Pay it off or not?
Discussion
I have a house with an outstanding mortgage on it. Around 150k. (only remaining mortgage)
The mortgage is in mine and my wife's name.
My wife no longer works.
At some point in the next year or so, I suspect I will look to purchase, with a mortgage. A new stupidly expensive house. I will be selling this house to part fund it.
Do i.... pay off the mortgage completely, or keep, say 25k on the mortgage.
When applying for the new mortgage, it will most likely be in my name only. But will my wife's financial status/credit rating come into it? If so, will having a small mortgage on the existing house help this?
Does having no remaining mortgage make the selling and buying process any easier? (Never sold one before, only purchase).
The mortgage is in mine and my wife's name.
My wife no longer works.
At some point in the next year or so, I suspect I will look to purchase, with a mortgage. A new stupidly expensive house. I will be selling this house to part fund it.
Do i.... pay off the mortgage completely, or keep, say 25k on the mortgage.
When applying for the new mortgage, it will most likely be in my name only. But will my wife's financial status/credit rating come into it? If so, will having a small mortgage on the existing house help this?
Does having no remaining mortgage make the selling and buying process any easier? (Never sold one before, only purchase).
Prizam said:
I have a house with an outstanding mortgage on it. Around 150k. (only remaining mortgage)
The mortgage is in mine and my wife's name.
My wife no longer works.
At some point in the next year or so, I suspect I will look to purchase, with a mortgage. A new stupidly expensive house. I will be selling this house to part fund it.
Do i.... pay off the mortgage completely, or keep, say 25k on the mortgage.
When applying for the new mortgage, it will most likely be in my name only. But will my wife's financial status/credit rating come into it? If so, will having a small mortgage on the existing house help this?
Does having no remaining mortgage make the selling and buying process any easier? (Never sold one before, only purchase).
There is a really helpful mortgage guy on here who will be able to provide some good advice.The mortgage is in mine and my wife's name.
My wife no longer works.
At some point in the next year or so, I suspect I will look to purchase, with a mortgage. A new stupidly expensive house. I will be selling this house to part fund it.
Do i.... pay off the mortgage completely, or keep, say 25k on the mortgage.
When applying for the new mortgage, it will most likely be in my name only. But will my wife's financial status/credit rating come into it? If so, will having a small mortgage on the existing house help this?
Does having no remaining mortgage make the selling and buying process any easier? (Never sold one before, only purchase).
I would assume that the remaining mortgage would be paid from the sale of the house, so that would all be sorted during conveyancing. Unless you get the mortgage transferred with any additional borrowing from the same lender. Then the mortgage would just change to being secured on a different property.
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