Mortgage Advice

[craigb84]

I know there are a few brokers kicking around here so i'm in need of some independent advice off possible?

Current situation...I have a flat that is not really worth what I paid for it 5 years ago but I have a large enough deposit (10-15%) to buy something else bigger. I don't believe the flat will be in negative equity but it'll be close to it.

So, should I be looking at offloading the flat taking a hit on it or do I keep it and buy something else in addition? Ultimately i'll be looking at buying bigger anyways.

There are a few other minor issues I have so perhaps it would be best to run by somebody outside of PH.

Cheers

[Sarnie]

craigb84 said:

I know there are a few brokers kicking around here so i'm in need of some independent advice off possible?

Current situation...I have a flat that is not really worth what I paid for it 5 years ago but I have a large enough deposit (10-15%) to buy something else bigger. I don't believe the flat will be in negative equity but it'll be close to it.

So, should I be looking at offloading the flat taking a hit on it or do I keep it and buy something else in addition? Ultimately i'll be looking at buying bigger anyways.

There are a few other minor issues I have so perhaps it would be best to run by somebody outside of PH.

Cheers

The question is; what do you want to do with the flat?

Do you want to keep it and rent it out?
Have you spoke to the lender about consent to lease, if you want to rent it out?

If you keep it, it may affect your affordability with regards to obtaining another mortgage, dependant on your earnings and which lender you approach. Some will ignore the current mortgage if it is self financing, others won't

Drop me a PM with regards to the 'other issues' if you don't want to post them publicly?

HTH