My partner bought her first home in 2009, with a deposit of 40% and a parental loan of 60%. She remortgaged half of that parental loan (30%) also to bank B in 2011.
Now we would like to buy a house. To get what we want we would need to sell both flats and also increase our borrowing. So do we:
1. Pay off our existing mortgages upon the sale of our flats and go for a joint mortgage for the whole loan.
2. Try and transfer our existing deals to keep the good rates and apply for a 3rd 'top up' mortgage jointly or is there another option?
Thanks!
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