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mortgage mortgage-free home or rent!

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bunnydrumming Posts: 142 Forumite

12 August 2007 at 11:38AM in Mortgages & endowments

I need to buy a new house as i have a new job away from my current location. I am living with family at the mo as i need to sell my current one and add that money to my savings to buy something bigger. However there has been little interest so far (4 months) and so my question is .......

As my current home is mortgage free, would it be better to get a mortgage on my current house (valued £140,000) and use that to add to my funds to buy a new house or should i rent until i sell my house. (I cannot stay with family too much longer - it takes 1 1/4 hours to get to work and i like my space!)

Are there any mortgages that will let me pay off the mortgage as soon as i sell my current house as i have no other debts and I would not want a mortgage hanging over my head

Any advice gratefully received.

:dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance: :dance:

I am finally understanding what money can do for me!

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