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Mortgage Advice please - moving house
inspiremetosave
Posts: 160 Forumite
Hiya,
I am hoping one of you clever people can help me please :
I currently live in a house worth £140,000 with a morgage of £123,000 on a 2 year fixed with the Woolwich. I want to move to a house arround the £180,000 mark but the Woolwich will only lend us £140,000 max. As I am in a 2 year fixed rate, the early repayment charge is just under £4,000. I have looked around other lenders and they will lend us the amount we need and we can definetely afford the repayments. What can I do? Can I get a loan along my mortgage to cover the difference? If I move to another lender will the £4000 odd be added to my mortgage? The fixed rate ends in January but it is not possible for us to wait til then.
Any advice?
I am hoping one of you clever people can help me please :
I currently live in a house worth £140,000 with a morgage of £123,000 on a 2 year fixed with the Woolwich. I want to move to a house arround the £180,000 mark but the Woolwich will only lend us £140,000 max. As I am in a 2 year fixed rate, the early repayment charge is just under £4,000. I have looked around other lenders and they will lend us the amount we need and we can definetely afford the repayments. What can I do? Can I get a loan along my mortgage to cover the difference? If I move to another lender will the £4000 odd be added to my mortgage? The fixed rate ends in January but it is not possible for us to wait til then.
Any advice?
Targets for 2014 :
OP mortgage £18000
Pay £4260 into ISA
OP mortgage £18000
Pay £4260 into ISA
0
Comments
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Looks like you will have to change lender then if the move cannot be delayed.
You can either add the £4k to the loan, or put down £4k less of a deposit to clear the penalty
HTHI 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
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