Caporegime
I purchased my house for £150k, I have 22 years a 5 months left on my (26 year) mortgage, I originally borrowed £78k but now have £68k left to pay.
There are new builds popping up around me and I want to work out the feasibility of moving into one next year, I estimate they will be around £250k for a 2 bed house.
My current property is probably worth a little more than I paid, say £163k, the new house builders say will purchase my property based on 2 independent valuations.
Assuming that my mortgage cannot be moved, I would have to pay off the remainder plus 1% early repayment fee next year, that would leave me with approximately 90k as the deposit on the new house, plus £50k that I can get on HTB, this obviously leaves a shortfall of 110k, which based on my wage, I assume bank will not offer to me, however I would be able to afford the repayments as my outgoings are very low.
My partner is currently studying but will start work next year.
What are my options?
There are new builds popping up around me and I want to work out the feasibility of moving into one next year, I estimate they will be around £250k for a 2 bed house.
My current property is probably worth a little more than I paid, say £163k, the new house builders say will purchase my property based on 2 independent valuations.
Assuming that my mortgage cannot be moved, I would have to pay off the remainder plus 1% early repayment fee next year, that would leave me with approximately 90k as the deposit on the new house, plus £50k that I can get on HTB, this obviously leaves a shortfall of 110k, which based on my wage, I assume bank will not offer to me, however I would be able to afford the repayments as my outgoings are very low.
My partner is currently studying but will start work next year.
What are my options?