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Moving Home - Decreasing LTV
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tommer82
Posts: 28 Forumite
I'll be concise as I can..
When I move this time next year after fees etc i've worked out i will have 100k(ish) liquid, broken down to:
Next year I will buy a house worth 170k to renovate again and instead of buying a Porsche i've put my sensible hat on and thought of putting down a 50% LTV @ 85,000 deposit leaving me enough money at around 15k for renovation work without having to borrow on cards etc and possibly a few grand left to 'forget' in an emergency fund.
My monthly payments will fall from the current £615pm to around £380pm.
Long term goal - mortgage free in 8 years.
Can anyone see any flaws or recommend other things I should be looking at.
When I move this time next year after fees etc i've worked out i will have 100k(ish) liquid, broken down to:
• Profit from my current renovated property
• Deposit at 37k (current LTV is 75% of 150k)
• Capitol paid on current mortgage.
• Deposit at 37k (current LTV is 75% of 150k)
• Capitol paid on current mortgage.
Next year I will buy a house worth 170k to renovate again and instead of buying a Porsche i've put my sensible hat on and thought of putting down a 50% LTV @ 85,000 deposit leaving me enough money at around 15k for renovation work without having to borrow on cards etc and possibly a few grand left to 'forget' in an emergency fund.
My monthly payments will fall from the current £615pm to around £380pm.
Long term goal - mortgage free in 8 years.
Can anyone see any flaws or recommend other things I should be looking at.
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