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Morgage V Loan
bunnydrumming
Posts: 142 Forumite
I have a new job and am moving to a new city and so my home is currently on market for around £155,000. I am also fortunate in that a relative has recently left me £130,000. I am looking to buy a house worth around £220 - 250,000.
After 13 years of scrimping and no treats I have paid off the mortgage on my current home and so my question is this:
When looking for a new home (and if i have not sold my current house yet which looks quite likely) - should i get a loan to add to the £130,000 to pay for the new house until i sell the current house or should i get another mortgage.
Alternatively should i continue to rent (at £575pm) until i have sold my current house and wait to have that money in hand!
Any advice welcome as I really struggle with working out all the benefits and cons of each !!!
After 13 years of scrimping and no treats I have paid off the mortgage on my current home and so my question is this:
When looking for a new home (and if i have not sold my current house yet which looks quite likely) - should i get a loan to add to the £130,000 to pay for the new house until i sell the current house or should i get another mortgage.
Alternatively should i continue to rent (at £575pm) until i have sold my current house and wait to have that money in hand!
Any advice welcome as I really struggle with working out all the benefits and cons of each !!!
:dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance:
I am finally understanding what money can do for me!
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Comments
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Wait until you sell.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
It's very much a break even situation, as a £120,000 mortgage @ 6% would cost you £600 pm.
The choice is yours.
Is your income sufficient to borrow that amount of money?
LipstickI 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 -
I would hope to borrow the money from the Halifax as I have most of my investments with them and they know i have a good track record.
AS the other post said - maybe i would be better to wait until i have sold as i would be paying around the same amount to rent or on a mortgage?:dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance:I am finally understanding what money can do for me!0
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