Hi all,
I've been reading the forum for a while, but I need some help please.
We're in the process of buying a new house (we're combing our assets with my mum who will be living in a separate part of the house) so the majority of the purchase will be cash, though we will require a small mortgage.
Me and my partner have our house, but we are lucky that we don't need to sell it to purchase the new one. That currently has a small mortgage with Nationwide on their variable rate.
Is the best solution to get a buy to let mortgage on the old house and a new mortgage on the new one? Can we pay the existing mortgage off with a bigger mortgage on the new house? One last thing, are we classed as buyers who are moving home, even though we're keeping our first house?
Thank you for your help in advance and sorry I'm not that clued up on all this (even though I should be!)
I've been reading the forum for a while, but I need some help please.
We're in the process of buying a new house (we're combing our assets with my mum who will be living in a separate part of the house) so the majority of the purchase will be cash, though we will require a small mortgage.
Me and my partner have our house, but we are lucky that we don't need to sell it to purchase the new one. That currently has a small mortgage with Nationwide on their variable rate.
Is the best solution to get a buy to let mortgage on the old house and a new mortgage on the new one? Can we pay the existing mortgage off with a bigger mortgage on the new house? One last thing, are we classed as buyers who are moving home, even though we're keeping our first house?
Thank you for your help in advance and sorry I'm not that clued up on all this (even though I should be!)