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Showing results for tags 'Remortgage'.
Hi there, I own a 2bed house in East London worth 320k now which I'm lucky enough to have paid off, and unfortunately recently become single so would like to move more centrally closer to my work in Westminster, ideally cycling distance. THE PLAN I can scrape together around 100k deposit if I save hard this year, and think I can get 200k remortgage on current property (which I would then rent and write off interest against tax). So I'd pay around 800 pm for 20 years on this remortgage (including tax write off, assuming I can include agent charges in tax write off too). I think I could then get a 300k mortgage on a central property, which would cost c. 1400 pm and which I could finance through rent on my current property. This leaves me with a bill of 800pm on a new property worth c 600k, the old property still mine, and not too much risk I think. (might not be able to let old priory consistently so need a buffer but I can save c 1500 pm ok so would have 700pm buffer fund, could also buy mortgage insurance in case of losing my job) My questions --Do you see any big issues for my plan? --Could you recommend any good advisors to discuss with? --Have you any recommendations for good areas to buy around the 600k mark? (I like Kennington, elephant, Vauxhall, Angel, Pimlico, would like a nice view, trendy feel and easy to go out from.) Thanks for reading and really appreciate any help! TL;DR I'm looking to buy relatively centrally at 600k. Any recommendations for areas and can you sense check my plan?
Wouldn't it feel incredible to reduce a mortgage by 50%...? It certainly would for me -- 'specially since I've had negative equity hanging over my head since 2007... And with the Euro looking like it will continue to devalue against GBP, USD and any other currency well into 2016, perhaps the following opportunity applies: Today, Martin Armstrong wrote... Now, being the naive property investor that I am, I have no idea how well that translates to mortgages. Especially for me with negative equity... which means something like a 120% loan-to-value remortgage. Very keen to hear your view! TB