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How to best finance house purchase.
thestens
Posts: 234 Forumite
We haven't done this sort of thing for over 20 years and it all seems a lot more complicated now with so many different options. We have a house valued at £275000 and are looking to buy one valued at £300000. We are putting ours up for sale but don't want to be in a chain and potentially lose the house we want.
We can raise about £170000 from savings.
What would be the best way to raise the rest to cover the cost of the new home and expenses while waiting to sell our present home?
Should have said we don't have a mortgage at present.
We can raise about £170000 from savings.
What would be the best way to raise the rest to cover the cost of the new home and expenses while waiting to sell our present home?
Should have said we don't have a mortgage at present.
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Comments
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A normal mortgage for a purchase would be fine.
Depending on your plans it might be worth looking at one with no early repayment charges - that means once you sell your current property you can clear your mortgage without paying fees which can typically be between 1-5% of the mortgage amount. It might cost more each month but what you save in interest could be beneficialI 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 -
It depends how quickly you need the funds and what you intend to do with your current property.
Get some advice.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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