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buying a cheaper houses, what happens with the mortgage
I am looking at up grading my houses in the sense of size wish, but looking at moving to a different area where the houses are cheaper.
my current houses lest say would be works 144K and my mortgage wis 133K, and I am lookig at buying a house at 127k, what will happen to that bit of my mortgage where is it more then the new house, can I use it for other things, get it in cash, will it be paid off.
I am going to look at talking to a fanincial person, but I would like the advice of some real people first really, with real experiances instrad of people factored by money and probably comission and bonuses
Oli
my current houses lest say would be works 144K and my mortgage wis 133K, and I am lookig at buying a house at 127k, what will happen to that bit of my mortgage where is it more then the new house, can I use it for other things, get it in cash, will it be paid off.
I am going to look at talking to a fanincial person, but I would like the advice of some real people first really, with real experiances instrad of people factored by money and probably comission and bonuses
Oli
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The first organisation to talk to is the one you have the current mortgage with! A lot of your questions will depend upon the terns of your existing mortgage
...on a basic setup, you pay off the mortgage by the sale of your house and take out a new mortgage on the new house, size and APR depending on what you want and can get.
years ago we had a transferable mortgage so i know they exist, but we upsized, so there was no excess.
In the current financial climate I can't see a lender allowing you unsecured money but some will let you take out a bigger mortgage than you need (but not more than the house is worth) in order to have a cheaper, but long term, loan. They usually want to know what the money will be spent on and be sure that you and the house are a good risk
...on a basic setup, you pay off the mortgage by the sale of your house and take out a new mortgage on the new house, size and APR depending on what you want and can get.
years ago we had a transferable mortgage so i know they exist, but we upsized, so there was no excess.
In the current financial climate I can't see a lender allowing you unsecured money but some will let you take out a bigger mortgage than you need (but not more than the house is worth) in order to have a cheaper, but long term, loan. They usually want to know what the money will be spent on and be sure that you and the house are a good risk
I don't think so.
You will find yourself subject to the 'maximum mortage to property value ratio', which is often around 85%. 85% of £127k is about £108k
The simple answer is that you will probably not be able to take a mortgage of any greater than £108k - now, you don't say how much of the £133k mortgage has been paid off already. If it is less than £108k still owing, THEN any excess comes back to you in cash, subject to payment of redemption and solicitors fees.
You will find yourself subject to the 'maximum mortage to property value ratio', which is often around 85%. 85% of £127k is about £108k
The simple answer is that you will probably not be able to take a mortgage of any greater than £108k - now, you don't say how much of the £133k mortgage has been paid off already. If it is less than £108k still owing, THEN any excess comes back to you in cash, subject to payment of redemption and solicitors fees.
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