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Porting my mortgage and taking out new mortgage
bigbananas
Posts: 28 Forumite
Hello,
I am wondering what would be the maximum ££ amount I could get with the following:
£120K current mortgage with Nationwide, and sold house for £136K (leaving £16K equity)
I have £20K lump sump saved.
40K a year net salary.
Have seen Nationwide mortgage advisor and been told it "will be no problem" to purchase a £200K property.
This is what he came up with:
Lump sum + equity = 36K
minus selling & buying fees (3K) = 33K
To purchase property @ 200K
200K - 33K = 167K
I can port my mortgage of £120K
167K - 120K = 47K
So new mortgage would be 47K and apparantly I would be borrowing it as a 85% mortgage so he gave me a figure of 4.7% APR
This is fine, but we didn't discuss borrowing more at the time. My partner and me have been looking around and can only find properties we like at £250K-£275K. I would like to know if based on what I've told you, would it seem likely I can borrow upto £275K ?
kind regards BB
I am wondering what would be the maximum ££ amount I could get with the following:
£120K current mortgage with Nationwide, and sold house for £136K (leaving £16K equity)
I have £20K lump sump saved.
40K a year net salary.
Have seen Nationwide mortgage advisor and been told it "will be no problem" to purchase a £200K property.
This is what he came up with:
Lump sum + equity = 36K
minus selling & buying fees (3K) = 33K
To purchase property @ 200K
200K - 33K = 167K
I can port my mortgage of £120K
167K - 120K = 47K
So new mortgage would be 47K and apparantly I would be borrowing it as a 85% mortgage so he gave me a figure of 4.7% APR
This is fine, but we didn't discuss borrowing more at the time. My partner and me have been looking around and can only find properties we like at £250K-£275K. I would like to know if based on what I've told you, would it seem likely I can borrow upto £275K ?
kind regards BB
0
Comments
-
when did you see nationwide adviser..as they have changed lending criteria since last thursday....in many cases reduction on what was originally offered0
-
Errrrrr 40K NET salary ? Whats the gross ? Got to be £60k+ and a higher rate taxpayer ? Employed ?0
-
VIGILANT22 wrote: »when did you see nationwide adviser..as they have changed lending criteria since last thursday....in many cases reduction on what was originally offered
oh right that's concerning - 3 weeks ago.0 -
-
Try this
http://www.nationwide-intermediary.co.uk/content/calculators/aff_calc.aspx
Splitting the income between the two of you I couldn't get much above £165 ish0 -
£242k on an income of 40k is 6 times salary. Can't see it happening0
-
Climbing up the property ladder is better done in small steps. Over extending isn't worth the risk.0
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