Current mortgage remaining on house we are selling (640k) is 245k. Purchase property (700k) max mortgage we can get due to age (58) is 292k which leaves us short some when taking into account costs as well. We will withdraw shortfall from ARF, not ideal but we realised if we wanted to get the right house we needed to use some the ARF which will be at higher rate of tax.
Our current Mortgage Protection policy will allow us to transfer current policy to the new property to a max of 285k. We are thinking it is better for us to take the reduced mortgage of 285k (7k less than offered) in order to avoid getting a new Mortgage Protection policy which we know is going to require medicals (ages 58 and 53) and whilst no major health issues that we know of I know BMI and blood pressure may be an issue and obviously everything will be delayed and our buyers are anxious to get into our house and we are anxious to get sale and purchase through also.
Do you think it makes sense to tell lender we only want 285k and go down this route of taking the 7k from the ARF to avoid new policy? We think it does but just wondering what others might think. Thanks in advance.
Our current Mortgage Protection policy will allow us to transfer current policy to the new property to a max of 285k. We are thinking it is better for us to take the reduced mortgage of 285k (7k less than offered) in order to avoid getting a new Mortgage Protection policy which we know is going to require medicals (ages 58 and 53) and whilst no major health issues that we know of I know BMI and blood pressure may be an issue and obviously everything will be delayed and our buyers are anxious to get into our house and we are anxious to get sale and purchase through also.
Do you think it makes sense to tell lender we only want 285k and go down this route of taking the 7k from the ARF to avoid new policy? We think it does but just wondering what others might think. Thanks in advance.