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Mortgage Query - help please
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inspiremetosave
Posts: 160 Forumite
Hiya,
Hope someone can help me.
We have a 2 yr fixed rate mortgage with the Woolwich which is due to end in January. We have sold our house and found a new one but the Woolwich wont lend us the amount we require although other lenders will. The early repayment fee is £3700. We have the option of borrowing the extra from my partners parents until January and then moving mortgages. Is this something that you can do?
Here are the figures if it helps :
Mortgage at present with the Woolwich is £123000
New house is £215000
Woolwich will lend us up to £140000 and we have made £25000 on the house we are selling - allowing £5000 for fees (rather have a bit extra in case of problems) so in theory £20k deposit. Partners parents can lend us £50k.
Seems okay in theory but then in January, would like to have a mortgage for £200000 so we can pay them back and replace the boiler! Will this work - need to make sure we can give the £50k back come January
Thanks for any advice
Hope someone can help me.
We have a 2 yr fixed rate mortgage with the Woolwich which is due to end in January. We have sold our house and found a new one but the Woolwich wont lend us the amount we require although other lenders will. The early repayment fee is £3700. We have the option of borrowing the extra from my partners parents until January and then moving mortgages. Is this something that you can do?
Here are the figures if it helps :
Mortgage at present with the Woolwich is £123000
New house is £215000
Woolwich will lend us up to £140000 and we have made £25000 on the house we are selling - allowing £5000 for fees (rather have a bit extra in case of problems) so in theory £20k deposit. Partners parents can lend us £50k.
Seems okay in theory but then in January, would like to have a mortgage for £200000 so we can pay them back and replace the boiler! Will this work - need to make sure we can give the £50k back come January
Thanks for 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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I assume that you are porting the Woolwich mortgage to the new property so you will not need to pay the early redemption penalty.
You should see an independent whole of market mortgage broker now and have your circumstances underwritten to ensure that the remortgage is a viable proposition and then go back to them for the remortgage in January.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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