I dont have a pension in place and was kinda thinking the first house once rented and played off could be my pension so to speak, but I'm not sure really if that is best option, no tracker either on it, but I think the current rate is 2.75, we royally got screwed on alot in early 2008. A 3 bedroom terraced house in our estate 6 months ago sold for 140,000 hours is a 5 bedroomed.You should ask yourself why you want to hold onto the existing house.
It looks less risky to sell it and use the proceeds to reduce your mortgage on your home as much as possible.
If you have a tracker, it might be worth keeping. But even if you have a tracker, you might be better off asking the lender to allow you to port it to the new property.
Brendan
I dont know really, we wouldn't be great at this kinda stuff, and a house has just appeared on the market that we like. Who's the best to apply to for Least hassle mortgage wise.....Presumably there's about 100k equity in original house so you could nearly buy the new house mortgage free if you sell the original house, why not do that?
What's the thinking behind having mortgage in your own name?
I'm 41, and looks like my job of 12 years might go under. I dont mind, I can turn my hand to alot af things and have a few options open to me. My wife is in her job 22 years now and she is same age.With regards to the Pension, how old are you? What are your promotion prospects, is your job secure, are you planning to stay working in same sector until you retire? Same for your wife.
Forget about the one house in your name one in your wifes, they're all the family's.
It's impossible to tell what the housing market will be like over the coming months, both houses could sell really quickly or take ages.
"Port" the tracker would mean moving it from the first house to the next.
I've no dealings with a broker, What is the advantages of dealing with broker, Any downsides?I would just draw on my experience and say go to a broker. I would be in similar pay bracket, similar age, with a decent deposit. Looking for mortgage around 200k. I have 3 kids. Wife part time, schools so she is on benefit for 8 weeks sometimes there is work, sometime not.
But Every time I approach the banks direct it's nearly always 30k short, 170k every time I approach brokers it 10k over. 210k. So if you have no luck broker should get you there. We are very frustrated with banks directly
I've no dealings with a broker, What is the advantages of dealing with broker, Any downsides?
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