Mortgage advice needed

mews_2

I've just had an offer accepted on a property and hoping for a little advice.
I have a substantial deposit but would need to borrow £100,000 so I'm wondering what sort of mortgage and which lender I should apply for.
I own a property which I plan to put on the market once I've moved and which would repay the mortgage in full, so I also need something that will not tie me in.
TIA

_Andy_

Hi mews

Your post is a bit too vague to give some advice on, if you can provide a bit more detail that would be helpful.

mews_2

Hi Andy,
Thank you for your reply, what sort of additional information would be needed.

silvercar

credit rating, income, property value.

mews_2

Credit rating: no problems with this, spoken to my bank (Natwest) who provisionally offered £213,000.
Salary £36,000
Property value (purchase) £350,000 we have £250,000 deposit
Property to be sold approx value £200,000

silvercar

Should be no problem, just make sure you get a deal with no early redemption penalties.

Just keep an eye on the fees, if you are repaying within a short time the fees are as important as the interest rate quoted. A simple spreadsheet, based on the costs or keeping the mortgage for say a year, should tell you what is the cheapest deal. You want to factor in arrangement & booking fees, valuation fee, any redemption charges as well as the standard redemption fee (£2-500).

loanguru

Hi Mews,

I don't see any problems with you acquiring the property. Just have the bank or loan's vendor lay down all the necessary fee's that you may incur not only before, during and after the loan, but also the incidental fees/expenses. That way you'll not be surprised when your received your mortgage's billing statements.

Congrats!
:beer:

_Andy_

Lame spam.

sarkin

You will have no problems gettinga mortgage, make sure you use a whole of market mortgage broker

minimike2

loanguru wrote: »

Hi Mews,

I don't see any problems with you acquiring the property. Just have the bank or loan's vendor lay down all the necessary fee's that you may incur not only before, during and after the loan, but also the incidental fees/expenses. That way you'll not be surprised when your received your mortgage's billing statements.

Congrats!
:beer:

!!!!!!!!!!!!!!!

sdooley

Why not try and sell your existing property at the same time as you buy the new one? Then you won't need costly bridging finance.