Help re Change of Mortgage issues please.

kirst

Hi all,
Looking for some general advice and opinions.
I have a flat that i own (currently on the market) and a flat that i own with my b/f.
When the flat im selling eventually sells, i should have made about £40k profit.
Now - here comes the advice that i need.......me and b/f currently have a northern rock (arrrgghhh) mortgage and have 15years left and owe about £85k. Im wondering whats best to do. Im definately going to change my mortgage, but i dont know whether to pay the 40k to northern rock then change, or change whithout paying it into the northern rock mortgage, but have it as a deposit for the next mortgage.
Also, wondering if anyone had views on who best to go to for a roughly 50% mortgage?

Hope that made sense and someone can offer some help

Thanks in advance - k

herbiesjp

Maybe it's just me not reading your post properly, can you just clarify:

Your propert:
Current value
Current mortgage amount
Lender

Flat with bf:

Current value
Current mortgage amount
Lender


New property
Purchase price
MOrtgage amount needed

Will you be letting out the property that you own with NR? How much rent will you get?

Will the new property become your main residence?

What are your two incomes?

kirst

Sorry - maybe not clear on my part.....

1st property - i used to live there - for sale at moment - will make 40k profit, after paying off mortgage woth nationwide

2nd property - i live there with b.f - moved here two years ago, worth 95k and mortgage left is 85k - mortgage with northern rock

i am not moving house - just want to re-mortgage to a better deal - ive no tie ins to current mortgage provider

ill have 40k cash and i need a mortgage for the remaining 45k, so house worth 95k, so only need less than 50% mortgage

ill only have one property now

hope thats clearer now - and thanks

herbiesjp

Right - lot clearer

Get in contact with NR and see what they can offer you.

Just be careful with their mortgage review fees.

Once you know hat NR will offer you should be able to compare with the best of the rest


At that kind of lending you should have the pick of the market assuming your income is enough to support the mortgage and any other debts you may have.

Is your credit history ok?