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temporary move to rented. mortgage advise
chellieboo
Posts: 8 Forumite
If we sell our house before we have found somewhere to buy how will this work out with our mortgage.
would i be right to assume the sale of our house will be used to pay off our mortgage and hopefully the rest come to us.
then when we have found somewhere we will have to apply for a new mortgage?
I am slightly worried that given the current climate (or the stories you hear anyway) we will not be offered as much as they would offer us if we were just topping up a current mortgage?
based on quotes from a mortgage broker we saw a while back we could have topped up our mortgage to get a property of about £175k....but now based on online calculators noone seems to want to lend us more than £130k and we definitely don't/won't have £45k deposit to add to that.
would i be right to assume the sale of our house will be used to pay off our mortgage and hopefully the rest come to us.
then when we have found somewhere we will have to apply for a new mortgage?
I am slightly worried that given the current climate (or the stories you hear anyway) we will not be offered as much as they would offer us if we were just topping up a current mortgage?
based on quotes from a mortgage broker we saw a while back we could have topped up our mortgage to get a property of about £175k....but now based on online calculators noone seems to want to lend us more than £130k and we definitely don't/won't have £45k deposit to add to that.
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Comments
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If you were porting your deal, and borrowing additional money you'd be subject to present lending criteria, so may not be able to borrow as much as you hope either way. Why not go back to your broker and see what options are available to you>?0
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have things really changed that much in the last 6 weeks or so then?0
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