Thinking of moving house mortgage advice??

eddiemacthedog

Thinking of moving house, currently have 74k on a ING flexibible mortgage (the 0.9 above BOE base rate one).

I would need to add 35k ish to my mortgage to buy the new house, can i just increase my existing one with this deal or not as i see they have ditched this product now???

Also wary of increasing my debt, so do you think a 110k 20 year mortgage for a 29 year old with 60k salary is not too adventureous (also have wife and baby, no other major debts)

all advice greatfully received :T:T:T

opinions4u

eddiemacthedog wrote: »

Thinking of moving house, currently have 74k on a ING flexibible mortgage (the 0.9 above BOE base rate one).

I would need to add 35k ish to my mortgage to buy the new house, can i just increase my existing one with this deal or not as i see they have ditched this product now???

Check your small print (Key Facts document that should have been issued when you took the mortgage).

1) Is the deal portable?
2) How long does it track for (e.g. a couple of years or is it longer?)
3) What would they do with the remaining £35k you want?

Might be worth a quick phone call to clarify this.

Also wary of increasing my debt, so do you think a 110k 20 year mortgage for a 29 year old with 60k salary is not too adventureous (also have wife and baby, no other major debts)

Well within the maximums you can borrow. Not remotely adventurous - wisely cautious would be my description!

_Andy_

The further borrowing would be at new rates if available

rrwfotr

I'm on the same mortgage deal, if you move or change anything to the product you lose the mortgage rate and would have to re-mortgage at current market rates. This would mean you would have to pay allot more in monthly repayments if you move.

eddiemacthedog

i reduced the term last year so monthly payments are still about £600 for the existing and potential new one.

VIGILANT22

so what is your concern?