Am shopping for morgages.
Will put my house for sale - say 250K, say in Feb 07 - may need to borrow up to 300K to build, say ready Dec 07.
My dilemma is:
For mortgage purposes, I may need facility to borrow up to 300K, banks can give better rate for more money borrowed on tracker rate and LTV would be about 300/450, 66%.
Or, if I tell them as soon as sale comes through am offsetting 250K against whatever borrowed, they see it as short term finance and rate is higher.
Can I suggest that am holding onto existing house for investment, new house build for residential - sell when I feel like it to secure best interest rate, without comeback?
Is this a stupid question? Sorry if so, am just learning everything
Will put my house for sale - say 250K, say in Feb 07 - may need to borrow up to 300K to build, say ready Dec 07.
My dilemma is:
For mortgage purposes, I may need facility to borrow up to 300K, banks can give better rate for more money borrowed on tracker rate and LTV would be about 300/450, 66%.
Or, if I tell them as soon as sale comes through am offsetting 250K against whatever borrowed, they see it as short term finance and rate is higher.
Can I suggest that am holding onto existing house for investment, new house build for residential - sell when I feel like it to secure best interest rate, without comeback?
Is this a stupid question? Sorry if so, am just learning everything