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Can we do this?
Ju&Mel
Posts: 249 Forumite
Ok, so we've found a house that is exactly what we want/need in the perfect area, it's a bargain
We have a 'low' offer for our house but will happily accept of it gets us our dream place
We currently have a NRAM mortgage with a fixed rate until 10/2011
We have a deposit for a new mortgage for the new house, it would be a 90% LTV though (not ideal)
but the ERC are quite high on the NRAM mortgage so, we were thinking of porting the NRAM mortgage to the new property whilst taking out a loan for around £15k to cover the rest of the purchase price along with what we have saved
(we have other money set aside for fees)
We would aim to get this loan paid off within the year so when it came to remortgaging we'd have no loans/debts
By doing this we would also then hopefully be in the 80-85% LTV range for remortgaging giving us more options (depending on what happens to house prices obviously)
So could we port our mortgage and take out an unsecured loan?
We have a 'low' offer for our house but will happily accept of it gets us our dream place
We currently have a NRAM mortgage with a fixed rate until 10/2011
We have a deposit for a new mortgage for the new house, it would be a 90% LTV though (not ideal)
but the ERC are quite high on the NRAM mortgage so, we were thinking of porting the NRAM mortgage to the new property whilst taking out a loan for around £15k to cover the rest of the purchase price along with what we have saved
(we have other money set aside for fees)
We would aim to get this loan paid off within the year so when it came to remortgaging we'd have no loans/debts
By doing this we would also then hopefully be in the 80-85% LTV range for remortgaging giving us more options (depending on what happens to house prices obviously)
So could we port our mortgage and take out an unsecured loan?
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Comments
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Have you asked your mortgage lender if your mortgage can be ported? I would think that would be the first place to start...0
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You should be fine to port your mortgage as long as you don't need to borrow any more from them (I'm with NRAM in a similar situation, fixed until mid 2011, and spoke to them a few months ago about this). No idea about the loan though, sorry!2011: [STRIKE]Houses[/STRIKE], [STRIKE]weddings[/STRIKE], [STRIKE]cats[/STRIKE]
2012: [STRIKE]Start renovating new house (aka open enormous can of worms)[/STRIKE] _pale_
2013: [STRIKE]Lose weight[/STRIKE], [STRIKE]get fit[/STRIKE] and FINISH THE HOUSE!
Weight loss - Apr '12 -Sept '13: 95lb0 -
Don't mortgage companies usually insist that you finance the deposit without additional borrowing? (Which the unsecured loan would be)0
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Nuttyneddy wrote: »Don't mortgage companies usually insist that you finance the deposit without additional borrowing? (Which the unsecured loan would be)
But as we'd be porting the mortgage, we wouldn't really be having a deposit as such would we? This is the bit i'm unsure about....... as we could take out loans now, with this mortgage in place and that would make no difference to NR.......0 -
I think "porting" is a very misleading term - OH and I have done this and all it means is that you get the same deal that you had originally. In every other respect (credit checks, income requirements etc) it is exactly the same as if you were taking out a new mortgage.
Unfortunately:( It certainly caught us out the first time :mad:0
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