Moving house and equity

Joeisaware539

Redwino222 said:

Congratulations on your success.  I really do think you need some financial advise as you don’t really seem to fully understand the processes. 
enjoy your new home,

Thank you. We are going to speak to financial advisor. Based on feedback on here.

MWT

Joeisaware539 said:

Thank you. We are going to speak to financial advisor. Based on feedback on here.

Very sensible.

The source of your income should not give you any problems from the way you have explained it, good luck with your new home.

Joeisaware539

MWT said:

Joeisaware539 said:

Thank you. We are going to speak to financial advisor. Based on feedback on here.

Very sensible.

The source of your income should not give you any problems from the way you have explained it, good luck with your new home.

Thanks, basically income has come from:

Supplier NHS pay us  —> Business account —-> profits forwarded to us every quarter by accountant. We set our business up that we take £732 every month then dividends every quarter due to taxes. To avoid PAYE & NI. 

We are paid through our own limited company. 

Source of funds are paid to us from supplier? We’ve just let these funds build up overtime as we aren’t exactly materialistic individuals, the only luxury we have is M&S food shopping  

House upgrade is best, more then likely will rise overtime and best for future family. As we know one day our business life cycle will be up. 

With bigger house, we can run business from home and get rid of our office and warehouse and subcontract the warehouse fulfilment out. Saving rates & rent. 

So the move with a dedicated office space and that is used as office only sort of pays for itself in long run providing we can shut it off after work fully. The new house we been looking at has a triple garage and then on top of that space for office and it’s own toilet.

Joeisaware539

Bumping for feedback on above. 

davidmcn

Joeisaware539 said:

Bumping for feedback on above. 

You might need to remind us what your question was - I can't see one in the previous post.

CSL0183

Joeisaware539 said:

Bumping for feedback on above. 

Feedback on what? Your original question has been answered numerous times. 

If you buy a £6-700k property, why have a mortgage at all as you have £600k in cash plus £100k equity in your existing property.  If you buy a £900k property then fair enough you might need a small (ish) mortgage. I still don’t really understand the fascination with porting a mortgage on a higher rate than you would get with a new LTV product at the best rates on the market though, doesn’t really make sense to me? The mortgage is low and the ERC penalty is likely to be peanuts when offset against the new lower mortgage rate.

Good luck with the move anyway and the new neighbours.