Advice on porting mortgage Abbey

bubblybaby4

Could i have a little advice on whether we stand any chance of porting our mortgage...
We are trying to reduce our costs and downsize so that we can have a life back!!!

We earn 33K between us, and we at the moment have a 136,000 mortgage, we consolidated our loan and credit cards with one loan of £13K

We have just found a buyer for our house £168,000 and we have found a little bungalow for £145.000, all we want to do is port our mortgage because we are 2.5 years into a 5 year fixed rate. We did take our mortgage down to interest only at the beginning of the year on a temporary thing...

Does it look possible that we would be able to port....

We

ben_Mortgage_consultant

What are you proposing to put down as a deposit ?
How much is the monthly loan payment for the 13k debt ?

4.12 x income not including the loan repayment deduction is towards the top end of what abbey would agree so important the Loan to value (LTV) is not too much higher on the new property. Let us know the answer to the above.

bubblybaby4

the loan cost us £230 month, and we have no other debts. I have checked our credit references and we both have excellent records. The profit on our house after solicitors and estate agents costs is £24K, I spoke to the abbey and they said we could only take off just under £7K, something to do with LTV, then at the start of next year we could take a maximum of 10%

ben_Mortgage_consultant

Looking at your scenario assuming a deposit of £24k, purchase of £145k giving a mortgage of 121k Abbey would struggle to lend you amount required. Based on a high credit score with a mortgage over 25yrs (I don't know how old you are or your prefered term) max lending would be around 125k but most applicants are a medium pass which would give a loan of around 114k. Best bet is to get a decision in principle from Abbey. Other lenders that would consider you are Natwest & Halifax (both lend 4 x plus income) Any questions please ask.