We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Next house move - mortgage query
sara1979
Posts: 8 Forumite
Hi
At some point in the next few years I'd like to move up the housing ladder. I was a first time buyer when I bought the house I live in now.
House is worth about £95k, and outstanding mortgage about £48k (it is portable).
If I move to a new house can I just port my mortgage and apply for another mortgage to cover the difference in cost or will I need a deposit for the new house? I'm sure I could get a bigger mortgage, as salary has increased quite a bit since I first took out my initial mortgage.
I can currently overpay quite a lot on my existing mortgage, and I don't know whether to do that (better than putting the money in a savings account checked the calculation) or whether to save for a deposit instead? I have savings to cover the solicitor, selling and movings costs already. I'm 18 months into a 5 year fixed mortgage rate is 3.99%. If I will need a deposit, what percentage would I need to save?
Thanks
At some point in the next few years I'd like to move up the housing ladder. I was a first time buyer when I bought the house I live in now.
House is worth about £95k, and outstanding mortgage about £48k (it is portable).
If I move to a new house can I just port my mortgage and apply for another mortgage to cover the difference in cost or will I need a deposit for the new house? I'm sure I could get a bigger mortgage, as salary has increased quite a bit since I first took out my initial mortgage.
I can currently overpay quite a lot on my existing mortgage, and I don't know whether to do that (better than putting the money in a savings account checked the calculation) or whether to save for a deposit instead? I have savings to cover the solicitor, selling and movings costs already. I'm 18 months into a 5 year fixed mortgage rate is 3.99%. If I will need a deposit, what percentage would I need to save?
Thanks
MFW 2011 No 201 £5000 (overpayment target)/ £3493 (amount overpaid so far)
Mortgage 30/12/2010 - £47,619
Mortgage 09/07/2011 - £43,042
£11k in 2011 challenge £490.31/£11000
Mortgage 30/12/2010 - £47,619
Mortgage 09/07/2011 - £43,042
£11k in 2011 challenge £490.31/£11000
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards