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Borrowing helppppppp pls
Colliebird
Posts: 5 Forumite
We have been with Santander for 2 years
We want to sell our home
Repay the bank
Port over our existing morg to the new property (they say we can do)
We earn 80k
Equity - hopefully 90k
Santander said they can lend us up to 415k!
We only want 330k
If our equity falls to 80k will this affect how much we can borrow - we just want to ensure we can borrow 330k
The other question is should we hold on to our 10k savings and put this towards our deposit making it up to 90k or pay off the morg with it or is it as long as it is short?
We want to sell our home
Repay the bank
Port over our existing morg to the new property (they say we can do)
We earn 80k
Equity - hopefully 90k
Santander said they can lend us up to 415k!
We only want 330k
If our equity falls to 80k will this affect how much we can borrow - we just want to ensure we can borrow 330k
The other question is should we hold on to our 10k savings and put this towards our deposit making it up to 90k or pay off the morg with it or is it as long as it is short?
0
Comments
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https://forums.moneysavingexpert.com/discussion/3654313
Why have you got 2 seperate posts?
Interest only without repayment vehicle with Santander is maximum 75% LTV. The loan would be assessed on a 25 year repayment mortgage for affordability.
So yes, if you only had 80k deposit you would be over 75%. Amount of maximum borrowing would be dictated by affordability, criteria rules would override this if necessary.
Giving full information may help, even better, keep to 1 post.I am a Mortgage AdviserYou 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.0
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