Nram & Remortgage Help / Advice

Lisa2384

Hi,
I'd love some advice if anyone can help.
I'm a Nram customer and to date they have been great for our circumstances allowing mortgage breaks every so often and always lend us different amounts over the years, whilst studding 10 years ago.
Anyway we are in a much better financial place now and with a change of school and jobs we looking at moving.
My problems/questions arise here. Our house has just been valued at £135-140k , our mortgage balance is £106k, but we also have a secured Welcome finance loan at approx £15k. The house we are looking at buying is £225k. So we will be looking at a 90-95% mortgages, as we be paying back the mortgage in full as NRAM can no longer lend any further money as they no longer have a lending licence, do i look at "first time buyer mortgages" or a remortgage? Ive been told we can qualify for both but not sure and as i paid a bill late last month by 1 day my credit rating score has dropped am i better getting an AIP first too? Dont want to put the house on the market to have the embarrassment of a mortgage being rejected after we've made an offer. Thanks Lisa

Thrugelmir

Speak to a broker and ascertain what you are now able to borrow and who your potential lenders are. In the meantime overpay your existing debts and swing matters in your favour.

kingstreet

Lisa2384 wrote: »

do i look at "first time buyer mortgages" or a remortgage?

Neither. You are a homemover or subsequent purchaser.

The secured loan must be repaid from the sale proceeds of your current home, or savings. You will not be able to take that with you.