Portable mortgage?

durhamsteve

Afternoon all,

First post here and I'm hoping someone can help, as money matters have never been my strongest point to say the least.

I've a £139k mortgage (three-year fixed rate, taken out in June '08) with Intelligent Finance on a property valued the other day at £175k. I'm presently on £37k a year and hoping to move to a £190k house ASAP. I'd have about £30k to put down as a deposit.

Essentially I'm just wondering how good my chances are of this happening? I've no credit card debts, but two kids and a car loan of £242 a month for the next four years. Could I port the mortgage and ask IF for another £20k or so?

Help!

Thanks

durhamsteve

Help... pretty please!

happyrichard

I am just an average bloke, with no real mortgage knowledge, but from most of the research that I have done, portable mortgages are rare and getting rarer.

Also, with regard to the mortgage itself, it is mainly done on LTV. If the property is worth 190 and you have 30 to put down, you will need a mortgage of 160. 160/190 is 84% ish, so you may be able to get a 90% deal, but the rate will not be so good. To leave your current deal may cost you (exit charge) or IF may offer you an alternative deal with them, with no exit charge, but that could be at a much higher rate.

All in all, not sure how lucky you will be on this one, but as I stress, I am not a mortgage guru, just someone who reads articles...

Conrad

IF will allow you to port the terms, but borrowing is limited to 75%.

As to whether they will agree your loan, that will be down to a complex affordability calculation that is software driven, so all you can do is take a deep breath and try!

durhamsteve

Cheers folks, fingers crossed.