moving with mortgage tie in help please

wilsondean1

i was wondering if some one can help.

we have a 5 yr fixed on a 6% deal with 2 years left on it, and is a tie in deal. were totally sick of our neighbours and feel the time to move is upon us. we want to move to a bigger place which is around the £230000 mark but our current mortgage is £140,000. Could some one be nice enough to offer some advice as to what we can do and where we stand with our mortgage tie in, e.g if we move can we borrow more and what happens to the tie in.

any help would be great

regards

dean

newgirly

Hi, you should have the redemption penalties on your mortgage paperwork which will show how much it will cost you to get out of the deal, it may be portable to the new property however they will still treat the new mortgage in the same way ie. you will have to go through a whole new application and affordability checks etc.
We were unable to borrow as much as we could have previously due to lending criteria being tightened. Best of luck anyway.

Thrugelmir

How much are you looking to borrow and on what income?

Other factors such as dependents affect affordability but the basic information will provide a guide.

Wh05apk

Thrugelmir wrote: »

How much are you looking to borrow and on what income?

Other factors such as dependents affect affordability but the basic information will provide a guide.

Nothing to do with the op's question!

Most deals are "portable" meaning subject to current criteria, you can take the deal to the new property, so in your case it might mean you would take £140k @ 6% on your deal, with the additional borrowing at whatever is available through that lender now - try to get the new deal to coincide with your current deal, so you can remortgage the whole lot in 2 years time or whenever.