advice for re mortgage please!

thetaj27

Hi All

we are in our 1st house for 5.5yrs
with northern rock
mortgage to pay off £128,252
paying £655 p/month over 35 yr

now then, we are in a 2 bed middle of 3 house, nice area etc but its getting to be a bit small for us as we now have a little boy of 8 months & would like to get a bigger 3 bed house.
Unfortunatley we have no savings as a deposit but we have a better income per month than when we started.
Current house valued at £130,000 so only just better than mortgage value.

Where do we start with trying to get a larger mortgage without a deposit? is it possible? looking for as much as we can get or we can pay upto £800/£850 p/month for the mortgage.

is there anyway for us to move house!?

Thanks for any advice/help.

Regards
Tim

Senior_Paper_Monitor

As described - you are going nowhere.

Only option I can think of is parents/family assistance or guarantor.

thetaj27

So if parents were guarantors saying we could pay x amount that could help?

kingstreet

I don't see a guarantor being much help deposit-wise.

I think SPM is talking about family assistance products, where your parents put up their property as security, or they put up some of their savings in a building society account over which the lender takes a charge.

thetaj27

mmmm, yes see what you mean. Parents could do that but they have done enough for us over the years i dont feel it fair to ask them. Looks like we will just have to save a deposit of around 10% ? of the mortgage value we are after & have a meager lifestyle to the one we have currently & get it sorted.

Senior_Paper_Monitor

Deopends on their (and your) detailed circumstances.

Guarantor mortgages (up to 100% LTV in one case that comes to mind - but not cheap) come in various 'flavours' to match different circumstances.

In my opinion these should always be arranged via a broker because of the multiple parties being affected.

Find a local (not major chain/not estate agent) broker who sounds confident with guarantor stuff - or someone recommends - or google guarantor mortgages and see if there is someone you like the sound of.

Onyone on here (me included) would be guessing without lots more information - which I doubt you would wish to publish on here.

Other option rather than a pure guarantor mortgage is for family to raise money and 'gift' it to you - this should be covered in discussion of options.