Moving mortgage to new property

swiper

Hi,

Wondered if anyone could help me ? I currently own a property which is worth £140k and have a £112k mortgage. I have been left some money and want to move to a new house however ..... hubby and I are on a repayment scheme to pay off our debts so we have defaults. We have never missed a payment or ever been late with the mortgage and we won't need to borrow anymore money.

How does it work ?

Thanks

Hannah

herbiesjp

Well it depends on the figures involved.

What is the price of the new property?
What deposit will you have to put down for the new property?

swiper

Looking at properties between 185k - 200k and we'll have at least 50k deposit to put down.

herbiesjp

At 75% borrowing you could have some options open to you.

However it will depend greatly on the details on your credit file - have you got an up to date copy of both files?

You say:

and we won't need to borrow anymore money.

However, you are borrowing more money, as the mortgage would increase from £112k to the new mortgage level.

What are your monthly commitments i.e. what do you pay back each month to your debts?

What are your two incomes?

getmore4less

Try your existing lender,

Unlikely anyone else will since you are on a DMP.

If those you owe get wind you have a windfall they will not be happy you are not paying them what you owe them and are buying a bigger house.

You should meet your existing obligations and pay off your debts first.

swiper

To be honest we are frightened to check what our credit file says. The mortgage is 112k but we have a 15k secured loan on the house also with the halifax. To my knowledge they don't do secured loans anymore ? so don't know how that would work too.

We would have anything from 50k - 65k to put down plus the equity in the house which after the homeowner loan is 13k. Can't pay the debts off with this money as it's inherited money that is being given to us purely to buy a bigger house by my parents.

We were going to find a house that meant we didn't have to borrow anymore money as we are aware that credit rating and income wise, no-one would lend us anymore money. I don't work as I was made redundant and my husband is recently self employed.

herbiesjp

NOt a time to bury your head in the sand I'm afraid

Without knowing what is on your credit file, there is no point in applying anywhere. If you do, and get declined, multiple credit searches could cause you even more problems

You need professional help here

Get in contact with a good whole of market mortgage adviser and see what they can do for you.