We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
NatWest mortgage help please
lozzyhi
Posts: 1 Newbie
Good evening,
I was a FTB in May 2008, and bought a new build property for £112,000 with a !!95%!! LTV mortgage. So all in all with our fees and HLC charge added, our mortgage was roughly £108,000. We now owe £103,886.
Our dream home has now come on the market and the phone call I've just had with Natwest was VERY confusing - and I don't think I'm being stupid :-)
So, our current property is worth roughly the same as our outstanding mortgage amount and the potential new home is on market for £141,000
We're on a 5 year fixed rate, and are happy with that so would like to borrow the extra on a separate mortgage, the question is though; is the deposit that we have to pay on the ~£40,000 difference (the extra that we need) or on the whole £141,000?
Because obviously if we are looking at their 25% mortgages for existing customers moving home, 25% of £141,000 is very different from 25% of £40,000!
The man on the phone said that I was being stupid and there was no way I should be considering moving but we're both on good salaries, our dream home is on the market and we live in a teeny tiny house where I'd have to put a cot on the landing!
Anyway, look forward to the answer!
Many thanks
Lauren
I was a FTB in May 2008, and bought a new build property for £112,000 with a !!95%!! LTV mortgage. So all in all with our fees and HLC charge added, our mortgage was roughly £108,000. We now owe £103,886.
Our dream home has now come on the market and the phone call I've just had with Natwest was VERY confusing - and I don't think I'm being stupid :-)
So, our current property is worth roughly the same as our outstanding mortgage amount and the potential new home is on market for £141,000
We're on a 5 year fixed rate, and are happy with that so would like to borrow the extra on a separate mortgage, the question is though; is the deposit that we have to pay on the ~£40,000 difference (the extra that we need) or on the whole £141,000?
Because obviously if we are looking at their 25% mortgages for existing customers moving home, 25% of £141,000 is very different from 25% of £40,000!
The man on the phone said that I was being stupid and there was no way I should be considering moving but we're both on good salaries, our dream home is on the market and we live in a teeny tiny house where I'd have to put a cot on the landing!
Anyway, look forward to the answer!
Many thanks
Lauren
0
Comments
-
The LTV would be calculated on the £141,000. As you have no equity, you'd need at least £35,250 saved, plus fees in order to be able to have a 75% LTV on the new house.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards