A little advice needed

ower

Hi everyone.

My Wife and I have just found a property that we'd like to buy. Its bought off plan and the list price is £207,950. We've been told that £10,000 of that could be applied to a discount or fixtures and fittings. So £200,000 is a more realistic purchase price.
Our current property has been valued at £152,500. We are tied in with our current mortgage (repayment) until March 2009. We paid £104,950 for our current house, mortgaged £92000.
We have a combined annual income of £53,000 so I don't think it'd be a problem borrowing the extra money (approx £50,000 plus existing mortgage of £90,000)

A few questions... (go easy on me!)

1. Could we take our current deal and apply it to our new purchase?
2. If yes, how would they calculate the payments based on the extra borrowed?
3. Or could we just re-mortgage?
4. As we're fixed for another 18 months, would we be able to, for example, take a 10 year fixed?
5. Would anyone reccomened the current 10 year fixed? We won't move again.

dipsy

1. is it portable
2. depends on the interest rate for the rest of borrowing
3. depends on redemption fees..? do you know them?
4. Again redemption fees for the part you have now to convert all to a fixed for 10 yrs
5. I couldn't..... but maybe someone will....

I think you would be stretching yourselves.. new property.. needs lawn/shed/carpets/fences etc... assuming all this is included and its decorated... still think its a bit of a risk in current market... I have 60% equity in my house and I still get nervous.. (I owe 40% to value)


but if you need advice go on recomendation from those you know to be in sound financial positions... don't be tempted by ads or leaflets... just my opinion x