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Buying new home without selling old one
clairecymru
Posts: 522 Forumite
We recently went into Nationwide our current mortgage provider and they said that based on our joint incomes we could borrow £206,000 when we moved house with a 95% mortgage.
We owe £92,000 on our current property with little, if no equity in it and we only have £8000 saved up.
We are interested in a property on the market for a fixed price of £115,000. What are our chances of getting a new mortgage of £109,000 without selling our existing property.
We owe £92,000 on our current property with little, if no equity in it and we only have £8000 saved up.
We are interested in a property on the market for a fixed price of £115,000. What are our chances of getting a new mortgage of £109,000 without selling our existing property.
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Comments
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Nationwide wouldn't go that high LTV on a second property.
It is a case of finding the lender who offers the LTV then ringing to see if they would consider a second property at that level. Alternatively get a broker to look for you.
Wouldn't be too optimistic though.I am a Mortgage AdviserYou 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.0 -
So what you are saying is that you have a very good income but have little equity in your current home and only a small amount of savings!
Now you want a lender to lend you over twice your current debt with a tiny 5% deposit
Why not overpay your current mortgage by say £1500/2000 a month for the next year or two.0 -
As GMS said, Nationwide maximum LTV for a second property is 85%.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
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