Mortgage brokers or knowledgable people........

SWB

I think the answer to the following is no but I don't want to leave any stone unturned............
House we would like to buy has just been repossessed. It is on the market for £480k (the full valuation from 2 years ago, meanwhile, it has been gutted inside, no heating, sinks, baths ect). We have £200k mortgage on a £400K property. Always paid our mortgage on the dot every month to Mortgage Express. We are allowed to port our mortgage, I have checked with ME. Is there any way we could buy the house and move in before we sold our own? think the mortgage co would accept £400K.
1. We would really like the house.
2. We still have weeks of work left to complete on our current house which would be so much easier if it was empty.
3. We really want to stay with ME as we are only paying about 1.5%.
4. Hubby is self-employed so complicates matters even further.
5. We have a small deposit but if we put that down as a deposit, we would not have the money to finish our house and finish the new house.


Does anyone have any suggestyions apart from 'wake up!'
Thanks.

getmore4less

If its been gutted then a mortgage will be a problem

SWB

If we could somehow manage to find a way round the finance, we would be prepared get it 'mortgagable' before it was re-valued by a new mortgage company. It wouldn't really take a lot. Couple of sinks, baths and toilets would make it legally habitable.

getmore4less

OK so all you need is to find someone to lend you £400k.

£100k on your place for a decent deposit and £300k on the new place

That will be 2 £300k 75% LTV mortgages £600k total


Get your place fixed up an sold then you might have a chance if they will let you port.

Thrugelmir

SWB wrote: »

If we could somehow manage to find a way round the finance, we would be prepared get it 'mortgagable' before it was re-valued by a new mortgage company. It wouldn't really take a lot. Couple of sinks, baths and toilets would make it legally habitable.

To port the mortgage you need to sell your own property.

ME could decline the "port" as you may not satisfy its current lending criteria. ME following the nationalisaton of B&B is running down its mortgage book.