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very basic mortgage question
nat38
Posts: 205 Forumite
this is probably a daft question but could someone please clarify if this is how buying/selling a mortgaged house works:
say that i have a property worth 100k with a mortgage of 75k (solely on my name) and want to upgrade to something of 200k (getting a mortgage together with my husband). can i sell the house, pay off the mortgage and use the remaining ~25k as part of the deposit for the bigger house + a new mortgage?
thanks!
say that i have a property worth 100k with a mortgage of 75k (solely on my name) and want to upgrade to something of 200k (getting a mortgage together with my husband). can i sell the house, pay off the mortgage and use the remaining ~25k as part of the deposit for the bigger house + a new mortgage?
thanks!
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Comments
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Yep. Absolutely spot on.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
thanks kingstreet!
now...if my current mortgage is transferable, is it actually possible to somehow keep the deal i have with the lender and use it to buy the bigger property or i have to pay it off and get a new mortgage?0 -
This all depends on the LTV and if your current lender is happy to lend you BOTH the extra money you need at a good rate !
Say your existing deal was at 85% LTV when you took it out well to keep a LTV of 85% on the new £200K house you need a deposit of £30K plus fees etc0 -
This all depends on the LTV and if your current lender is happy to lend you BOTH the extra money you need at a good rate !
Say your existing deal was at 85% LTV when you took it out well to keep a LTV of 85% on the new £200K house you need a deposit of £30K plus fees etc
oh, i had no idea you had to keep the LTV... :embarasse
my existing deal was 50% LTV... i don't think we'd manage that for a £200k house...0 -
just realised something:
i actually got extra borrowing on my mortgage and when i arranged this they said i could only borrow up to 75% of the value of the property. does this mean that the deal is for a 75% LTV??0 -
You'll have to ask them. No way we can tell you this, I'm afraid.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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