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Sold my house - want to clear my debts before buying a new home...how long should I wait?
*Kat*
Posts: 1,829 Forumite
I sold my house yesterday (Woooo!)
I'd like to clear my debts first before buying a new place, I will pay off around £30k prior to buying a new place.
How long should I wait before buying a new place? I'm expecting clearing my debt might get me a better mortgage interest rate, and I can save a little bit more towards a deposit. Any help greatly appreciated - thanks
I'd like to clear my debts first before buying a new place, I will pay off around £30k prior to buying a new place.
How long should I wait before buying a new place? I'm expecting clearing my debt might get me a better mortgage interest rate, and I can save a little bit more towards a deposit. Any help greatly appreciated - thanks
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Comments
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Where are you going to be living when yours sells?
You could have purchased again, with debts settled on completion of the old property in readiness for the new one.
Your credit reports will, eventually, show the debts as settled. Things are taking a bit longer to be updated.
Have you spoken with a broker to see what the options are?Mortgage started 2020, aiming to clear 31/12/2029.1 -
/Not yet, but mainly because I haven't found anywhere I'd like to live yet, and I'm also finding out if I get promoted next month so I am willing to rent for a few months / live with family until I find something I love, and once I know what my new salary is (if I get it)MovingForwards said:Where are you going to be living when yours sells?
You could have purchased again, with debts settled on completion of the old property in readiness for the new one.
Your credit reports will, eventually, show the debts as settled. Things are taking a bit longer to be updated.
Have you spoken with a broker to see what the options are?
1
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