What would you do?

sherbolton

We are looking at a house on Saturday which we're hoping to get for £135k. My existing house is a terraced and we only have 27K left on the mortgage. Anyway we have an offset mortgage with barclays at the moment and they said we can port the mortgage over as long as we pay the 5% because its a 95% ltv mortgage. We need to do some repairs to our terrace before we put it up for sale (it needs new damp proof course in the kitchen and dining room. It looks bad and we were told we can't live there while the builder is working on it so we were thinking of having it done after we have bought the new house and maybe getting an interest only mortgage on the terrace. We have about £30k in savings so could probably pay most of it off. Do you think it is a good idea? I have seen a mortgage with no applications fees free valuation and solicitors fees and no completion or early replayment charges so will only cost me the interest to do it. Or should we just sit and wait to sell and hope we don't lose out on the new house? Any advice/help will be apreciated.

sherbolton

Oh forgot to say we think the terrace is worth at least £95k a friend has just bought one up the street for £92k and ours has a double extension on the back making it the biggest house on the row.

sherbolton

I would like to sell the terrace as soon as its fit so only need to borrow until its sold probably a max of 12months so was thinking of getting one of the stoozing 0% credit cards and borrowing any deficit (I don't think I have enough to pay my existing mortgage off and then pay for the 5% deposit and conveyancy fees for the new house) I have from the savings from the credit card (ie write a cheque to myself) then pay it off when its sold. Is this too risky any thoughts? I've never been one for credit cards really.