Lloyds Mortgage in NI?

gtothec

Hello everyone,

I have a property in Glasgow. I got my mortgage from Lloyds TSB (Cheltenham & Gloucester) and after a 2 year fixed rate it has now moved on to a variable rate.


The property was £110K and the mortgage was 95%, so I owe the bank £104,500 or thereabouts as the mortgage was interest only.

I tried to sell my flat in 2008 but was unsuccessful. The reason was that I was moving to Belfast for work. A friend is paying me some rent to live in my flat in Glasgow which just about covers the mortgage. The bank are not aware of this as, at the time, I couldn’t afford (and thought they might not grant me) a buy-to-let mortgage rate. At the time I felt that I had no other option but to do this. The flat was on the market for months.

I now want to purchase a house in Belfast. Ideally I would sell the flat in Glasgow and purchase a house in Belfast where I am due to marry and settle down etc.


It is very difficult to get mortgages now I am told. Particularly hard for me as the mortgage would have to be based on just my own earnings - my partner has recently moved from the Republic of Ireland and has no records of income etc in UK.

I’ve had a look around and have seen a property that I hope to get for less than the price of my Glasgow flat. I want to offer £105K for the property max.


I hope to pay £15,750K deposit, so would need a mortgage LTV of 85% (£89,250).

There are a few things I want to pick your brains about – If anyone could help it would be great!

What happens when you sell one house and buy another – does your mortgage usually move across automatically or do you have to reapply for a new mortgage? I’m worried about this as I doubt the bank would be as keen to loan me as much as they have before.

Does anyone know if Lloyds now offer mortgages for property in NI – When I asked in branch 3 years ago I was told no, but maybe this has changed?

Grateful for any guidance

Thanks

G>C

beecher2

If your mortgage is portable, you could possibly port the deal over, subject to present lending criteria. However I don't think you can port over a variable rate deal - not sure. Your salary will have to stack up too.

Aren't you best to sell up first, and see how much you get? You may well be in negative equity at the moment.

gtothec

beecher2 wrote: »

If your mortgage is portable, you could possibly port the deal over, subject to present lending criteria. However I don't think you can port over a variable rate deal - not sure. Your salary will have to stack up too.

Aren't you best to sell up first, and see how much you get? You may well be in negative equity at the moment.

Hi there,

Yes, you are right, I should do that. I just have this fear that once I have no mortgage anymore it will be impossible to get another. Currently earn £25K per year.

Max lending is around 3x earnings isn't it?

I see you are Glasgow based - What is your opinion on the housing market there? My feeling was that it wasn't hit too badly in popular areas. My flat is in Finnieston

G>C

beecher2

I'm in the South Side and prices have gone down by quite a bit in my area. Flats in my street were £145,000, now struggling to get £120,000. It probably depends how crazy things were when you bought. I dont' think max lending is 3x - more like 4x if you're lucky. Depends on many things though.