We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
downsizing
steadyeddie66
Posts: 2 Newbie
Hi , new to site and looking for some help, present house worth 150k mortgage owing £103 k 16 yr left £750 a month, would like to downsize to £95k house with a £20 k deposit? but pay it back over 10 year at around £750 a month. however i have unsecured debts of £20 k ,what is the best way to go about things? do i clear my debt and remortgage ?
many thanks :beer:
many thanks :beer:
0
Comments
-
If you are selling your current home, you are applying for a new mortgage on your new property.
A remortgage is a new mortgage, with a new lender to repay the old mortgage on your current home.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 -
When you sell your current home, the residue after repaying your current mortgage is £47k, net of any selling fees.
If you repay your credit, you will then have £27k left form which to cover your deposit and purchase fees.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 -
thanks kingstreet , do you think it will be easy enough to get an £80 k mortgage over 10yrs with a £20k deposit ? my earnings are app £50 k a year0
-
Speak to your current lender. No reason why your plan isn't achievable.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards