Is it Possible to buy place in the sun

lillboy

Hi
Our mortgage expires out of the tie in period on 7 DEC 07.
we would like to raise some extra funds to pay off credit card bills and also raise some capital to purchase an appartment in another country.
as far as i know we have no adverse credit or anything. (forgot to pay burton store card on a few occasions but always settled once reminded, Payment around £4.00 a month)

our House Value is around 140K
Mortgage 75k
Credit cards 14k
2 Bed Apartment in turkey 38K
Total Borrowing 127k if possible.

My income is 27.5K
Wifes income is 5k

I have also got a loan £230.00 a month never missed any payments.

we would concider extening our mortgage as we only have 13 years left to pay on it.

I have been on a few website which all suggest the usual 3.5 time borrowing limit but on here i have seen 5X limits being spoke about.

Does anyone out there think i would be able to actually get the mortgage required without paying over the top interest rates.

Any Suggestions would be appreciated.

herbiesjp

If you are set on doing it - then the bottom line is it can be done.
The loan will affect the mortgage amount that can be offered, but it can still be done

Have you got the money to cover the fees for the house buying process abroad?

Also, I would try and stick to 90% borrowing (as that would take you just over), in order to avoid Higher Lending Charges

Mr_helpful

It should be easy enough but as herbie says watch out over 90% as higher lending fees may apply though there are some companies that dont charge this. Contact a no fees broker who could advise you properly

lillboy

The 37k includes everything for the purchase of the oversees property fees furniture ETC. buying as a package.
The house value is a conservative estimate, others in the area have sold for this price however we have quite a large exrension and garage added so i could suggest 150K for the property price.
I need to find a fees free advisor as my previous advisor no longer acts for me (My choice see previous post).

http://forums.moneysavingexpert.com/showthread.html?p=1947157#post1947157

herbiesjp

Looks like you are doing your homework - hopefully you'll find someone better than last time to help you out

Griptool

Lillboy don't be an idiot, work on paying debts off not increasing them!!. £125000 (plus interest)is alot of money to pay back out of your future earnings.

The time for speculation on foreign flats in was 5 years ago, if you proceed with your plan you will be entering a world of misery. Look at whats happaning on the credit markets NOW

lillboy

Ouch !
A bit harse griptool, however it had the desired effect I sat back and thought for a while. still undecided about the appartment. trying to convince wife it's not the best idea.

However i still have to find a new finacial advisor to sort my mortgage out. the tie-in period ends in Early DEC.

Am I allowed to post on here to find an advisor.

Wayne

herbiesjp

Have a read of the adviser code of conduct - it will tell you exactly what advisers can and cannot do on here.

Here is the link:

http://forums.moneysavingexpert.com/showthread.html?t=325378