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Mortgage advice
gabby40
Posts: 1 Newbie
Good evening,
we currently have a balance of £84,000 left on our mortgage and have an option to repay in full in October which we plan to do.
we currently have a balance of £84,000 left on our mortgage and have an option to repay in full in October which we plan to do.
We then want to buy a second home for our use at weekends. I’ve read online that a 25% deposit would be needed for a second home.
Does anyone have any experience on buying a second home after they have paid off their main home? When researching online I can only find information for people wanting to use their main home as equity which we don’t want to do. We have a cash deposit of around £75,000 and property value will be around £300k
Thanks
Gabby
Does anyone have any experience on buying a second home after they have paid off their main home? When researching online I can only find information for people wanting to use their main home as equity which we don’t want to do. We have a cash deposit of around £75,000 and property value will be around £300k
Thanks
Gabby
0
Comments
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Maybe one for a mortgage broker as your buying a second home but will now only pay the extra 3% stamp duty.
If your income will support a new mortgage of £ 225, 000 happy days.
Is this the best way to do it ?
You might get a better rate remortgaging your home0 -
*Assuming 2nd home is in England/NIdimbo61 said:Maybe one for a mortgage broker as your buying a second home but will now only pay the extra 3% stamp duty.*
If your income will support a new mortgage of £ 225, 000 happy days.
Is this the best way to do it ?
You might get a better rate remortgaging your home0 -
Why does it make a difference?gabby40 said:Good evening,
we currently have a balance of £84,000 left on our mortgage and have an option to repay in full in October which we plan to do.We then want to buy a second home for our use at weekends. I’ve read online that a 25% deposit would be needed for a second home.
Does anyone have any experience on buying a second home after they have paid off their main home? When researching online I can only find information for people wanting to use their main home as equity which we don’t want to do. We have a cash deposit of around £75,000 and property value will be around £300k0
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