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Buying & Selling (Outstanding Debts)
Jj1969
Posts: 1 Newbie
Hi
Could anyone help ?
I am considering selling my home.
I would have approximately 25000 equity
Could I apply for a new mortgage based on paying off existing debt with the equity. ?????
I know I could easily afford the mortgage on the new home .
Any advise would be grateful, thanks
Could anyone help ?
I am considering selling my home.
I would have approximately 25000 equity
Could I apply for a new mortgage based on paying off existing debt with the equity. ?????
I know I could easily afford the mortgage on the new home .
Any advise would be grateful, thanks
0
Comments
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In theory there is no reason why not. It depends though on the price of the house you are buying and whether you are still going to be able to put down a high enough deposit for the mortgage you are applying for. If you are in arrears with these debts though it may affect your credit score so you may not even be able to get a new mortgage or may have to pay a higher interest rate. Best thing is to go into your existing mortgage provider and see what they will give you then look for mortgage best buys elsewhere and see them.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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