help with mortgage deal now all the cheap fixed deals are going..

stolt

trying to cut a long story short, our house went on the market in January and FTB put offer in and we accepted, they pulled out two weeks ago due to a planning application on nearby house which was going to be converted into 7 flats, the planning application was turned down. we put house back on market, in two days had a n offer but because we hadn't found a house to move to the buyers wanted to move asap so took offer back and went for another house. so were back to square one again, my fixed rate deal has ended and were with birminghm midshire paying 7.25% (i think) so I'm not sure what is the best thing to do, apply for the ING flexible rate mortgage (only need 66k on my wage of 35k) for now until the house sells or wait and pay the extra each month and then apply for a new mortgage then, i think on our new house i will need to borrow around 180k for our new house (value 400k appx) and i want a decent 5yr fixed on it. in january the rates were good and there was some decent yr fixed rates about but now there going up i worried that i wont be able to get the mortgage at all and lose our dream house.

if i was to apply for the ING now, and then another mortgage when we find a new house will the credit search needed for ing affect the new mortgage i need? I know i'm going to be very limited to what lenders that will lend me that much on my wage?any suggestions on which lender lends much more than the usual lenders and also do you pay extra for that kind of thing.

homer_j_3

There are a few options open to you as I can see but you would need to fully consider all options with al the facts like closing down fees and setup/transferring fees etc.

I would speak to a mortgage adviser and let them get all your details to help explain all the options to you.

These may include but not limited to, remortgaging onto a product with no tie ins, remortgaging with a view to porting (no guarantees here though) or staying where you are in hope that you can get a sale shortly.

My tip is that if you get a buyer prepared to buy, do not put them off with a minor detail like having anywhere to go- lol. The selling process can take months, even with speed and if you cant get the house that you want, it may be worth your while to try and rent for a few months (build this expense in to your offer on your next property - i.e. you will offer them X price if they can complete in line with the date set with your seller or X amount if they exceed this point.

stolt

homer_j wrote: »

There are a few options open to you as I can see but you would need to fully consider all options with al the facts like closing down fees and setup/transferring fees etc.

I would speak to a mortgage adviser and let them get all your details to help explain all the options to you.

These may include but not limited to, remortgaging onto a product with no tie ins, remortgaging with a view to porting (no guarantees here though) or staying where you are in hope that you can get a sale shortly.

My tip is that if you get a buyer prepared to buy, do not put them off with a minor detail like having anywhere to go- lol. The selling process can take months, even with speed and if you cant get the house that you want, it may be worth your while to try and rent for a few months (build this expense in to your offer on your next property - i.e. you will offer them X price if they can complete in line with the date set with your seller or X amount if they exceed this point.

thanks for your advice, with our second buyer si said to them that if need be i'll move out and rent, the next day they looked at another house (it just happens that it was the aunt of the MD of the estate agents and with no onward chain) and so they went with one because they could move quickly without losing their buyer.

I'll look around for a few FA's to see what sort of deals could be had without any tie ins..