Northern Rock Together Mortgage & Porting

BLONDIE35_2

Hi there. Can anyone help please. I have a £95k with mortgage and an unsecured loan of £30K with Northern Rock taken out in 2005. I now want to move and my house is currently valued at £115K and wish to port my current mortgage to a new property.

The house I wish to buy is £90K. My current LTV for my house is 82%, does this mean that my new mortgage will be at 82% LTV as well. This would mean my new mortgage would be £75,440 which would give me a shortfall of £14,560.

If this is the case does that mean I will need to find a deposit of £14,560 which I could finance from the sale of my house?

I did want to pay off some if not all of the unsecured loan of £30K but I do realise that I have a shortfall of £10K even after I've paid the mortgage. What is the normal process for this sort of thing?

Your advice much appreciated.

Thanks

pay the shortfall from any monies that I have made on my current property

Thrugelmir

You current total debt is £125k . Selling your house for £115k net of costs would require you find £10k to clear the debt.

To purchase the new house you will need a deposit of 10% or quite possibly 15%. So on £90k thats a minimum of £9k.

So without any finding the money to fund any costs you'd still need to find £19k.

Depending what part of NR you are with. They have been flexible in allowing customers to downsize if they have a large unsecured loan element. Allowing the debt to be ported.

Realistically your best hope is to visit the Debt Free Wannabe board. Get to grips with your outgoings and reduce the unsecured element of the outstanding debt.