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Question about a Lump sum payment

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nicholbb Posts: 168 Forumite

31 December 2018 at 10:53PM
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Think people are over thinking this:

Home valued at £140,000.
Deposit of £36,000.
Remaining value of house £104,000.

You state £104,000 is just 3 times your mortgage.

You need to get the full mortgage of £104k. You can repay the mortgage at any time, if you are in the midst of a fixed rate you will likely get an early repayment charge.

I would get a mortgage for a normal term at a rate you can afford. Then when you get the cash you pay your mortgage. The advantage of this is you'll still have some of the 45k left over.

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Question about a Lump sum payment

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