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New poster. Question about mortgage on New House
winstonla
Posts: 7 Forumite
Hi
I'm a first time poster and 2nd time house buyer.
I currently have a mortgage on a flat which im fixed to until 30th November 08.
The flat was £132k with £7k deposit down. So £125k mortgage on interest only.
The mortgage is in my name only.
I could really do with moving before then as my girlfriend is expecting in october (not a long time difference i know).
We looked at a house today which is 177k (which under normal circumstances wouldnt be a problem).
My flat would pobably sell for £145k tops.
My problem is that the mortgage company (or at least the girl at first port of call) said that my current mortgage is non-portable and the redemption is £7k.
Is there anything that can be done or do i have no option but to pay the redemption?
I'm not stupid enough to throw away this £7k simply because
a) i love this new house
b) id have to live in the flat with a pregnant girlfriend and then the baby.
I've got a feeling the answer lies somewhere between me making a life decision and me making a financial decision but any advice that anyone could give me would be greatly appreciated.
Sorry for such a boring long first post.
Thanks
Steven
I'm a first time poster and 2nd time house buyer.
I currently have a mortgage on a flat which im fixed to until 30th November 08.
The flat was £132k with £7k deposit down. So £125k mortgage on interest only.
The mortgage is in my name only.
I could really do with moving before then as my girlfriend is expecting in october (not a long time difference i know).
We looked at a house today which is 177k (which under normal circumstances wouldnt be a problem).
My flat would pobably sell for £145k tops.
My problem is that the mortgage company (or at least the girl at first port of call) said that my current mortgage is non-portable and the redemption is £7k.
Is there anything that can be done or do i have no option but to pay the redemption?
I'm not stupid enough to throw away this £7k simply because
a) i love this new house
b) id have to live in the flat with a pregnant girlfriend and then the baby.
I've got a feeling the answer lies somewhere between me making a life decision and me making a financial decision but any advice that anyone could give me would be greatly appreciated.
Sorry for such a boring long first post.
Thanks
Steven
0
Comments
-
Who is your mortgage with? I find it odd that its not portable.0
-
rooftop mortgages
i think my advisor found them in a christmas cracker0
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