20K short on deposit for a house

Simon_gloster

Why cant you port your current deal and take additional lending at a new rate? I dont understand!!!! If its purely the 85% rates are unattractive.......its tough. I have a feeling your current deal is int only as they are limiting the ltv to 75%, is this correct?

With you deposit from the sale and the mortgage they will give you, will you be 20k short? If so taking a loan is ok in some lenders eyes as long as it is declared and affordable. However your soilcitor when they look at the trail of the 20k may have other views when they contact the lender.

kingstreet

I thought it was odd as set out in the OP, but I tend to accept what I'm told, unless something sounds blatantly incorrect, Simon.

daverave7

kingstreet wrote: »

I thought it was odd as set out in the OP, but I tend to accept what I'm told, unless something sounds blatantly incorrect, Simon.

Fair enough, but it was only during this thread when I thought I could use a loan to pay off my partner.

Simon_gloster

I'm confused and need a lie down. We need more info, sold price, incomes, self emp/emp, lender..........

Wake me up......before you go go.

daverave7

Simon_gloster wrote: »

Why cant you port your current deal and take additional lending at a new rate? I dont understand!!!! If its purely the 85% rates are unattractive.......its tough. I have a feeling your current deal is int only as they are limiting the ltv to 75%, is this correct?

With you deposit from the sale and the mortgage they will give you, will you be 20k short? If so taking a loan is ok in some lenders eyes as long as it is declared and affordable. However your soilcitor when they look at the trail of the 20k may have other views when they contact the lender.

Yes my current deal is an offset mortgage and is limited at 75 %. I can port this and take additional lending at a new rate but we would need an extra £20 K due to the new home being more expensive and also the selling price of our home will be less that what we purchased for it a few years back, therefore affecting our deposit. Keeping my current deal is important and works out more affordable.