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advice on buying/moving please
lesta1980
Posts: 163 Forumite
Hi, I hope I have got this in the correct forum but looking for some advice please
Some may have seen me post on other threads and so far my life seems to have gone the direction and now I look like I can at least do the first thing I wanted to, which I will now explain the scenario
I run my own firm and have done well enough to save a good lump sum, and hopefully this can carry on for a bit at least.
Me and wifey have about £88k left on a mrotgage on our 3 bed semi which is probably worth about £160k now.
I have seen a lovely gaff just on the market for £425K, I currently have £370K saved with probably another £20k going in at the end of the month. I don't want to wait to get the asking price so just thinking how the best way is to finance the shortfall, as believe it or not, forgot the extra £10k at least for stamp duty.
My plan always was to buy my new house mortgage free so at least that is never a worry and now im look like I can rent the first house out and pay that mortgage.
The question is, do I look at another mortgage, for say £50K to cover the shrtfall and other stuff, that I could clear in 2-3 months all being well, add it to my current one or look at some other sort of loan.
hope all that makes sense
Some may have seen me post on other threads and so far my life seems to have gone the direction and now I look like I can at least do the first thing I wanted to, which I will now explain the scenario
I run my own firm and have done well enough to save a good lump sum, and hopefully this can carry on for a bit at least.
Me and wifey have about £88k left on a mrotgage on our 3 bed semi which is probably worth about £160k now.
I have seen a lovely gaff just on the market for £425K, I currently have £370K saved with probably another £20k going in at the end of the month. I don't want to wait to get the asking price so just thinking how the best way is to finance the shortfall, as believe it or not, forgot the extra £10k at least for stamp duty.
My plan always was to buy my new house mortgage free so at least that is never a worry and now im look like I can rent the first house out and pay that mortgage.
The question is, do I look at another mortgage, for say £50K to cover the shrtfall and other stuff, that I could clear in 2-3 months all being well, add it to my current one or look at some other sort of loan.
hope all that makes sense
0
Comments
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sorry to post again, am just hoping someone can offer the correct advise, cheers0
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Presumably, if there is that much equity in the current place, there would be enough to cover the 'shortfall' and SDLT so you'd be best to get that sold and end up mortgage free and without ending up being a landlord0
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arbrighton wrote: »Presumably, if there is that much equity in the current place, there would be enough to cover the 'shortfall' and SDLT so you'd be best to get that sold and end up mortgage free and without ending up being a landlord
To be honest I'd prefer to keep the first house if I can. Get that paid off as soon as possible and have some rental income coming in from it0
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