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Can this be done?
obay
Posts: 570 Forumite
I've just taken my mortgage out with kensington, no problem what so ever for the last 2 months.
Wondering, if we find a cheaper house in 2 years when our fix rate deal ends and the value of our house is aprox £20k more (190,000) and we find a house which is £150,000 would that mean i'd be mortgage free within the two years is that allowed to be done?
I am thinking about switching and buying a new build haha :P
Wondering, if we find a cheaper house in 2 years when our fix rate deal ends and the value of our house is aprox £20k more (190,000) and we find a house which is £150,000 would that mean i'd be mortgage free within the two years is that allowed to be done?
I am thinking about switching and buying a new build haha :P
[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.37
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.37
0
Comments
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You can choose to be mortgage free in two years, no problem. But it depends on what you want as well.
Let us say your house increases in value by £20k. You may find that the other place will also increase in value as well! But it is always good to have a goal when you pay your mortgage,0 -
New builds are full of plasterboard all over, one punch and things break down.Bank accountsSantander : 17 year relationship, 0 problems to date.0
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I don't understand your maths!
Current house is £170K and you are imagining a scenario where it gains £20K - now £190K.
You sell that, and you now have £20K plus whatever deposit you into slot put down.
You use that to buy the £150K house.
Less £20K = £130K to find.
Unless you put down a £130K deposit on your current £170K place then no, you won't be mortgage free!0 -
DarkShadow wrote: »New builds are full of plasterboard all over, one punch and things break down.
New builds are are covered by Guarantee and built so they cost tuppence to heat.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've just taken my mortgage out with kensington, no problem what so ever for the last 2 months.
Wondering, if we find a cheaper house in 2 years when our fix rate deal ends and the value of our house is aprox £20k more (190,000) and we find a house which is £150,000 would that mean i'd be mortgage free within the two years is that allowed to be done?
I am thinking about switching and buying a new build haha :P
YES, if your current mortgage is around £40k.
you would be mortgage free, as long as you had the cash to cover the costs of selling and buying.0
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