We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
i need help!!!
please_dont_laugh
Posts: 1 Newbie
please dont laugh,but i need help
i am a thirty something male,who has reasonable knowledge of most things football,golf,politics,the price of a pint and women(maybe not) but mortgages i just dont understand them
could someone please help me out?
we brought our house 13 years ago,on a shared ownership 50%
3 years later we brought the other 50%
now we are thinking about buying a bigger property,and thats where i am stuck.....i am looking to borrow another 60-70k..now i know that will be over 25 years,but the amount i already owe,does that have to start again as well,or will it be paid off earlier?
i know i should know about these things
but i am a bit fik
i am a thirty something male,who has reasonable knowledge of most things football,golf,politics,the price of a pint and women(maybe not) but mortgages i just dont understand them
could someone please help me out?
we brought our house 13 years ago,on a shared ownership 50%
3 years later we brought the other 50%
now we are thinking about buying a bigger property,and thats where i am stuck.....i am looking to borrow another 60-70k..now i know that will be over 25 years,but the amount i already owe,does that have to start again as well,or will it be paid off earlier?
i know i should know about these things
but i am a bit fik 0
Comments
-
The normal way of doing things is to pay off your existing mortgage with the funds you receive from the sale of your property. Some or all of what's left can be used as a deposit on the new property and you take out a new mortgage for the remainder. 25 years is a fairly normal mortgage period but you can have one for longer is the lender agrees, or shorter if you can afford the repayments, which means you pay much, much less in interest and own your house outright more quickly. Does this answer your question?There's love in this world for everyone. Every rascal and son of a gun.
It's for the many and not the few. Be sure it's out there looking for you.
In every town, in every state. In every house and every gate.
Wth every precious smile you make. And every act of kindness.
Micheal Marra, 1952 - 20120 -
Presumably your existing mortgage has 12 years left to run? For the sake of argument, lets say the outstanding sum is £50k.
Are you saying that when you pay this mortgage off (i.e. when you get the money for the sale of your house), that you will borrow an additional 60 - 70 K (to that already remaining on your existing mortgage, making a total borrowing of 110 - 120K).. You cannot afford to pay this back over what would have been the remaining period of your old mortgage (i.e. 12 years), so you want to take this out over 25 years? If you do this each time you move, you'll never pay your mortgage off!
If it was me, I'd work out how much I could afford per month then work out how many years I'd have to take the mortgage of 110 - 120k out for using one of the many free mortgage calculators on the web (most building society websites will have one).0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards