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Mortgage or loan

2 replies

mojo17 · 20/02/2015 22:18

What to do? What I'd like to do is sell up and move 2 hours away but how when I have no job, but I do have a house. I have a 25k mortgage on it, the market at the moment means it could sell at approx 200k which would get me what I want in new place
This is my dilemma
Because I have no job at the moment i can't get another/increase residential mortgage
I have pensions I can access April 2016 which will be approx 100k
The best thing to do I know is to get a job but easier said than done or just wait until next April but I really want to do it asap so how do I?

  1. Get a buy to let mortgage for 50k sell this house and move pay it off next year but I understand this is dodgy so don't really want to do this
  2. Get a loan of 50k ( who from)? Does anyone know if they would take the pensions into consideration?
  3. Any other suggestions welcome ?

I feel stuck as need to find work but want to look In New place not here aargh help don't know what to do

OP posts:
Rockchick1984 · 20/02/2015 23:49

I think you will struggle to get a loan so it's not really worth looking at that option.

I'm not completely certain about your figures, why would you need £50k if your outstanding mortgage is £25k and the equity would buy you the new property? If you increase your mortgage how would you meet the repayments? Could you not sell up and buy a slightly cheaper property in the new place so you wouldn't need a mortgage at all?

The other option I can see would be to rent out your current property and rent somewhere in the new location. Could you afford the rent for 12 months?

mojo17 · 21/02/2015 00:59

Thank you Rockchick
That is a very good a n other option I didn't think of
I suppose I could very well do that if the rent for this house pays for the rent of new place plus get a job
Hmmmmm some thought is needed

OP posts:
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