Moving + Remortgage Woes

MortgageMeUp

Finally sold our property (yay!) but already starting to get a headache when thinking about the mortgage which is currently with RBS.
Summary is:
- Flat Sold: £215K
- Mortgage to port: £175K
- Total deposit of approx £40K going down on a house worth £235K so LTV going to be around 83%

I've had 3 discussions with RBS over the phone, 2 of which they said we can only borrow £150-£165K even though we already have £175K on mortgage with them! One call was fine on affordability & I even have a letter from them stating we can borrow upto £195K. I changed *nothing* throughout these calls but now I'm paranoid they are going to say no full stop

Bottom line we will need to borrow another £20K, joint income is £44K & never skipped a beat on payments to anything including these outstanding:
- £6K on credit cards
- £10K loan

I guess the real question is... surely there is hope if RBS say no!?

We've got £40K deposit!!

GMS

Have you asked them if they would lend you enough if you repaid the unsecured debts and went for a 10% deposit?

Thrugelmir

MortgageMeUp wrote: »

We've got £40K deposit!!

.......and £16k of debts!

So lenders may well view part of the deposit as being borrowed.

MortgageMeUp

GMS wrote: »

Have you asked them if they would lend you enough if you repaid the unsecured debts and went for a 10% deposit?

Hmm didn't think of that, I'll try this angle I they say no. Could mean a cheaper overall outgoing too I guess...

Dave_Ham

The porting process at many lenders is not slick enough for client needs.

I assume you are either on a superb rate, or have some heavy early redemption penalties.

What you are looking to do other things being equal, should be achievable on the open market.

MortgageMeUp

Dave_Ham wrote: »

The porting process at many lenders is not slick enough for client needs.

I assume you are either on a superb rate, or have some heavy early redemption penalties.

Yep 3% charge for getting out of our fixed rate early, it's a good deal which is why I am keen to port

Spoke to our lender again this morning who have confirmed we are good to go which is a *massive* relief! Still trying to find something cheaper though to save some money