Moving House

willel

We are moving house and have spoken to our mortgage company about porting the mortgage across to the new house which is fine. As the house is more expensive we have to borrow more money from the mortgage company, which means we have to accept a new fixed product as the variable products are not available. This means we have to pay arrangement fees, admin fees ect. We could look to move our current mortgage and ask for more from a new lender but this would mean i have to pay a 3% early repayment charge when there is only 6 payments left on the fixed term.

Would it be possible to borrow the additional money from a family member to purchase the house and then when our fixed rate ends in February, obtain a new mortgage for our o/s & the money i borrowed form the family member?

Cheers for your advice

dimbo61

That might well be possible
Maybe time to speak to your solicitor and the member of the family who will lend you the money.
Are you sure you will get a mortgage from other lenders to cover the whole amount?
Thinking MMR and how tough lending is at the moment!