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Mortgage /moving question

1 reply

Wudgy · 29/02/2020 19:06

Hi looking some advice please, currently have a mortgage of 100k legt on property valued at 200k. Would like to move to a house about 290-300k- all parties interested in this particular house are in a chain with house to Sell. We would have to put ours onto market to sell to enable us to put in an offer. However another option to make us more desirable aka chain free would be for us to pay off our mortgage ( have almost this saved ) so our current house would be mortgage free to enable us to apply for a new mortgage on the new house -we could borrow 100k short term from family to enable us to apply for £200k mortgage then when our current house sells repay this to family and use the other money to pay off mortgage / remortgage in year or two. What do you think? Very complicated and far fetched/ too much effort just to try to get a sale agreed ??! Any advice appreciated! Thank you

OP posts:
sillyoldelfbacktohimself · 29/02/2020 20:09

You'd have additional stamp duty to pay as it would be your second home. I believe you can reclaim this if your original home sells within 3 years though.

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