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Newbie mortgage questions...
jd1000
Posts: 76 Forumite
hi guys,
Just wanted some mortgage advice for a friend.
He has recently lost his job, but is thinking of moving house. Was on a 5 year fixed rate (dont know waht the rate is) which expires next year.
If he moves the mortgage to the new property and keeps it exactly the same will he have to go through a process of reapplying (hes worried they will turn him down because he doesnt have a job).. also is it usual to have to pay an arrangement fee or anything?
Anyone know? I think the provide is nationwide.
Cheers
John
Just wanted some mortgage advice for a friend.
He has recently lost his job, but is thinking of moving house. Was on a 5 year fixed rate (dont know waht the rate is) which expires next year.
If he moves the mortgage to the new property and keeps it exactly the same will he have to go through a process of reapplying (hes worried they will turn him down because he doesnt have a job).. also is it usual to have to pay an arrangement fee or anything?
Anyone know? I think the provide is nationwide.
Cheers
John
0
Comments
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If he wants to borrow more money he is going to be stuck as they would more than likely reassess his affordibility.I am an Insurance & Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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If he ports it will be reassessed so regardless of whether he borrows more he has no chance with no income.0
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He has recently lost his job, but is thinking of moving house.
If he is releasing equity, why doesn't he rent until he gets a new job?0
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