Mortgage questions

rilou81

Hi
We are currently getting our house ready for sale.
We will have been in it 5 years in Jan and got our mortgage very easily at the time even though we were only 23/24.

I am worried after a few things read on here now. We are currently on a tracker rate only paying 1.75% very cheap and we are lucky.

We are selling as we are moving areas (back to my home town) We are going to rent for a few months in our current town while we find jobs and a new house to buy in the new area. This is easier than buying, selling, getting jobs and moving all at the same time!!!

Question-will we get a mortgage easier of we have already had one? I am worried we wont make that much profit on our current house for a huge deposit. What is the normal deposit required at the moment? Is the market for this getting harder or easier?

We have been out the loop for years so I have no idea. Id hate to sell our house and in 6 months not be ale to get a mortgage!!

beecher2

Having already had a mortgage won't make any difference to your chances of getting another one. You'll need at the very least a 10% deposit, and would need an unblemished credit file for that. The higher the deposit the better. You'd need to be out of any probationary period, and would have to have a permanent contract, rather than a temp one. Salary multiples won't be as generous as they were - probably 4 times joint salary at the most.

Who knows where we will be in 6 months - try to rent as cheaply as you can and save every penny you can. Go and see a mortgage adviser once you've settled in your new jobs in your new area.