Will I get a mortgage?

onefurlongout

Current home owners with a mortgage of £95k, value of property is £110k fixed rate of 5.79 for a further 2 years

New house is £150,000, salaries of £25k and £8,000 (part time)

If we have £15k equity this would mean a loan of £135k agains 150k (90%)

We have no loans or CC's or store cards.

I aim to speak to our lender shortly but just wondered if it was possible in the current climate?

unite79

Whose your current lender -

happybroker

it's going to be tight and will very much depend on how well you score I'm afraid.

if your current lender is one that is strict with income multiples you need to make sure they check you fit on income before doing any credit scores as this could affect you when you find another lender who may be interested.

onefurlongout

Thought it might but as always the mrs has an idea in her head and wants to move.

Halifax is our current lender. We have excellent ratings, never missed payments etc we have been with them for nearly 5 years.

Would the extra amount if granted stay on our current rate or would this go one a new fixed rate?

happybroker

the extra would be offered to you at what they currently hve available and you would port your current lending accross to avoid any early repayment charges.

halifax's own mortgage calculator says you would be ok over 25 years if you have no kids. If you have 2 kids and come in with a c score you would be short so best to get in touch and see what they come up with rather than finding the place of your dreams to be told you can't have it.

all the best with it

onefurlongout

Thanks happy broker, just the one kid (15 months).

I'll give halifax a ring tonight, would there be any addional fees to pay?

I've got to work out how much its going to cost to buy and sell now, should we decide to move

happybroker

for the mortgage you would need to pay for a valuation and possibly a product fee depending on what they come up with for you.

solicitors will probably come in at about £1k for sale and purchase, estate agent for the sale of your home, they will no doubt come up with amazing number but think about £1500, home information pack around £300.

If you decide to have a more in depth survey done arrange that yourself through a local firm as this will save you a considerable over going through the lender as they add a nice slice on top for themselves! You would be well advised to have a grand or so to one side in case anything extra pops up also.

When you speak to the Halifax make sure you ask for "advice" rather than "non advised" and you should then speak to some one with the relevant qualifications as opposed to a "mortgage seller". You will have a bit more come back also if things are not as they stated right at the very begining.

dippydog_2

Is your house sale price realistic? Have you checked the real prices houses are selling for in your area rather than the price they are being marketed at?