Moving and increase in borrowing..

harding1985

Hi All,

I wonder if anyone can help and offer the best course of action.

Our house is worth £170k est, outstanding mortgage 121k. We currently have 35k in savings, so after the house is sold we will have a usable deposit of roughly 70-75k . Am I calculating this correctly? Or do I just need to borrow more on the original mortgage and forget the deposit amount?

We have outgrown our first home and as such we need somewhere bigger for the kids.

Our current mortgage is with Nationwide and fixed until March 2017. The nationwide mortgage calculator says that they will lend us upto 190k with our current earnings. The property that we are looking at are between 230k-250k. I have budgeted 7-8k for solicitor fees etc.

So my question, can i port across the current mortgage or will I occur an early settlement charge? I do plan on giving Nationwide a call sometime this week to discuss but thought i'd get the heads up before hand.

Any other advice would be welcome as I have very limited knowledge when it comes to moving home.

Thank you in advance
:A

hoops77

You have 80k deposit
Gonna need 4k stamp duty
Probably 1500 solicitor
Let's say 4k fees
That leaves you 70k deposit
So your probably looking at 75% ltv
So if your income,credit and age is fine your be ok

harding1985

melhuish77 wrote: »

You have 80k deposit
Gonna need 4k stamp duty
Probably 1500 solicitor
Let's say 4k fees
That leaves you 70k deposit
So your probably looking at 75% ltv
So if your income,credit and age is fine your be ok

Credit is good according to our credit score, we both have no debts. I suppose its now upto nationwide. :rotfl:

Thanks for your help.

hoops77

We have similar to you but we're putting 160k down and asking for 115k but we have a poor credit rating but never missed a mortgage payment in 8 years.
In the hands of the halifax

harding1985

melhuish77 wrote: »

We have similar to you but we're putting 160k down and asking for 115k but we have a poor credit rating but never missed a mortgage payment in 8 years.
In the hands of the halifax

Good Luck