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What's best for me please
Tjinks
Posts: 41 Forumite
I've sold my house for 205. The house I'm buying is 150. My mortgage is 43. Fees 2300. Equity to pay my ex 15k. So if I want to be mortgage free but pay all of the above what's best? A loan? A small mortgage? I'm going to call my existing mortgage company today n see if they'll allow me to pay off as much as possible to leave their minimum amount mortgage and have it in my name alone ( joint at the moment). Help a lady out...my head's frazzled : (
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Comments
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I suppose it depends on your financial situation, does your new house need any work doing to it? If so I would get a small mortgage and borrow money on it to get the work done.Mortgage rates are low, I see the value/flexibility in that rather than a loan.be interesting to read what other peeps think.0
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You'll need a brand new mortgage if it's going to be in your name only. It's also a good opportunity to get a better interest rate.
Whether you take out a loan or a mortgage probably depends on how much you feel you can afford to pay back each month and over what term. £15k is less than the minimum mortgage amount.Have you looked at the MSE credit checker to see what rates might be available to you on a personal loan? Something at less than 3% over a smallish number of years is probably better than a mortgage for double the amount but half the interest rate with all the hassle of solicitors and valuations etc.Everything that is supposed to be in heaven is already here on earth.
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If you've sold your house you can't still have a mortgage as you have no security for it.
You're just over £5k short of the full purchase price, I'd suggest a personal loan would work well here.
https://www.moneysavingexpert.com/loans/cheap-personal-loans/0 -
Such a small amount £5300 a loan.
A thread on minimum mortgage amount https://forums.moneysavingexpert.com/discussion/3023560/minimum-mortgage-amount-that-i-can-borrow-yes-i-said-minimum0
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