95% mortgages for existing mortgage holders?

laurajane28

We are hoping to sell and buy like for like and we have recently approached our current lender about porting out mortgage to a new property. They have advised me that that is possible, however, I am now part time (full time when our mortgage application was made the first time around) and therefore we will not be able to port the existing mortgage as when doing so, you're treated like a new customer and therefore a new application is necessary.

We have searched for 95% mortgages for existing borrowers but they're all aimed at first time buyers.

Anyone have any ideas where we can get a 95% mortgage from?

If failing that, we have to somehow manage to find a 10% deposit and realistically that's not going to be possible.

I hate this country sometimes!

Thanks in advance.

opinions4u

You are where you are.

Overpay your existing mortgage. Save everything you can. Then move (assuming you have enough to cover estate agents, selling solicitors, ERCs, buying solicitors, stamp duty, product fees, survey fees, deposit etc).

Not very helpful, I know, but that's the stark reality. You have to take control of the amount of equity you have.

There are lots of people in a worse position who really do have no chance of getting out of a negative equity situation until property prices do something significant. I reckon that could be over 5 years off.

_Andy_

laurajane28 wrote: »

I hate this country sometimes!
.

Why do you hate it?

laurajane28

We don't hate it at all. In fact, we love it but we just want a bigger house. Where we live is a pricey postcode, but 15 miles away, we could get a bigger house for the same price. We want to extend our family.

_Andy_

There's very, very few 95% deals out there - you'd be best off speaking to a mortgage broker, but don't get your hopes up as very few are approved.

laurajane28

Thanks - it's so hard to get anywhere in life these days!