would we be able to get a higher mortgage?

curly_em_2

currently owe about £119000 on our mortgage we have been offered £125000 for our house would we get a bigger mortgage for around £150000.

Cheers haven't a clue about selling or mortgages

Yorkie1

Depends how much you earn, what sort of credit background you have, dependants etc. Impossible to answer from your post.

GMS

After fees are paid on the sale you will have very little left for a deposit. Do you have any additional funds to use for a deposit?

curly_em_2

We have a joint income 53k and average credit rating.

So basically we need a deposit for a bigger mortgage??, got no savings told you i ain't got a clue when it comes to buying and selling

curly_em_2

we have 1 child age 4

R_P_W

yes of course you need a deposit (minimum really would be 10%). When you sell your house you will use the funds from the sale to pay off your mortgage. When you look for a new house you will need to apply for a new mortgage.

Might have been a good idea to look into this before putting your house on the market and receiving offers? Once you take into account selling fees and them buying fees and stamp duty you dont really have anything left?

Simon_gloster

Things as they stand, you will sell your home and be forced into rented accomodation or living with family/friends.

Annisele

curly_em wrote: »

So basically we need a deposit for a bigger mortgage??, got no savings told you i ain't got a clue when it comes to buying and selling

You need a deposit for any new mortgage at all, not just a bigger one.

Mortgage criteria have changed a lot in the last few years. Once upon a time you could get a mortgage for more than the value of the house. Now, the maximum loan to value is generally 95%.

If you were applying for your current mortgage as a new borrower, there's a good chance you'd be declined. Your mortgage is £119k and your house is apparently worth in the region of £125k. £119k / £125k is 95.2% - which is just over the 95% that's likely to be the maximum you can borrow.

I'd also be concerned about your "average" credit rating. I'm not sure what you mean by that, but generally you need squeaky clean credit to get the 95% deals. If your credit isn't squeaky clean, you might need a 10% deposit, if not higher.

Don't panic though; your existing loan can happily continue on the originally agreed terms. However, unless your house is actually worth substantially more than £125k you won't be getting a £150k mortgage without a fair chunk of additional cash I'm afraid.

curly_em_2

my god why are some of you so rude

Thrugelmir

curly_em wrote: »

my god why are some of you so rude

Is that in response to the realism that you actually need to do something yourself in order to move house?

robatwork

curly_em wrote: »

my god why are some of you so rude

These people all took the trouble to reply to you, and although there are some forthright statements I don't think anybody was rude. When you use a forum you take the rough with the smooth....