Help a lady out please

Tjinks

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 : (

fatbelly

How much short are you from being able to do all this without a mortgage? It sounds like a very small amount. Can you put a figure on it?

I do have an idea, which worked for me when I needed a few thousand short-term

How come you're paying your ex such a small proportion of the equity on a jointly owned property? Is it a court order? Or a private arrangement? If the latter would they accept payment in instalments?

I'm assuming that you will be able to show a surplus in your expenses once the mortgage is gone.

TheAble

I make it £210,300, so you need to find £5300 from somewhere.

enthusiasticsaver

If you are selling the house you need to  pay the full amount off and any new mortgage applied for but by my reckoning you will have £144700 left after paying off the mortgage, your ex and the fees.  So essentially you will need to find the shortfall of £5300 to pay £150k for the new house.  Most banks have a minimum amount for mortgages and it will be higher than £5300 so either you need to apply for a bigger mortgage and then maybe repay some after completion if you are allowed to without penalty or you could apply for an unsecured loan.  

fatbelly

When I needed some short term cash to fill in the gap on a house purchase I used a money transfer card (Virgin actually) It was surprisingly easy to get 8k. There is a 4% fee but then it's 0% interest and a low minimum monthly payment - you just need to clear it before the 0% period finishes.

https://www.moneysavingexpert.com/credit-cards/money-transfers/

If your credit report is clean then an unsecured loan should be easy and cheap

https://www.moneysavingexpert.com/loans/cheap-personal-loans/

kimwp

Are you accounting for moving costs, money for decorating etc? Will you need a new car or white goods soon? I'm not a fan of taking on debt, but if you might be thinking about taking out a loan for these things soon, it might be worth considering them when deciding between your options - it may make sense to take out a mortgage to cover these things as well.