Mortgage due up what should i do

budgetbreaker

Hi All

Thanks for taking the time to look at my post I was hoping that someone could help me or even point me in the right direction of what to do next.

Myself and my wife have a great home that we pay an interest only mortgage on.

We got married this year and so we have taken a loan out to help us out with that.

The mortgage is due up this January and I was hoping for some advice.

We are considering selling the house and mover to a newer more finished house (in terms of building work and changes) but we were curious if there are any sites that we can use to asses are likely mortgage levels with our 'debts' removed to give us a fair idea of what price range to look at.

Or we were looking to remortgage early would you be able to tell us if that's an option or not

If this posted elsewhere apologies but thanks in advance for your advice and help
budgetbreaker

bigadaj

budgetbreaker wrote: »

Hi All

Thanks for taking the time to look at my post I was hoping that someone could help me or even point me in the right direction of what to do next.

Myself and my wife have a great home that we pay an interest only mortgage on.

We got married this year and so we have taken a loan out to help us out with that.

The mortgage is due up this January and I was hoping for some advice.

We are considering selling the house and mover to a newer more finished house (in terms of building work and changes) but we were curious if there are any sites that we can use to asses are likely mortgage levels with our 'debts' removed to give us a fair idea of what price range to look at.

Or we were looking to remortgage early would you be able to tell us if that's an option or not

If this posted elsewhere apologies but thanks in advance for your advice and help
budgetbreaker

You need to post some more information to get some decent responses. House value, mortgage outstanding, incomes and other debts as a minimum. Also age if you say you're mortgage is finishing soon, but do you mean the current deal or the actual term?

dimbo61

Just to get this right you have a Great house but you want to move !
You bought the property with an Interest only mortgage so have paid nothing off the debt since you moved in ?
How much deposit did you put down and what is the current vaue and outstanding mortgage.
You took out a loan to get married so I guess you have no savings ?
Why do you want to move and can you afford to move ( selling and buying costs)

budgetbreaker

The house is valued at 180, 000 mortgage is 138, 000 income 1 31000 income 2 24000. 15, 000 loan 10500 left outstanding and 2800 credit card balance.

Its a great house but needs a bit doing to it has massive potential but I'm thinking more of short term rather than the long term to be honest. Oh and end or mortgage deal 2 year interest only not end of mortgage

amnblog

A price band up to the 3% stamp duty threshold of £250,000 should not be a problem if you debts are paid off.

If you want a finished property perhaps you should consider help to buy.

budgetbreaker

amnblog wrote: »

A price band up to the 3% stamp duty threshold of £250,000 should not be a problem if you debts are paid off.

If you want a finished property perhaps you should consider help to buy.

Thanks for the reply but the debts would not be paid off by January would you have a ball park figure with debt?

Loan still have 2 years to complete should I considersecuring it onto my next mortgage

amnblog

Sorry, you asked for ball park figure 'with debts removed'

How much is the loan per month?