Help needed on Mortgage port...

gbman69uk

Hi in hoping someone can help! As i feel im not asking the right questions.

Here is my current situation...

I have a house up forsale at the moment and im looking at getting a home with my girlfriend. My house is currently up for sale at £107.500 (now reduced from £114.950) and i owe £95.000 on the mortgage. We're looking at a house for £135.000. Now my mortgage is in my name only and is portable i have 14 months left on my fixed rate (£5000 early release) so ive looked into porting the current £95.000 and adding an additional £40.000 and my girlfriend onto it taking it to £135.000 and now two incomes onto it. Sounds simple? Not so...

Yes i can add the additional £40.000 and add my girlfriend not a problem, the catch is i'll need to stump up 15% of the house value not 15% of the £40.000.:mad: Now we have around £7.000 in hard cash but no where near the £20.000 (about) that they want now is there any other way that we can raise this extra £40.000 using my girlfriend who earns £26.000 and is a primary school teacher and add this to my existing mortgage?

Please help!!!

Welshlassie

Highly unlikely, with the economy the way it is banks are looking for as bigger LTV as possible. Assuming you get what you are asking for the house, you will still be £750 short and that is without paying fees.

Do you have any family who can help you out?

Have you maximised the chance for selling the house, reduced the clutter etc and made it as marketable as possible. I think the only chance you are going to have of getting the house is by getting the most you can for your house.

These days its not just how much you earn its also what the chances are of you falling into negative equity if the house prices continue to fall (which is likely), therefore you need a reasonably high LTV to minimise their risk.

You may be better of renting for a while, until the market settles down and you can save a bit more of a deposit.

gbman69uk

Renting is an option but one i'd rather go down with the whole "dead money" issue.

Here is a clearer picture. I've just worked out. Worst case scenario i sell my house for £102.000 = £7.000 equity minus £5.000 fees = £2.000 add £6.000 savings = £8.000 hard cash plus £95.000 portable mortgage = £103.000 so i need to some how gain the extra £32.000 by using my partner and her income that she can bring to the deal. Now which way is best? adding to the mortgage with her? Can she get a seperate mortgae to run along side the existing one? or a long term loan of the £32.000? Im just not sure how this will work even though the banks have said that they would give us a mortgage for £225.000 we only want one for a total of £135.000! Its frustrating to say the least.