Buying a cheaper smaller house to lower my mortgage

angeljay

DUe to relationship breakdown etc I am unable to get a mortgage for my current property in both names alone.

I have been told by NR if i can lower the mortgage to under 70K they may do this for me. My mortgage at the moment is about 98K in both mine and ex partners name.

I have seen a house that is at 80K with 10% deposit paid by vendor, if i can sell my house (not on market yet) would i bet able to offer 75K for this other house? How would NR transfer my mortgage ?

My plan would then be get the 10% deposit paid and then transfer the mortgage into mine name only allowing my ex to be removed completly.

However if I move porting a mortgage over, wouldn't his name be on the deeds for the other house that I purchase? How do I go about securing that property whilst mine is on the market?

Thanks.

silvercar

I have been told by NR if i can lower the mortgage to under 70K they may do this for me. My mortgage at the moment is about 98K in both mine and ex partners name.

They are talking about your current mortgage on your current home.

I have seen a house that is at 80K with 10% deposit paid by vendor, if i can sell my house (not on market yet) would i bet able to offer 75K for this other house? How would NR transfer my mortgage ?

Not all lender's accept vendor gifted deposits. Why would they? If the seller is accepting less than full value that is what it is worth.

A new home means a new lendling decision. The new decision is based on current lending criteria, so if NR are currently lending upto 90% LTV that is all they will give you. For a 75k home that means a mortgage of 67.5k and a deposit of 7.5k.

If NR allow you to port the mortgage then you would get the same deal (rate/ term) on the mortgage secured on the new property.

However if I move porting a mortgage over, wouldn't his name be on the deeds for the other house that I purchase?

Even if they happen at about the same time, think about what you are trying to do in two parts. You are transferring the mortgage to your name and then porting it to the new property.

How do I go about securing that property whilst mine is on the market?

If the seller is desparate they may accept your offer and wait a few weeks to see if you can sell yours. You are in a much better position if yours is already under offer.