Tradefair & Financials
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I see there's a few mortgage related topics, but if anyone fancies advising on my situation that'd be great:
Current house to be sold for £187k, outstanding mortgage of £56k.
The current mortgage is fixed at 5.83% for another 3 years. (I'd like to move this to a lower rate but I think with the early repayment penalties it might not be worth it).
New house at £357k, after we factor in stamp duty etc we're going to need to borrow another £180k. Does a mortgage company count this as a 50% LTV or do they factor in the current mortgage to make it 65%?
I'm just wondering what to do now, seems to me that rates will stay low this year so maybe a tracker is the best short term option - maybe just a 1 or 2 year option.
The wife is keen on fixing for 5 years - an suggestions as to who is offering the best deal here?
Current house to be sold for £187k, outstanding mortgage of £56k.
The current mortgage is fixed at 5.83% for another 3 years. (I'd like to move this to a lower rate but I think with the early repayment penalties it might not be worth it).
New house at £357k, after we factor in stamp duty etc we're going to need to borrow another £180k. Does a mortgage company count this as a 50% LTV or do they factor in the current mortgage to make it 65%?
I'm just wondering what to do now, seems to me that rates will stay low this year so maybe a tracker is the best short term option - maybe just a 1 or 2 year option.
The wife is keen on fixing for 5 years - an suggestions as to who is offering the best deal here?
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just use sunday newspaper charts for best deals or sites like moneysupermarket
Sounds like it might be worth keeping your existing loan and porting it to a new property to avoid an ERC ( early repayment charge ) , most people keep their existing mortgage and then top up on a new deal with their current lender. Who is your lender.? Drop me a mail on ryan@templarmortgages.co.uk with some details and I will see what I can do to help.
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