porting a MOREgage?

loueoc

I need a little friendly advice!

My husband and I bought our home 3 years ago, the purchase price was 124,000, we used Coventry's MOREgage, giving us a mortgage of 117,500 and an unsecured personal loan of 17,500. Our house is now valued at 135,000. If we sell at this price(?) and take our mortgage to new property, around 167,000, how does this all work?

Do we have 17,500 profit from mortgage and still owe loan?

Finding it all very confusing...

beecher

I assume you'd have to pay off the mortgage and loan, leaving you no deposit for your next property. You'd have to phone Coventry to ask them if you can keep the unsecured loan going while porting your existing mortgage over though the LTV looks pretty tight once you've paid off fees etc.

Are you 100% sure the value of your house has gone up 10% in 3 years? It'd certainly be bucking the trend if true.

loueoc

had three valuations today..... it was a 'bargain' when we bought it! reduced for 'quick sale'