moving house - larger mortgage required

cdm100

Hi folks - I'm new to this site and would appreciate opinions on the following situation.

We currently have a mortgage and have about 20% equity in the house. We need to move to a larger house and are planning to double our mortgage. This will mean that we will have a 10% deposit on the value of the new property.

It has become apparent to us that if we don't move now it is feasible that we will loose all equity in the current house as prices continue to fall. If this happens we will have no deposit to move house and will be stuck for a good few years until prices recover (not really an option)

So my question is (assuming good credit history and required borrowing being '2.6 * combined salary') Is it still possible to get mortgages with a 10% deposit? Any idea of what sort of interest rates could be expected?

depurnell

Hi,

The best rate you could possibly hope for would be 6.08%, however you also need to take into consideration any fees that the lender will charge.

Before approaching any lender it is important to see a Whole of Market Mortgage Adviser who can carry out some research on your behalf after completing a full fact find.