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New mortgage whilst on DMP?
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Frugal_Fox
Posts: 1,002 Forumite
Apologies if something similar has been posted before, but I couldn't find it!
Anyways - as per signature we have a few debts to clear. We have a mortgage of £88,000 on our house roughly worth £145000. We've seen a house we would like to buy advertised at £150000 - recently been reduced by £15000, so I think the offer would have to be at the asking price. We have a debt of £4,500 currently seccured on our home and would like to clear this with the house sale (House currently not on market), leaving just a mortgage required. Other debts are about £4,500.
By my calculations - and please correct me if I am wrong, we'd have £57000 equity if we sold at £145000, less fees for selling & stamp duty for next property, which I think should then take us to £47,000 deposit. Ideally we'd like to keep £5,000 back for work on next property, thus £42000 deposit, less £4,500 to settle seccured loan leaving just £37,500 as deposit. We do not plan to clear other debts as we are confident they can be cleared in the next 20 months.
We currently have a DMP with CCCS (DH was paid late one month, we were hit by lots of bank charges and couldn't recover - hence we contacted CCCS). Prior to going with CCCS we always paid our creditors - not always on time. Mortgage never paid late and never missed.
Who might be the best either broker, or company to approach for a mortgage of £112,500?
Thanks in advance,
FF
Anyways - as per signature we have a few debts to clear. We have a mortgage of £88,000 on our house roughly worth £145000. We've seen a house we would like to buy advertised at £150000 - recently been reduced by £15000, so I think the offer would have to be at the asking price. We have a debt of £4,500 currently seccured on our home and would like to clear this with the house sale (House currently not on market), leaving just a mortgage required. Other debts are about £4,500.
By my calculations - and please correct me if I am wrong, we'd have £57000 equity if we sold at £145000, less fees for selling & stamp duty for next property, which I think should then take us to £47,000 deposit. Ideally we'd like to keep £5,000 back for work on next property, thus £42000 deposit, less £4,500 to settle seccured loan leaving just £37,500 as deposit. We do not plan to clear other debts as we are confident they can be cleared in the next 20 months.
We currently have a DMP with CCCS (DH was paid late one month, we were hit by lots of bank charges and couldn't recover - hence we contacted CCCS). Prior to going with CCCS we always paid our creditors - not always on time. Mortgage never paid late and never missed.
Who might be the best either broker, or company to approach for a mortgage of £112,500?
Thanks in advance,
FF
"A simple life freely chosen is a source of strength. Do not be pursuaded into buying what you do not need or cannot afford." Quaker Faith & Practice 1.02.41
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Comments
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No disrespect meant but I would stay where you are and clear your debts first before embarking on any move.
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 -
No disrespect taken, only we are growing out of our house, and houses within this price range do not come along very often - we have been keeping our eyes out for the last 3 years."A simple life freely chosen is a source of strength. Do not be pursuaded into buying what you do not need or cannot afford." Quaker Faith & Practice 1.02.410
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If you do eventually decide to go for it, then I would recommend a whole of market mortgage broker who would secure the best mortgage to suit your circumstances.
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 -
Thank you for your response.
FF"A simple life freely chosen is a source of strength. Do not be pursuaded into buying what you do not need or cannot afford." Quaker Faith & Practice 1.02.410
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