Can we move?

gaz2901

Hi all, newbie here. Been trawling thorugh the pages but cant seem to find the answer Im looking for, so here goes....

Ive got a NR together mortgage, 97k secured and 20k unsecured with 2 years fixed left on it. House is valued at 105k. My partner and I are looking to get a bigger place together, so my question is really can we just move? Obviousley we would have to take the mortgage with us and get it put into joint names, which is no problem as jointly we earn 50k. The new house is 125k.

Any advice would be greatfuly recieved.

Thanks in advance

beecher

How much of a deposit do you have saved?

gaz2901

very little at the moment, but were working on it. Just wondered the feasability of a move?

Thanks

beecher

You need at least £12.5k plus fees before you even work out if NR will allow you to port. Selling at 105k will give you 8k, so you need to do some serious saving. Phone up NR in the meantime and ask them if they would allow you to port, plus borrow the additional money you'd need (don't know if NR allow that or not). Check what the Early Repayment Charge would be if you moved elsewhere, and also what rate the unsecured loan would rise to if you did so.

Check both your credit files in case of any surprises - if NR do allow this, they'll treat it as a new application.

gaz2901

Thats pretty much the conclusion I had come to from reading other threads, but thanks for your help and confirming it.