Moving house - Same mortgage

cheqmate06

Was looking for a bit of advice.
We are hoping to move house and have seen a few at our price range £125,000.We currently are in negative equity with a mortgage of £112,000 and have been offered £100,000 for our property. We have £20,000 in savings to use to reduce our mortgage which is currently tracking at 0.9% above base rate. this is due to end in january 2011 and will move to 2.59% above base rate. I have confirmed our mortgage has portability included.
If we move will our APR stay the same?
Based on the above what would our overrall mortgage required if these are the prices of both houses including savings?
I hope i have included everything to help with my questions.

CLAPTON

the only people who can tell you whether your APR will stay the same is your mortgage provider... so ask them

if you are buying a new property at 125,000
and selling a property at 100,000
then you need to find 25,000 plus fees / costs to complete, assuming your mortgage provider continues with the current 112k mortgage

poppysarah

When did you buy this house?

cheqmate06

the mortgage was re negotiated in jan 2008, with a 3 year fixed apr, then tracker for remainder

Richard_Webster

he only people who can tell you whether your APR will stay the same is your mortgage provider... so ask them

if you are buying a new property at 125,000
and selling a property at 100,000
then you need to find 25,000 plus fees / costs to complete, assuming your mortgage provider continues with the current 112k mortgage

I agree. Important to know what your lender's current LTV ratio is - you will need 89.6% for £112K on £125K.

Do you have the £25K + that will be needed?

Do you comply with your lender's current income/credit requirements?

You will, of course, still need to apply a for a new mortgage on the property you are buying and ask that the rate be ported. It doesn't happen automatically!