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-keeping paying the tracker rate on the existing mortgage for the rest of that mortgage term (9 years left ).
-take out a new mortgage for the trade up at a existing standard variable/fixed rate for the agree term (20 years etc.) etc., (we also have savings to put towards this).
Variable Mortgage type Typical APR 20 years Discounted Variable <75% LTV with ufirstgold / ufirst Private discount (Standard Variable Rate* minus 0.95% for the life of the mortgage). Available exclusively to ufirstgold / ufirst Private current account holders. 3.90%
All things being equal (both institutions pass on the same rate cuts/increases etc.),
Hi Murt
In practice, how did you synch the selling of your old home and the purchase of your new home?
For anyone going through the same process and if you need to sell to release funds to but the next house, you obviously need to ensure you get the sale of your own house over the line first, i.e contract signed. We did not want to go renting but at the same time getting "sale agreed" took a while and a lot of viewings/negotiating so we were willing to take so that route: i.e. sell, rent and keep looking for the next house. Luckily in our case we found a house which ticked a lot of boxes and went sale agreed within 2 weeks of Sale agreed on our own. We then had to agree a handing over money/keys date for both and based on the fact we needed "to sell to buy" this all happened on the one day.
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