We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Advice
Options
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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards