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themachine_2
Posts: 23 Forumite
Hello,
We currently have a 2 year fixed-rate Together mortgage with Northern Rock (6.19%) ending in June 07. Mortgage was for 50000 + 16000 unsecured and we have recently accepted an offer of 83000 for our house. We haven't found a new house yet but are looking to spend around 750000 on next purchase. Together we have debts totalling 18000 including car loan and a combined income of 35000.
We are not looking to borrow any more money on our existing mortgage for our next purchase. I'm worried that we will not be able to 'port' our mortgage to new property due to level of debt but on the other hand our LTV will be less on our next property.
We will be reducing our debt slightly with remaining surplus from house sale but need to wait until completion of sale before we can do that. Does anyone know how Northern Rock will look upon this situation?
Many Thanks
We currently have a 2 year fixed-rate Together mortgage with Northern Rock (6.19%) ending in June 07. Mortgage was for 50000 + 16000 unsecured and we have recently accepted an offer of 83000 for our house. We haven't found a new house yet but are looking to spend around 750000 on next purchase. Together we have debts totalling 18000 including car loan and a combined income of 35000.
We are not looking to borrow any more money on our existing mortgage for our next purchase. I'm worried that we will not be able to 'port' our mortgage to new property due to level of debt but on the other hand our LTV will be less on our next property.
We will be reducing our debt slightly with remaining surplus from house sale but need to wait until completion of sale before we can do that. Does anyone know how Northern Rock will look upon this situation?
Many Thanks
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very well id of thought0
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