Hi,
I am in a bit of a dilema. We would like to upgrade to a bigger house.
We have two houses:
1. one variable Rate mortgage which is currently rented. mortgage is 140k and house is worth maybe 200k. 23 yrs left on mortgage.
2. the other one is where I live and it is a tracker (ECB +.75) . worth about 250k and mortgage balance is 115k. 18 yrs left on mortgage.
We need to sell one of the houses. Don't want to sell the first house as it is being rented and does not have as much equity.
The problem is if I sell the house with the tracker rate and borrow this money again aon SVR gainst a new property what would be the estimated cost of this decision. Say there will be a difference of 3% between SVR and tracker. How much would that cost me. sorry not too good at the maths...
Regards,
Darragh
I am in a bit of a dilema. We would like to upgrade to a bigger house.
We have two houses:
1. one variable Rate mortgage which is currently rented. mortgage is 140k and house is worth maybe 200k. 23 yrs left on mortgage.
2. the other one is where I live and it is a tracker (ECB +.75) . worth about 250k and mortgage balance is 115k. 18 yrs left on mortgage.
We need to sell one of the houses. Don't want to sell the first house as it is being rented and does not have as much equity.
The problem is if I sell the house with the tracker rate and borrow this money again aon SVR gainst a new property what would be the estimated cost of this decision. Say there will be a difference of 3% between SVR and tracker. How much would that cost me. sorry not too good at the maths...
Regards,
Darragh