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House Purchase - PLEASE HELP
winespy
Posts: 1 Newbie
Hi,
Accepted an offer on my property of £97k (it's worth approx. £120k, in present state and financial climate)
Put an offer down on another property of £80k which has been accepted.
To clear my outstanding mortgage, I am looking at £88k (took it out 10yrs ago when my house was valued at £150k).
I would like to transfer £80k of this mortgage to the new property.
To say that I am hitting a brick wall would be an understatement.
THE COMPUTER SAYS NO!
Surely there has to be a way? Please help!
Thank you.
Accepted an offer on my property of £97k (it's worth approx. £120k, in present state and financial climate)
Put an offer down on another property of £80k which has been accepted.
To clear my outstanding mortgage, I am looking at £88k (took it out 10yrs ago when my house was valued at £150k).
I would like to transfer £80k of this mortgage to the new property.
To say that I am hitting a brick wall would be an understatement.
THE COMPUTER SAYS NO!
Surely there has to be a way? Please help!
Thank you.
0
Comments
-
No there isnt as you would effectively have a 100% mortgage then.
£80k mortgage, £80k purchase price = extremely high risk to the lender. No lender will accept this.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 -
On the sale of your current property, your existing mortgage is repaid.
You need a new mortgage for the purchase, based on the lender's maximum loan to value, possibly 90% or 95%.
You cannot transfer a mortgage from one property to another and there's no question of you having a mortgage for the same/more than the purchase price or value.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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