finance1233
Registered User
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- 23
hello all
trying to buy a new property, i have an apartment at the moment in negative equity on a tracker ecb+1.1%. should i take mortgage offer on table, or try to get a negative equity trade up.
new property
value-------------------375k
deposit------------------75k
mortgage--------------300k
proposed mortgage---1619 monthly(30 years)
current property
value----------------220k
mortgage-----------320k
rate 1.1%----------1180 monthly(25 years)
rental value--------1250
negative equity trade
mortgage------------400k
value-----------------375k
[email protected]% + 80k @5.05% 1832 monthly(25 years)
i have approval in principal with pepper keeping my existing property but rate is 5.05% 1619 monthly. going with pepper as had issues on icb.(part of ptsb redress scheme issues sorted).
which scenario would be better long term. if i went with pepper i would be hoping to switch to a more attractive rate in 2 years when icb clears up. or should i try to get rid of current property
and bring negative equity with me?
any advice appreciated.
kind regards
trying to buy a new property, i have an apartment at the moment in negative equity on a tracker ecb+1.1%. should i take mortgage offer on table, or try to get a negative equity trade up.
new property
value-------------------375k
deposit------------------75k
mortgage--------------300k
proposed mortgage---1619 monthly(30 years)
current property
value----------------220k
mortgage-----------320k
rate 1.1%----------1180 monthly(25 years)
rental value--------1250
negative equity trade
mortgage------------400k
value-----------------375k
[email protected]% + 80k @5.05% 1832 monthly(25 years)
i have approval in principal with pepper keeping my existing property but rate is 5.05% 1619 monthly. going with pepper as had issues on icb.(part of ptsb redress scheme issues sorted).
which scenario would be better long term. if i went with pepper i would be hoping to switch to a more attractive rate in 2 years when icb clears up. or should i try to get rid of current property
and bring negative equity with me?
any advice appreciated.
kind regards