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Help regarding larger mortgage
VICSH
Posts: 248 Forumite
I was wondering whether anyone could help me with a quesiton on getting a larger mortgage:
Current situation is we have a repayment mortgage with £138000 with 16 years remaining with C and G on 2% above BofE rate
We would like to move into a larger property of circa 270k.
We will have approx 15% deposit to move with.
Can we keep our exisiting mortgage and take a second mortgage for the remainder money on a longer term for the rest of the money or will we have to take out a larger mortgage for the total money.
In regards to affordibility we have a combined income of £65k and no outstanding debts.
Would this be a non starter?
Current situation is we have a repayment mortgage with £138000 with 16 years remaining with C and G on 2% above BofE rate
We would like to move into a larger property of circa 270k.
We will have approx 15% deposit to move with.
Can we keep our exisiting mortgage and take a second mortgage for the remainder money on a longer term for the rest of the money or will we have to take out a larger mortgage for the total money.
In regards to affordibility we have a combined income of £65k and no outstanding debts.
Would this be a non starter?
0
Comments
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You ask the lender for a new mortgage for the total amount you need. It will port the current rate to the amount of the new mortgage that you currently owe, with the extra bit offered on one if its new products.
You have one mortgage, split into two sub-accounts based on the two different amounts and two different rates, old and new.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Kingstreet thank you for such a clear answer exactly what I needed0
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