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19 January 2013

Freehold loan and remortage

Hi, I in the process of selling my flat but to sell my flat I had to first purchase the freehold (about 16K), in about a month this will be complete and then I'm going to sell the flat (for approx 300K) and use the equity (current mortgage at 200K) to pay off the freehold loan and existing credit card debt (6K) and at the same time remortgage to a lower level - a new house purchase about (200K). Would it be better to take a flexible mortgage that I can change in the shorter term (in a year) - to get better rates as a remortgage application made then would mean no credit card debt and no freehold loan on the mortgage application? Many thanks

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