Mortgage and buying a new house

[Megable]

Talking about debts, by 2026, the feds will need to pay $153 billion in debit interest charges (nearly $4000 per Canadian). Instead of that money going towards healthcare and lower taxes, it's going to the pockets of bond fund managers.

https://paherald.sk.ca/2021/05/13/canadians-sinking-under-a-1000000000000-debt/

It's concerning that such a large sum is going towards debt interest charges instead of other important areas like healthcare and taxes.

 

[Unlimitera]

Buying a new house is such a big step! When it comes to mortgages, it's all about finding one that works for you and your budget.

 

[foodie69]

Buying a new house is such a big step! When it comes to mortgages, it's all about finding one that works for you and your budget.

No sh!t, Sherlock..

 

[steaky]

Taking out a mortgage can feel daunting, but it's a common step towards homeownership. I remember when my cousin was in a similar situation. She was worried about the rates, especially with COVID-19 affecting everything. Thankfully, she found that some lenders were offering lower rates to attract buyers during the pandemic. As for policies for Indian citizens, it's always a good idea to check with a trusted advisor or immigration expert to get the most accurate information. Oh, and speaking of homes, have you ever checked out the charming summerhouses on https://www.scottsofthrapston.co.uk/large-summerhouses/ ? They're like little havens of relaxation right in your backyard.

Why don't you post in a UK forum?

Btw, not everybody taking out a mortgage.

 

[xrateduniversity]

i plan on leasing for a while first x

 

[steaky]

We bought our house about a year ago with a 5% deposit for around 175k. After paying some off, we now owe 155k. Recently, we've come into some money and are considering a new house worth around 420k. We're unsure if it makes a difference, but would it be best to pay off our current mortgage, which would cost around 160k including charges, and then sell the house, using the proceeds towards the new one? The house has been valued at 190k after significant work. Alternatively, would it be better to buy the new house outright to secure it and then pay back the bank once our current house sells? We’re new to this, having had a mortgage for only a year, so we’re not sure if one option is much better than the other. Any advice would be greatly appreciated!

But depending what time your old one is sold, you might have to deal with things like vacancy tax or capital gain tax which will cut $$ for paying back to the bank.