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Paying off/getting new mortgage
Ruenks
Posts: 1 Newbie
Hi,
We have had our house on sale for a year, and are very lucky in that family have offered us the money to pay off our current mortgage so we can move despite not selling..but I'm now worried. Can we get a new mortgage to buy a new place and are there any tax implications? We still wish to sell our current house it is just not shifting right now.
We have had our house on sale for a year, and are very lucky in that family have offered us the money to pay off our current mortgage so we can move despite not selling..but I'm now worried. Can we get a new mortgage to buy a new place and are there any tax implications? We still wish to sell our current house it is just not shifting right now.
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Comments
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Hi,
We have had our house on sale for a year, and are very lucky in that family have offered us the money to pay off our current mortgage so we can move despite not selling..but I'm now worried. Can we get a new mortgage to buy a new place and are there any tax implications? We still wish to sell our current house it is just not shifting right now.
What do you want to do with your current place, are you looking to rent it out?
The normal procedure if you just want to sell would be to lower your asking price, this might still be advisable if you don't want to rent. You'll need a deposit for your new house either way.
No issues with the gist, it could be subject to inheritance ce tax if e donor dies within seven years, and this presumes it is a straight gift rather than a loan.0 -
Deposit for the new purchase?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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