Can this be done?

obay

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

Blackbeard_of_Perranporth

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,

DarkShadow

New builds are full of plasterboard all over, one punch and things break down.

Number75

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!

amnblog

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.

getmore4less

obay wrote: »

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.