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Don't want to pay off a mortgage
snickpan
Posts: 175 Forumite
I don't want to lose my 1.08% mortgage when I sell!
I have a flat on the market, and it's mortgage is Woolwich 1.08%, £100,000. I also have another buy to let, which is a much bigger mortgage with much higher interest rates. What can I do to make the most of the cheap mortgage? Is the Woolwich mortgage possibly portable?
When the flat sells for £200,000, will it automatically pay off the Woolwich mortgage, and leave me with £100,000? Could I manoeuvre the money to pay off a lump of my nastier mortgage, and I keep paying the Woolwich?
I've come here first as I imagine any mortgage broker, and the Woolwich will just want to sell me a new product
I have a flat on the market, and it's mortgage is Woolwich 1.08%, £100,000. I also have another buy to let, which is a much bigger mortgage with much higher interest rates. What can I do to make the most of the cheap mortgage? Is the Woolwich mortgage possibly portable?
When the flat sells for £200,000, will it automatically pay off the Woolwich mortgage, and leave me with £100,000? Could I manoeuvre the money to pay off a lump of my nastier mortgage, and I keep paying the Woolwich?
I've come here first as I imagine any mortgage broker, and the Woolwich will just want to sell me a new product
0
Comments
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Give the Woolwich a call to ascertain if it's portable.0
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oh misery, portable, but only for purchasing property, can't be ported to pay off another loan
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Sell the other one and keep the one with the cheap loan or buy somewhere else.0
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