Help with mortgage when moving home!

emmagater

I'm a wannabe second time buyer having bought my first home for £157,000 three years ago at an LTV of 95% (pre credit crunch). As it's a two bed and our family is expanding, we really want t move to a bigger house but I'm not up to speed on the process of moving a mortgage.
I am currently locked into a fixed rate deal and I've been told this is 'portable' but I've also read that 'portable' is pretty meaningless as you still have to reapply for the mortgage you already have. The problem is that we can't afford to pay a huge deposit and I have a feeling that my 95% LTV is not portable - is that correct? Ideally, I'd like to get an extra mortgage amount on top of the current deal and only pay the 90% LTV on that extra amount.
On top of this, since applying for the initial mortgage, I have gone onto part time due to childcare and therefore my salary has decreased. My husbands has increased but not by the same amount so if we had to reapply, I'm not sure we'd even be able to borrow the amount that we are already repaying!!
I find it all a bit confusing and can't find anything on the internet that explains the process so any advice would be greatly appreciated!

VIGILANT22

Only your lender will be able to satisy yr questions...as it is based on your circumstances

Thundercat_2

But how will you be able to afford a larger mortgage if your overall earnings have decreased since you bought your current house? If you don't think they'll even lend you the current amount on your existing mortgage then why would you want to add another mortgage on top of that? Especially given the high LTV's you're talking about?

Banks are now much more careful about their lending criteria, so you may have a tough time justifying an extra mortgage given the details you've listed.

emmagater

We could afford a larger mortgage as we've managed to budget better and cut back on what we spend so we have some free income.
I realise that financially, our best bet would to be to stay where we are but in a small 2 bed with one child and another on the way, we are fast running out of space.
The plan was always to sell this house after a few years and, without the credit crunch, we would have made a tidy profit. So now that circumstances are different, I'm having to look at all possible options in order to upgrade