M
midnight_ashes
Guest
Due to the rising cost of...well everything me and my partner are thinking of selling out house. We have some land elsewhere to build on (planning okay). We are thinking of buying one of these houses - http://www.scandinavian-systems.com/ - and making it as energy efficient as possible. The thing is, our mortgage is interest only and we only bought the house in October but inflation is making it hard for us to get by. Our mortgage is 95K and we have a loan on top of that (tied in to the mortgage) of 13K. If we sell our house for the 95K we paid for it, could we pay a chunk off the mortgage and put the rest towards the new build? For example pay 60k off the mortgage and pay the rest in the usual monthly installments?. We need to reduce our monthly outgoings and if we can do this it will make living much easier! Also, with gas and electricity rising and set to increase by 40% we're panickin a bit!! The home on the website that we want will cost a total of 30K to buy and build.