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Move home with mortgage
welshlad_82
Posts: 4 Newbie
Bought my first house in Nov 07 (highest peak time before crash/credit crunch) as a FTB for £66,500 (this is the average where I live and all I can afford as a low income single person) and I had a mortgage for £58,500. Now decided to move hom as this is too small.
Had it on a 2 years tracker, 0.13% above the BOE rate, first rate was 5.88% and I think it was £372 repayment, after that the rates dropped and it was capped at 2.13% when rates dropped to 0.5%. Tracker ended in Nov 10 and decided not to go for another product because I took out a product with Nationwide before April 2010 I would revert to it's BMR which tracks 2% above BOE, and taking Mout a new product say fixed would then revert to the SMR when that ended. I did not wish to pay £999 for a new product as it's lot for a single person every 2-3 years and possibly revert to it's the SMR rate.
My current rate at the moment is 2.5% repayment of £257 and I pay an extra £143 as overpayment to make it to £400.
What type of mortgage would I need for the new home, is it a re-mortgage?
Would I lose my current BMR rate 2.5%? Is a deposit required?
I suspect my current home is in negative equity, at a guess I would say £50,000 (as this appears to be the average), Would this have a major impact on the LTV mortgage required for a new home?
My current balance on the mortgage is £47,443, should I keep paying over-payments or just pay the repayment as above on third paragraph?
Is it worth speaking to an mortgage adviser at Nationwide to discus how much maximum I would get to cover a new home?
Any other tips/advice? As I have no clue about selling and buying a home at the same time with a mortgage, it seems it was easier being a FTB.
Had it on a 2 years tracker, 0.13% above the BOE rate, first rate was 5.88% and I think it was £372 repayment, after that the rates dropped and it was capped at 2.13% when rates dropped to 0.5%. Tracker ended in Nov 10 and decided not to go for another product because I took out a product with Nationwide before April 2010 I would revert to it's BMR which tracks 2% above BOE, and taking Mout a new product say fixed would then revert to the SMR when that ended. I did not wish to pay £999 for a new product as it's lot for a single person every 2-3 years and possibly revert to it's the SMR rate.
My current rate at the moment is 2.5% repayment of £257 and I pay an extra £143 as overpayment to make it to £400.
What type of mortgage would I need for the new home, is it a re-mortgage?
Would I lose my current BMR rate 2.5%? Is a deposit required?
I suspect my current home is in negative equity, at a guess I would say £50,000 (as this appears to be the average), Would this have a major impact on the LTV mortgage required for a new home?
My current balance on the mortgage is £47,443, should I keep paying over-payments or just pay the repayment as above on third paragraph?
Is it worth speaking to an mortgage adviser at Nationwide to discus how much maximum I would get to cover a new home?
Any other tips/advice? As I have no clue about selling and buying a home at the same time with a mortgage, it seems it was easier being a FTB.
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