Mortgage More Money Needed!

gromitpet14

Hi

Can anyone give me some advice??

Have got £25-26K to put down on a deposit for a mortgage from transfer of equity from partner. Went to existing mortgage company who I was with before we split as they have obviously dealt with what was our joint mortgage for 7ish years. They can give me a good fixed rate for 2 yrs at 4.something%, huge set up fees of £499 though. Based on a salary of around £19500-20k they can give me a 84K mortgage (making total of £110K) over 25 years.

Seen a house and could do with getting up to about £118-119K, don't mind extending term over 30 years. Have OK credit rating, one C.card with about 3K owing 0% til Feb, big overdraft though (about same as c.card) but has been paid off with equity money still leaving 25-26k.

Got credit rating from Equifax, all fine, one worrying default from o2 for £240 after I had majour row with them, long story but I rrefuse to pay this on principal, all else fine.

Hope to pay off more of c.card debts as now living with parents saving money. If anyone can give me any help can they reply to me.

Cheers

herbiesjp

What lender have you approached?

MortgageMamma

Your borrowing requirements are totally doable on the salary and credit commitments you have mentioned. Who is your current mortgage lender? A professional would be able to accomodate your borrowing requirements and place you with the right lender, but you must consider the repayments on the new mortgage as you would be borrowing almost 6 x your salary. You might find money tight if you are living alone.

gromitpet14

Hi - I've gone with the same company who I was with on our joint mortgage which was the Portman Building Society. The max they are offering to lend me is 84K over 25yrs which means me putting 26K down for a deposit.

Think the payments were about £450 a month (while discounted).

Thanks