BIG mortgage, deposits / high LTV etc

Monkeybutt

Hi all,

looking at getting a new house , market value £370K, am selling / PX'ing existing property, mort £140K, value £200-220K.

this will leave me with about 60 - 80 K cash, I predict stamp duty, 10% deposit, legals etc should come to about 60-65 K. This makes thing a little close but still do-able.

My question is as follows, would I be better off looking for a 95% mortgage or would this involve astronomical high LTV charges and negate my changes of getting a good rate ?

Joint salary is £80 K so multiples should not be a problem.

Thanks in advance for any advice you can give. :beer:

stanmoresaver

Monkeybutt wrote:

Hi all,

looking at getting a new house , market value £370K, am selling / PX'ing existing property, mort £140K, value £200-220K.

this will leave me with about 60 - 80 K cash, I predict stamp duty, 10% deposit, legals etc should come to about 60-65 K. This makes thing a little close but still do-able.

My question is as follows, would I be better off looking for a 95% mortgage or would this involve astronomical high LTV charges and negate my changes of getting a good rate ?

Joint salary is £80 K so multiples should not be a problem.

Thanks in advance for any advice you can give. :beer:

I would think that you are being very cautous regarding expenses- stamp and deposit equal £48000 so with legals max £50k. Presume no Agents fees if partXing(?) otherwise add £4k if 1.5% sale fee.

Some lenders have 95% without MIG but as always you are limiting your options.

I would look at the 90% deals as it opens more doors so creates more competition between the lenders.

However, do your sums as the worst option is to run out of money and then have to look at secured finance/ Creditcard debt etc.

Good Luck

Monkeybutt

Thanks for the prompt reply,

I appear to have been doing nothing but sums for the last week , I have erred on the side of caution to include removal costs etc and any other 'surprises'.

Problem at the moment is that until I have the PX offer I am not sure on what other deals I can get, the agents are offering stamp duty paid, if I can get them to do this as well as a good PX price then we will be fine to go for the 10% option.

Additionally there is the offer of help from our family if we come up short.

Thanks again for your time