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Mortgage Advice
ChrisEightyFive
Posts: 1 Newbie
Hi All,
I am three years into a four year mortgage product and looking for advice for when my deal runs out.
When the deal is up I should owe just under £60k on a house which is worth around £150k. I also owe £33k to a family member who sold me the property at a reduced price.
I will be looking to move home but would like to keep my current house in order to rent out therefore I will need to raise the funds for another deposit and to repay the £33k.
What advice can you offer on how I should approach this situation.
Thanks in advance.
Chris
I am three years into a four year mortgage product and looking for advice for when my deal runs out.
When the deal is up I should owe just under £60k on a house which is worth around £150k. I also owe £33k to a family member who sold me the property at a reduced price.
I will be looking to move home but would like to keep my current house in order to rent out therefore I will need to raise the funds for another deposit and to repay the £33k.
What advice can you offer on how I should approach this situation.
Thanks in advance.
Chris
0
Comments
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You arrange a let to buy Mortgage on the current property and residential mortgage on the new one.
A job for a mortgage broker.
Don’t forget the stamp duty and income tax implications.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 -
It sounds likely that the higher rates of SDLT will apply to your purchase if you are keeping your old home.0
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