I'm sorry for asking but I'm very very New to mortgages...
Dh bought his house 10 years ago for £75000 over 25 years. There is £31000 left to pay. We married last year and the house is still in his name solely.
I have inherited 35k recently which is sitting in a fixed term bond.
We want to move house using his equity and my savings. But I just dont understand how mortgages work and how much we will have to spend? Our house is currently worth 130k ish.
Basicalyy what I'm asking is how much we will have to put down and how muchmortgage we would need on a 180k ish property? How does it work with current mortgage, does that go and we srart a new one or do we extend current one? Sorry probablely really simple questions...
Thanks!
Dh bought his house 10 years ago for £75000 over 25 years. There is £31000 left to pay. We married last year and the house is still in his name solely.
I have inherited 35k recently which is sitting in a fixed term bond.
We want to move house using his equity and my savings. But I just dont understand how mortgages work and how much we will have to spend? Our house is currently worth 130k ish.
Basicalyy what I'm asking is how much we will have to put down and how muchmortgage we would need on a 180k ish property? How does it work with current mortgage, does that go and we srart a new one or do we extend current one? Sorry probablely really simple questions...
Thanks!