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Advice about Re-mortgaging/Moving
Ju&Mel
Posts: 249 Forumite
We need some advice about remortgaging our house
Our house is currently on the market, we put it on the market for 12% less than the EA's 'valued' it at (£130k instead of £147k) as we were hoping for a relatively quick sale as there was a property we liked.
We have had little interest, in fact, nothing round here is moving at all, even a 3 bed house (these have sold last year for around £150/£160k has been put on for £104k, quick sale, going to be repo'd I think, is still not sold!!) The only properties that have sold in the last 6 months around here have been 2 flats and a few houses over £400k mark)
So as you can see, i'm not holding my breath on selling soon, but you never know, being biased, we are the most well presented 2bed semi on the market, but we are priced the same/under the others
Our current mortgage is with NRAM, £115k + £15k unsecured loan
so we are possibly at 100%, maybe over depending on valuation
Since October (when we decided we really wanted to move) we have managed to save £10k, we also have £11k in shares that can come out at any time.
We were hoping to re-mortgage at 80-85%, but as we are hoping to move, we'd like a mortgage that was portable, and that would allow further/additional lending (obviously we understand that would depend on circumstances at the time)
Looking at the current rates, we would save around £250pm just on mortgage payments, allowing us to either save or overpay upto £1500pm (We have been saving £1k pm but could stretch to a little more)
So do all/most mortgage companies allow porting/additional borrowing, or can you recommend one?
Thank You
(Sorry this got long!)
Our house is currently on the market, we put it on the market for 12% less than the EA's 'valued' it at (£130k instead of £147k) as we were hoping for a relatively quick sale as there was a property we liked.
We have had little interest, in fact, nothing round here is moving at all, even a 3 bed house (these have sold last year for around £150/£160k has been put on for £104k, quick sale, going to be repo'd I think, is still not sold!!) The only properties that have sold in the last 6 months around here have been 2 flats and a few houses over £400k mark)
So as you can see, i'm not holding my breath on selling soon, but you never know, being biased, we are the most well presented 2bed semi on the market, but we are priced the same/under the others
Our current mortgage is with NRAM, £115k + £15k unsecured loan
so we are possibly at 100%, maybe over depending on valuation
Since October (when we decided we really wanted to move) we have managed to save £10k, we also have £11k in shares that can come out at any time.
We were hoping to re-mortgage at 80-85%, but as we are hoping to move, we'd like a mortgage that was portable, and that would allow further/additional lending (obviously we understand that would depend on circumstances at the time)
Looking at the current rates, we would save around £250pm just on mortgage payments, allowing us to either save or overpay upto £1500pm (We have been saving £1k pm but could stretch to a little more)
So do all/most mortgage companies allow porting/additional borrowing, or can you recommend one?
Thank You
(Sorry this got long!)
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Are your savings earning an interest rate better than the mortgage?0
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