Mortgage options …

Whiterose23

ReadySteadyPop said:

Whiterose23 said:

Hope someone can advise. I’m planning to sell up and move to a flat in a different area of the country but may need a very small mortgage to do so.
I’m 60 years old and want to clear my current mortgage but the flats I like and in the areas I want to live are more expensive than I first thought so I may need a loan of around £20,000, for example I expect to have around £180,000 equity once my house is sold but need £200k to secure the right property. I do not want to move into a retirement property as my son will be living with me. 
I’m not sure at this stage whether I would continue to work for my current employer remotely or find a new part time position once I move.
I’m looking into the best way to achieve this and my thoughts are:

Use a lump sum from one of my pensions (I could release around £30k but this would impact my pension later on)

Look at getting a small mortgage to make up the difference (such as an RIO mortgage)

Are there any other ways I could achieve this?

Thanks

You shouldn`t make assumptions about how much a house will sell for, or if it will even sell in this market in my opinion, if you want to move sell the house first, rent somewhere and look at your options for buying then.

My assumptions are based on sold prices of identical properties on my road, plus three house valuations by local agents, plus I’m using a lower figure on my estimated calculations. We have to start somewhere … as for rent, it’s wasted money and lots of hassle with a pet so I’d rather buy.

RHemmings

Surely you can ask Santander directly if they would consider porting the mortgage, and if so how it will work. The idea above of contacting a mortgage advisor is a good one to find more options. But, surely you can just ask Santander. If I was in your position, I would do that as the first step. Doesn't stop you looking for a better deal afterwards, and you'll get an idea of what can be done. 

Whiterose23

ReadySteadyPop said:

Whiterose23 said:

Hope someone can advise. I’m planning to sell up and move to a flat in a different area of the country but may need a very small mortgage to do so.
I’m 60 years old and want to clear my current mortgage but the flats I like and in the areas I want to live are more expensive than I first thought so I may need a loan of around £20,000, for example I expect to have around £180,000 equity once my house is sold but need £200k to secure the right property. I do not want to move into a retirement property as my son will be living with me. 
I’m not sure at this stage whether I would continue to work for my current employer remotely or find a new part time position once I move.
I’m looking into the best way to achieve this and my thoughts are:

Use a lump sum from one of my pensions (I could release around £30k but this would impact my pension later on)

Look at getting a small mortgage to make up the difference (such as an RIO mortgage)

Are there any other ways I could achieve this?

Thanks

You shouldn`t make assumptions about how much a house will sell for, or if it will even sell in this market in my opinion, if you want to move sell the house first, rent somewhere and look at your options for buying then.

Rent is so expensive though…I would be worried about eating into the equity from selling my house.