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remortgaging to move- help please
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lucky_star_4
Posts: 2 Newbie
Hi
i wonder if anyone could give me some advice.
my fixed rate on my current mortgage ends at the end of feb so i would like to look for a new deal. however we are also wanting to move so thought we could do this at the same time.
1st question is given the current markets is it better to get into a new fixed rate that is portable that we will be able to take with us when we move or hold off and pay the base rate until we have sold our property and found somewhere to move?
2nd question is within the move i also want to use some money in the house to pay off all our debts. the debts are currently managable and we can keep to our commitments however we need to move somewhere bigger as my child is disabled and we need somewhere with more space and it will take a further 2.5 yrs to pay off our debts.
im aware of the implcations of putting the debt into the mortgage ect and the extra interest but think this is the best thing for us at the mo.
anyway our current house is worth around £115000 and mortgage is for £56000 leaving us with £59000 in the house. debts are £14000 and we would need to borrow a further £130000 to buy a house of £175000. we would have £45000 to put down as deposit and have good credit records. just checked our report and score and have a score of 984 and no defaults late payments ect. we also earn £46K per year and have no other debts.
however with the current market and banks tightening up who they will lend to, do you think they will lend to us?
i wonder if anyone could give me some advice.
my fixed rate on my current mortgage ends at the end of feb so i would like to look for a new deal. however we are also wanting to move so thought we could do this at the same time.
1st question is given the current markets is it better to get into a new fixed rate that is portable that we will be able to take with us when we move or hold off and pay the base rate until we have sold our property and found somewhere to move?
2nd question is within the move i also want to use some money in the house to pay off all our debts. the debts are currently managable and we can keep to our commitments however we need to move somewhere bigger as my child is disabled and we need somewhere with more space and it will take a further 2.5 yrs to pay off our debts.
im aware of the implcations of putting the debt into the mortgage ect and the extra interest but think this is the best thing for us at the mo.
anyway our current house is worth around £115000 and mortgage is for £56000 leaving us with £59000 in the house. debts are £14000 and we would need to borrow a further £130000 to buy a house of £175000. we would have £45000 to put down as deposit and have good credit records. just checked our report and score and have a score of 984 and no defaults late payments ect. we also earn £46K per year and have no other debts.
however with the current market and banks tightening up who they will lend to, do you think they will lend to us?
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can any mortgage advisers or brokers out there offer any advice?0
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