Mortgage help please

Ashley3283

Hi,
Just wondering if someone could answer a mortgage question for me.
My partner has got a mortgage with the Woolwich with £102k outstanding on a lifetime tracker, currently at 1.2%.
We are looking to move and need a mortgage for £180k but are getting quotes at around 4% and would probably struggle to qulaify for a mortgage that big.
My question is, can my partner port the mortgage she currently has with the woolwich keeping the same tracker rate and I take out a separate mortgage for £72k on my own, which I would have no problem getting?
I know mortgage lenders require a first charge on the deeds for the mortgage so this probably rules out 2 different lenders but if I got my mortgage with the Woolwich would this work?

Thanks for any help you can give.

Thrugelmir

All main lenders will require first mortgage charge on a property. So to obtain 2 mortgages will require borrowing at far higher interest rates using a lender who specialises in unsecured loans.

If you wish to retain existing mortgage. Then your options are limited to those offered by the Woolwich.

4% isn't high for a mortgage interest rate. So suggest you get saving. As unwise to borrow such a large sum of money if affordability is a factor.

kingstreet

Ask Barclays if they will allow you a joint mortgage with your partner while porting over the old rate for the first part of it. The extra money you'll have to take on one of their new products if they will, but that's a lot better than any other possible solution.

Ashley3283

Thanks for your replies, affordability is not the problem niether is the 4% interest rate its getting the mortgage in the first place based on our salaries.
Obviously we would prefer to keep the interest rate we have currently got and borrow the remaining £78k separatley as we would have no problems with the salary multipliers on the smaller amount.

Thrugelmir

Ashley3283 wrote: »

Thanks for your replies, affordability is not the problem niether is the 4% interest rate its getting the mortgage in the first place based on our salaries.

From a lenders point of view these factors are interlinked. In that if rates rose to 6% or even 7%. (wasn't that long ago they were). That people would find themselves burdened with high repayments.

Yorkie1

Ashley3283 wrote: »

Thanks for your replies, affordability is not the problem niether is the 4% interest rate its getting the mortgage in the first place based on our salaries.
Obviously we would prefer to keep the interest rate we have currently got and borrow the remaining £78k separatley as we would have no problems with the salary multipliers on the smaller amount.

Don't forget that they will reassess affordability on the 'ported' part at the time you make the formal application. It isn't guaranteed that they will automatically agree to port, particularly if your financial circumstances have changed since you original obtained the mortgage.