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jarrowlass

Mortgage help please.

We own our home which we are thinking of selling, and need about 20,000 pounds to buy a bungalow. Can anyone help please about the best way to do this? Would like details about monthly repayments if possible.

Asked on Oct 14 2009, Home Finance in Jarrow | Report content

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  • No photo available of thinkhard

    thinkhard

    From your original question, it is slightly unclear about what your current circumstances are. Do you have a mortgage on your current home? If so, do you requiree a further £20k of mortgage finance or do you require a £20k mortgage once you have paid off your current mortgage? Or is your current home unincumbered, and you simply require a £20k mortgage for the new purchase. Depending on which of the above is the case, the answer could be very different. If you currently have a mortgage, you should check to find out if it is portable. If a mortgage is portable, it means you can take it with you to your new home. As the amount of finance you require is relatively small by todays standards, if you already have funding in place, this may be the cheapest option for you. If you require an extra £20k on top of your current mortgage, you may be able to obtain a further advance from your current lender, and this may work out to be the cheapest option. Alternatively, regardless of which of the above 3 circumstances best describes your situation, you may be better off getting a new mortgage with a completely new lender. As I don't have a clear grasp of your situation, I think the best option for you is to seek independent <a href="http://wwfp.net/mortgage/mortgage-advice.html">Mortgage Advice</a>, as an independent mortgage broker will be able to analyse your whole situation, and give you the best possible advice for your circumstances, ensuring you get the best possible solution.

    Answered on Oct 19 2009, Report content
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  • No photo available of thinkhard

    thinkhard

    From your original question, it is slightly unclear about what your current circumstances are. Do you have a mortgage on your current home? If so, do you requiree a further £20k of mortgage finance or do you require a £20k mortgage once you have paid off your current mortgage? Or is your current home unincumbered, and you simply require a £20k mortgage for the new purchase. Depending on which of the above is the case, the answer could be very different. If you currently have a mortgage, you should check to find out if it is portable. If a mortgage is portable, it means you can take it with you to your new home. As the amount of finance you require is relatively small by todays standards, if you already have funding in place, this may be the cheapest option for you. If you require an extra £20k on top of your current mortgage, you may be able to obtain a further advance from your current lender, and this may work out to be the cheapest option. Alternatively, regardless of which of the above 3 circumstances best describes your situation, you may be better off getting a new mortgage with a completely new lender. As I don't have a clear grasp of your situation, I think the best option for you is to seek independent [see url below] mortgage advice [/url] as an independent mortgage broker will be able to analyse your whole situation, and give you the best possible advice for your circumstances, ensuring you get the best possible solution.

    Web reference: http://wwfp.net/mortgage/mortgage-advice.html

    Answered on Oct 19 2009, Report content
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