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Moving house in the middle of a deal
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victoria77_2
Posts: 14 Forumite
Hi,
I think this is a simple question but I am having difficulty finding answers on the forum even though I am sure I am not the first to ask.
My question is my current deal ends June 2014 when we will go from a 3.49% interest rate (20year term) to the rate at the time. The current mortgage is LTV 75%. We have made heaps of overpayments and would be able to get a LTV of 60% in June 2014. This would also mean we could afford to change the term to 13 years...but I'm pretty sure the same bank wouldn't allow this without a charge?
The issue is we would like to move in early/mid 2015 and I *think* it is difficult/not possible to move your term if you need to borrow more. The reason we would need to move to a bigger house and borrow more is because of our growing family.
Am I right in thinking the bank wouldn't let us move the next 60%LTV term over to a new house as we would really need a 75%LTV again?
I hope this makes sense.
Thanks for your help.
I think this is a simple question but I am having difficulty finding answers on the forum even though I am sure I am not the first to ask.
My question is my current deal ends June 2014 when we will go from a 3.49% interest rate (20year term) to the rate at the time. The current mortgage is LTV 75%. We have made heaps of overpayments and would be able to get a LTV of 60% in June 2014. This would also mean we could afford to change the term to 13 years...but I'm pretty sure the same bank wouldn't allow this without a charge?
The issue is we would like to move in early/mid 2015 and I *think* it is difficult/not possible to move your term if you need to borrow more. The reason we would need to move to a bigger house and borrow more is because of our growing family.
Am I right in thinking the bank wouldn't let us move the next 60%LTV term over to a new house as we would really need a 75%LTV again?
I hope this makes sense.
Thanks for your help.
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