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Sold Our House and New Mortgage
butterflysam
Posts: 40 Forumite
Hi
We have had our house on the market, and sold it on Thursday (4 weeks on the market, so good going). Our buyers are in rented and want to be in our house in 6 weeks time, if it is possible.
We have been and reserved a new build plot today which is more or less ready and got a really good deal as it was the last one on the phase.
HOWEVER!!! :mad:
We have a mortgage with the Abbey National and will need to transfer the mortgage to the new house as we have had a fixed rate for 5 years and the get out clause is £5,000 which we cannot afford to do. We are really worried that when we complete the mortgage application tommorow it will be refused. We have had our mortgage for 2 years, and have not missed a payment. We are also borrowing exactly the same amount and are not increasing our mortagage.
What worries us is the credit scoring. We have had our credit file back and our credit score says poor. The only thing we had was a CCJ on our last house which we knew nothing about. We have paid this off in full and have a letter of satisfaction from the court. We also have 2 late payments on 2 different credit cards which range from 5 - 8 months ago.
Do you think we will have a problem????
I would really appreciate any help, as we are going out of our mind with worry.
Thank you
Sam
We have had our house on the market, and sold it on Thursday (4 weeks on the market, so good going). Our buyers are in rented and want to be in our house in 6 weeks time, if it is possible.
We have been and reserved a new build plot today which is more or less ready and got a really good deal as it was the last one on the phase.
HOWEVER!!! :mad:
We have a mortgage with the Abbey National and will need to transfer the mortgage to the new house as we have had a fixed rate for 5 years and the get out clause is £5,000 which we cannot afford to do. We are really worried that when we complete the mortgage application tommorow it will be refused. We have had our mortgage for 2 years, and have not missed a payment. We are also borrowing exactly the same amount and are not increasing our mortagage.
What worries us is the credit scoring. We have had our credit file back and our credit score says poor. The only thing we had was a CCJ on our last house which we knew nothing about. We have paid this off in full and have a letter of satisfaction from the court. We also have 2 late payments on 2 different credit cards which range from 5 - 8 months ago.
Do you think we will have a problem????
I would really appreciate any help, as we are going out of our mind with worry.
Thank you
Sam
0
Comments
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Sam, If you are porting your current mortgage over, with no increase, I cant see that there should be a problem, they proberbley wont credit score you as you are not taking out a new mortgage, just changing address so to speak.
Go and speak to them tomorrow.Pawpurrs x
0 -
You need to read through your mortgage documents to see if your current mortgage is portable. If it's not then you need to take out a completely new mortgage.
Many lenders will waive the early redemption penalty if you are taking out a new mortgage with them. You may however have to pay a new application fee if this is applicable to the new product.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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