New Buy/Mortgage Questions

Gazzaman

Registered User
Messages
11
Hi All

Apoligies for this, its is going to be long winded.

My wife has our current house in her name(60,000k left on a 200,000k mortgage, 8 years left). Both names are on our mortgage account.
If i apply for a mortgage in my name, is this possible to to have PPR rates on both mortgages?
If we joint apply for new mortgage i presume we cant have PPR on say a new Buy?

We currently have savings of 150,000k and are eyeing up a house @ approx 300,000

What are our best options
a-pay off mortgage of existing house and apply for new mortgage
b- just apply for a smaller mortgage 150k and buy house with savings and keep the 2 mortgages(should we then rent or try and sell)
c- Im sure there are other options that i haven't even thought of, like is there any benefits to having 2 mortgages, what are the pros and cons of renting, does the council still rent houses? the town we live in has very little rentals, and our house(5 bed, 5 bath) could pull 850 a month i'd safely say , Is anyone in the same situation and see's any benefits say to renting the first house until the mortgage gets paid off from rental income.
d- is there stamp duty payable.....

All advise appreciated
 
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