Mortgage Query - help please

inspiremetosave

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

JoeK_3

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.

JoeK