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!
Can anyone give some mortgage advice please
Wulfrune
Posts: 86 Forumite
Hello
I have a property worth about 320k with 60k left on a very good mortgage (0.25% above the base rate for the life of the mortgage) however, it's a leasehold property and we need a larger place now our child is growing. I am 55 years old and have a good income (50k pa +) and I need to get a new mortgage so I can buy a freehold property.
I have set a ceiling limit of 350k on the new property and after the property I'm living in now is all done and dusted, cash wise, I'm probably going to be left with 250k, so I'm probably looking for a 100k mortgage.
Can anyone advise on what might be the best steps for me to take please?
I have a property worth about 320k with 60k left on a very good mortgage (0.25% above the base rate for the life of the mortgage) however, it's a leasehold property and we need a larger place now our child is growing. I am 55 years old and have a good income (50k pa +) and I need to get a new mortgage so I can buy a freehold property.
I have set a ceiling limit of 350k on the new property and after the property I'm living in now is all done and dusted, cash wise, I'm probably going to be left with 250k, so I'm probably looking for a 100k mortgage.
Can anyone advise on what might be the best steps for me to take please?
0
Comments
-
Go to see a mortgage broker.0
-
An option may be that you can port your existing mortgage to the new property, as you carry over the rate to the new house, and take out additional borrowing for the rest, however this will likely be on a new rate, but likely to be fairly low given your LTV.
Check with your existing lender whether the product is portable.Mortgage co-ordinator for a building society
I carry out affordability assessments for new and existing customers.
I update customers during the application when they call, letting them know where things are at.
I also answer existing mortgage queries.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards