On a good tracker but now want to borrow more -Advice Please!

sequin123

Hi

I am getting very confused about what to do:

Joint salary £75k income £4,400 net
Current mortgage - @ 149,000 HSBC tracker +0.79 (21 years left)

We now wish to upgrade, our house is under offer and are looking to purchase at £300k, we have a deposit of 25% and would be looking to borrow an additional £73,000

My thoughts are, I keep my 149,000 on exisiting rate and then get the £73000 at HSBC best rate either 3.19 tracker or 3yr Fixed at 4.44 and pay that over 26 years ( i have to keep the 149,000 at 21 years)

OR

Should I take the £149,000 out of the lifetime tracker and put the full £222,000 on the best rate with the advantage of being able to put the £149,000 back to pay over 26 years.

I hope this makes sense, if you need anymore information let me know.

Would really appreciate your opinions and perhaps considerations I should think about before I decide

Thanks very much

Thrugelmir

sequin123 wrote: »

Hi

I am getting very confused about what to do:

Joint salary £75k income £4,400 net
Current mortgage - @ 149,000 HSBC tracker +0.79 (21 years left)

We now wish to upgrade, our house is under offer and are looking to purchase at £300k, we have a deposit of 25% and would be looking to borrow an additional £73,000

My thoughts are, I keep my 149,000 on exisiting rate and then get the £73000 at HSBC best rate either 3.19 tracker or 3yr Fixed at 4.44 and pay that over 26 years ( i have to keep the 149,000 at 21 years)

OR

Should I take the £149,000 out of the lifetime tracker and put the full £222,000 on the best rate with the advantage of being able to put the £149,000 back to pay over 26 years.

I hope this makes sense, if you need anymore information let me know.

Would really appreciate your opinions and perhaps considerations I should think about before I decide

Thanks very much

Port your existing mortgage if possible. Once lost you'll never get this rate again.

Extending your current mortgage term is of no advantage. An additional 5 years of interest to pay is a lot of money.

blushingbride_3

hi there,

I am in the same position (similar) to you.

we have £70000 with barclays @ 0.25% tracker for life. (22 years left) al the advivce i have been given is to keep the current one & transfer it increasing @ barclays current rate which is about 2.25% tracker.

I am happy to do this.

Our income is £40k joint, would we be able to borrow £160000 with this? as we have a £50k deposit.


I agree with the other poster, i doubt we'd ever get such a good deal so i am reluctant to let it go
HTH