Thinking of renting current property rather than selling as initially planned.
I then intend to remortgage and take out as much equity as allowed. This would pay for deposit for our new house (property value approx 150k). I intend to extend term to 25yrs and switch to interest only if allowed?
Current property valued at 120k to 125k. Mortgage is with C&G and have 59k mortgage at 0.59% above Base Rate for remainder of term 11yrs.
Also had additional borrowing of 8k last year at 6.29% fixed which ends 31.03.15 then reverts to HVR.
Mortgage balance at present is £66500.
Any extra money from rent ( if any) could be used to help with new mortgage.
I will then take out another mortgage for new property.
What would be the best way to handle this proposed investment?
Also is this proposal feasible given my mortgage information provided above?
Anybody know how much equity I could release to put down on mew property?
Any other advice offered on my proposal would be appreciated as I not sure whether to rent or Sell and move on?
Many Thanks
I then intend to remortgage and take out as much equity as allowed. This would pay for deposit for our new house (property value approx 150k). I intend to extend term to 25yrs and switch to interest only if allowed?
Current property valued at 120k to 125k. Mortgage is with C&G and have 59k mortgage at 0.59% above Base Rate for remainder of term 11yrs.
Also had additional borrowing of 8k last year at 6.29% fixed which ends 31.03.15 then reverts to HVR.
Mortgage balance at present is £66500.
Any extra money from rent ( if any) could be used to help with new mortgage.
I will then take out another mortgage for new property.
What would be the best way to handle this proposed investment?
Also is this proposal feasible given my mortgage information provided above?
Anybody know how much equity I could release to put down on mew property?
Any other advice offered on my proposal would be appreciated as I not sure whether to rent or Sell and move on?
Many Thanks