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Own my home, loan to buy another????
Shazbatty17
Posts: 2 Newbie
I need advice....
I own my home outright (£170,000) and want to take out a mortgage loan to finance purchase of another property to completely renovate and move into then sell my original home to pay off loan and leave myself £70,000 to put in long term savings.
What is the best way to fund this? I live alone and earn £27,900 pa
All advice gratefully accepted.
Many thanks
Sharon
I own my home outright (£170,000) and want to take out a mortgage loan to finance purchase of another property to completely renovate and move into then sell my original home to pay off loan and leave myself £70,000 to put in long term savings.
What is the best way to fund this? I live alone and earn £27,900 pa
All advice gratefully accepted.
Many thanks
Sharon
0
Comments
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Remortgage your currently unencumbered property.
Look for a product with no early repayment penalties so you can pay it off whenever you like and not pay thousands for the privilege.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
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