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Moving house & mortgage options...
Options
samsam89
Posts: 216 Forumite
Evening MSE.
After a bit of a sense check on the following:
GF and I bought house in April 2015 for £148,000. We took mortgage out with skipton with £15,000 deposit at 4.3% fixed for 5 years (3 years remaining). We fixed to ensure we had consistency in repayments and didn't envisage the fact that we would end up falling pregnant. We have one daughter and things are healthy financially, however, we have just discovered that we have another child on the way and we ideally need to move to somewhere bigger (currently in 2 bed). We could just about manage with 2 bed but would be preferable to move.
We have had our house valued at £190,000 and would hope to achieve between £180k & 190k (leaving us between £50 & 60k in equity). Our early repayment charge is hefty at £6,500 according to our annual mortgage statement. We have stumbled across a property for £200k in an ideal location but it needs work.
If we were to purchase the new property, what would be the options available with regard to financing the renovation work? (Given that we would no doubt put the equity towards deposit, we wouldn't have a huge amount of cash in our savings). Also, would it be more logical to port our existing mortgage or remortgage? Appreciate your answers can't be too specific without perhaps knowing more details but would appreciate your opinions or questions if you need more detail.
Many thanks in advance.
After a bit of a sense check on the following:
GF and I bought house in April 2015 for £148,000. We took mortgage out with skipton with £15,000 deposit at 4.3% fixed for 5 years (3 years remaining). We fixed to ensure we had consistency in repayments and didn't envisage the fact that we would end up falling pregnant. We have one daughter and things are healthy financially, however, we have just discovered that we have another child on the way and we ideally need to move to somewhere bigger (currently in 2 bed). We could just about manage with 2 bed but would be preferable to move.
We have had our house valued at £190,000 and would hope to achieve between £180k & 190k (leaving us between £50 & 60k in equity). Our early repayment charge is hefty at £6,500 according to our annual mortgage statement. We have stumbled across a property for £200k in an ideal location but it needs work.
If we were to purchase the new property, what would be the options available with regard to financing the renovation work? (Given that we would no doubt put the equity towards deposit, we wouldn't have a huge amount of cash in our savings). Also, would it be more logical to port our existing mortgage or remortgage? Appreciate your answers can't be too specific without perhaps knowing more details but would appreciate your opinions or questions if you need more detail.
Many thanks in advance.
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