Ask a Financial Guide

The Financial Guides can answer any questions you might have relating to your personal finances. This includes any questions you might have about Pensions, Mortgages, Insurance and Estate Planning. They'll aim to respond within 2 working days.

Detached bungalow mortgage

Marthap
Posted by

Hi

I wish to relocate to Blackpool in the new year as the money goes further and wishes to live near the sea.

My question is what is the best way to gather 160,000 mortgage plus fees included.

I do have a rental property on sale and rental is 4,800, which I feel is too low.

I owedmy present home which will be sold once I have relocated to Blackpool.  I'm mortgage free and do bank with RBS, Lloyds  and have a Yorkshire building society account.

What is the best way for me to move forward.

I would like a fixed rate mortgage for 5years, but offers interest only, which is useless.

Cheers 

Astrid

Julia - Macmillan
Posted by

Hi Astrid

 

Moving to the coast sounds like a lovely idea so I hope you’ll be able to achieve what you’d like to do.

 

Mortgage lenders must lend responsibly. This means they’ll consider whether you can afford the monthly mortgage payments. For this reason, they’ll usually do an affordability assessment and credit check. This will include gathering information about your income from all sources.

 

For an idea of how much can be borrowed, you could visit the mortgage affordability calculator tool on the Money Advice Service website here. There is also lots of useful information on the website about mortgages which you can find using this link.

 

To get a suitable mortgage, and because we can only give you guidance, rather than advice, it might be best for you to speak to an independent mortgage adviser. An independent mortgage adviser will be able to search the whole mortgage market and give advice on the mortgage that best suits your needs.

 

Check with family and friends to see if they can recommend an independent mortgage adviser. Or visit Personal Finance Society website for details of local advisers.

 

When choosing a financial adviser, always check that they, and the company they work for, are authorised by the Financial Conduct Authority (FCA) to provide financial advice. This information can be found on the FCA register or you could ring the FCA directly on 0800 111 6768 from 8am to 6pm, Monday to Friday (except public holidays), and from 9am to 1pm Saturdays.

 

I hope this is useful and that you’ll be able to get to Blackpool as planned. Please feel free to call us if you want to discuss this further, or if you have any other personal finance questions.

 

Kind regards.

 

Julia

Financial Guide

Remember you can also speak with the Macmillan Support Line team of experts. Phone free on 0808 808 0000 (7 days a week, 8am-8pm) or by email.