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buying a second home
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ispookie666
Posts: 1,194 Forumite
We currently have mortgage on our home but would like to release some money to buy a new house.
Current house - 350K, mortgage of 197K
Future house - 650K
Would like 50K towards buying the new home (by borrowing more)
What are the options other than selling this current house.
Current house - 350K, mortgage of 197K
Future house - 650K
Would like 50K towards buying the new home (by borrowing more)
What are the options other than selling this current house.
“Don't raise your voice, improve your argument." - Desmond Tutu
System 1 - 14 x 250W SunModule SW + Enphase ME215 microinverters (July 2015)
System 2 - 9.2 KWp + Enphase IQ7+ and IQ8AC (Feb 22 & Sep 24) + Givenergy AC Coupled inverter + 2 * 8.2KWh Battery (May 2022) + Mitsubishi 7.1 KW and 2* Daikin 2.5 KW A2A Heat Pump
System 1 - 14 x 250W SunModule SW + Enphase ME215 microinverters (July 2015)
System 2 - 9.2 KWp + Enphase IQ7+ and IQ8AC (Feb 22 & Sep 24) + Givenergy AC Coupled inverter + 2 * 8.2KWh Battery (May 2022) + Mitsubishi 7.1 KW and 2* Daikin 2.5 KW A2A Heat Pump
0
Comments
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what's your salary, Debt ? how much deposit?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Salary per year - 160k
Debt excluding mortgage - 15k
10K deposit, was hoping to free up some equity from our current home
It looks more like selling our current house to buy the new one.“Don't raise your voice, improve your argument." - Desmond Tutu
System 1 - 14 x 250W SunModule SW + Enphase ME215 microinverters (July 2015)
System 2 - 9.2 KWp + Enphase IQ7+ and IQ8AC (Feb 22 & Sep 24) + Givenergy AC Coupled inverter + 2 * 8.2KWh Battery (May 2022) + Mitsubishi 7.1 KW and 2* Daikin 2.5 KW A2A Heat Pump0 -
Do you want to be a Landlord ?
Do you know whats involved ?
Do the maths work with the TAX changes to mortgage interest !
Do you want £800,000 of debt ?
Would a £650,000 home look better if you put down a £130,000 deposit ( 20%) and cleared your debts.
Dont forget the stamp duty on £650,0000 -
ispookie666 wrote: »
It looks more like selling our current house to buy the new one.
That or stay in situ and get to grip with your finances for a period of time.0
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